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CMA Foundation · Fundamentals of Business Mathematics and Statistics · Arithmetic Progression and Geometric Progression

A Kolkata trader repays a loan in 10 monthly instalments forming an AP. The first instalment is Rs 3,000 and the last is Rs 7,500. What is the total amount repaid?

The total repaid is Rs 52,500, because the sum of an AP equals the number of terms times the average of the first and last instalments: 10 x 5,250.

  1. ARs 48,000
  2. BRs 52,500Correct
  3. CRs 55,000
  4. DRs 60,000

Explanation

Sum of an AP = n/2 x (first + last) = 10/2 x (3,000 + 7,500) = 5 x 10,500 = Rs 52,500. Rs 55,000 wrongly would come from using a wrong average. Rs 105,000 would result from omitting the halving.

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