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As per agreement with a bank, a businessman had to refund a loan in some equal instalments without interest. After paying 18 instalments he found that 60 percent of his loan was refunded. How many instalments were there in the agreement?

As per agreement with a bank, a businessman had to refund a loan in some equal instalments without interest. After paying 18 instalments he found that 60 percent of his loan was refunded. How many instalments were there in the agreement? Correct Answer 30

Formula used:

Number of installment = (Total amount)/(Amount of each installment)

Calculation:

Let the amount in each installment be x

Let the total amount be a

Number of installment = (Total amount)/(Amount of each installment)

According to the question, we get

(18) × (x) = (60/100) × a

⇒ (a/x) = (18 × 100)/60

⇒ 30

∴ Number of installments are 30. 

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