Solved UPSC CDS/OTA Question
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Q · InstallmentsDifficult · 45s
₹3,60,000 at 11.5% p.a. (monthly comp.). If standard EMI is used but you pay a **balloon** after 18 EMIs to close the loan, find the balloon amount.
TopicInstallments
Question Typemultiple choice
DifficultyDifficult
Marking+1 / −0.33
Test Duration30 min
Step-by-Step Solution
The complete worked solution.
Every step explained - no skipped algebra.
B₁₈ = P(1+i)^18 − A((1+i)^18 − 1)/i ≈ ₹156458.28.
Final Answer: Option A - ₹156458.28