Ravi borrowed Rs 15,000 at the rate of `15%` per annum for 2 years under simple interest. As he could not repay the loan after two years, the moneylander lender increased the rate of interest to `20%` per annum for the further period. If Ravi wants to repaythe entire amount at the end of a total period of 3 years and 4 months, then how muchhe has to pay. (in Rs.)A. 24500B. 24000C. 23.5D. 23000

Ravi borrowed Rs 15,000 at the rate of `15%` per annum for 2 years und

1.	Ravi borrowed Rs 15,000 at the rate of `15%` per annum for 2 years under simple interest. As he could not repay the loan after two years, the moneylander lender increased the rate of interest to `20%` per annum for the further period. If Ravi wants to repaythe entire amount at the end of a total period of 3 years and 4 months, then how muchhe has to pay. (in Rs.)A. 24500B. 24000C. 23.5D. 23000
Answer» Case 1: For the first two years `P=15,000, R=15%, T=2` `I = (15,000 xx 15 xx 2)/(100) = Rs 4500` Case 2: For the remaining time period `P=15,000, R=20%, T=16` months `I = (15,000 xx 20 xx 16/12)/(100)` `rArr I=(15,000 xx 20 xx 16)/(1200) = Rs 4000`. `therefore` Total amount that Ravi has to pay =15,000 + 4500 + 400 = Rs 23,500

Discussion

No Comment Found

Related InterviewSolutions

Srikanth borrowed a sum of Rs. 12000 from a finance company at the rate of 20% per annum under compound interest, compounded annually. Find the amount and C.I. for a period of 2 years.
The value of an ornament decreases evey year at the rate of 5% over that of the previous year. If its value at the end of 2 years is Rs 9025, then what was its original value at the beginning of these two years?A. Rs 12,000B. Rs 11,000C. Rs 10,000D. Rs 13,000
The population of a city increases at the rate of 10% per annum. Find the population of the city in the year 2007 if its population in 2005 was 2 crores.
Suresh and Naresh borrowed Rs. 62500 and Rs. 60000 respectively for a period of 2 years. Suresh paid simple interest at the rate of 4% per annum, while Naresh paid compound interest at the same rate compounded annually. Who paid more interest and by how much ?A. Naresh paid more by Rs. 104B. Suresh paid more by Rs. 104C. Naresh paid more Rs. 94D. Both paid the same interest
The population of a village increases at a rate of 5% every year. If the present population of the village is 5620, find the population after 1 year.A. 5805B. 6121C. 5901D. 6000
A certain sum becomes 3 times itself in 4 years at compound interest. In how many years does it become 27 times itself ?A. 15 yearsB. 12 yearsC. 36 yearsD. 21 years
If Rs. 300 is the interest paid on a certain sum at the rate of 5% per annum simple interest for a period of 5 years, then find the sum. (in Rs. )A. 1200B. 1600C. 2000D. 1800
At what rate of simple interest per annum, does the interest on Rs. 1200 in 2 years equals the interest on Rs. 600 at 4 years at `(7)/(2)%` per annum ?A. `(3)/(4)%`B. `(7)/(2)%`C. `(4)/(3)%`D. `(7)/(8)%`
Ravi borrowed Rs. 1000 from Sridhar at 3% C.I. for the first year, 5% C.I. for the second year. What amount does Sridhar get at the end of the second year ?A. Rs. 1081B. Rs. 1081.50C. Rs. 1082.50D. Rs. 1083
Saleem borrowed Rs. 20000 at compound interest and paid Rs. 22050 after 2 years to clear the debt. Find the rate of interest.A. 0.03B. 0.05C. 0.04D. 0.07

Discussion

No Comment Found

Related InterviewSolutions

Reply to Comment