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Hari took an educational loan from a nationalized bank for his 2 years course of MBA. He took the loan of Rs.5 lakh such that he would be charged at 7% p.a. at CI during his course and at 9% CI after the completion of the course. He returned half of the amount which he had to be paid on the completion of his studies and remaining after 2 years. What is the total amount returned by Hari?
- a)Rs. 626255
- b)Rs. 626277
- c)Rs. 616266
- d)Rs. 626288
- e)None of these
Correct answer is option 'D'. Can you explain this answer?
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Verified Answer
Hari took an educational loan from a nationalized bank for his 2 years...
5,00,000 * (1.07)² = 572450
Returned amount = 286225
After two years = 286225 * (1.09)² = 340063
Total amount = 286225 + 340063 = 626288
Returned amount = 286225
After two years = 286225 * (1.09)² = 340063
Total amount = 286225 + 340063 = 626288
Most Upvoted Answer
Hari took an educational loan from a nationalized bank for his 2 years...
5,00,000 * (1.07)² = 572450
Returned amount = 286225
After two years = 286225 * (1.09)² = 340063
Total amount = 286225 + 340063 = 626288
Returned amount = 286225
After two years = 286225 * (1.09)² = 340063
Total amount = 286225 + 340063 = 626288
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Community Answer
Hari took an educational loan from a nationalized bank for his 2 years...
Given:
- Loan amount = Rs. 5 lakh
- Interest rate during the course = 7% p.a. (compounded annually)
- Interest rate after the completion of the course = 9% p.a. (compounded annually)
- Half of the amount to be paid on completion of the course, remaining after 2 years
To find: Total amount returned by Hari
Calculation:
1. Interest during the course:
- Hari took the loan for 2 years, so the interest during the course will be calculated for 2 years.
- Using the formula for compound interest: A = P*(1 + r/n)^(n*t), where A is the amount, P is the principal, r is the rate of interest, n is the number of times interest is compounded in a year, and t is the time in years.
- So, for the first 2 years, the interest will be: I = P*(1 + r/n)^(n*t) - P = 500000*(1 + 0.07/1)^(1*2) - 500000 = Rs. 73500
2. Amount to be paid on completion of the course:
- Half of the amount to be paid on completion of the course is Rs. 2.5 lakh.
3. Interest after the completion of the course:
- Hari returned the remaining amount after 2 years, so the interest after the completion of the course will be calculated for 2 years.
- Using the same formula for compound interest, the interest after the completion of the course will be: I = P*(1 + r/n)^(n*t) - P = (500000 - 250000)*(1 + 0.09/1)^(1*2) - (500000 - 250000) = Rs. 102055
4. Total amount returned by Hari:
- The total amount returned by Hari will be the sum of the loan amount, interest during the course, amount to be paid on completion of the course, and interest after the completion of the course.
- So, the total amount returned by Hari will be: 500000 + 73500 + 250000 + 102055 = Rs. 626288
Therefore, the correct option is (D) Rs. 626288.
- Loan amount = Rs. 5 lakh
- Interest rate during the course = 7% p.a. (compounded annually)
- Interest rate after the completion of the course = 9% p.a. (compounded annually)
- Half of the amount to be paid on completion of the course, remaining after 2 years
To find: Total amount returned by Hari
Calculation:
1. Interest during the course:
- Hari took the loan for 2 years, so the interest during the course will be calculated for 2 years.
- Using the formula for compound interest: A = P*(1 + r/n)^(n*t), where A is the amount, P is the principal, r is the rate of interest, n is the number of times interest is compounded in a year, and t is the time in years.
- So, for the first 2 years, the interest will be: I = P*(1 + r/n)^(n*t) - P = 500000*(1 + 0.07/1)^(1*2) - 500000 = Rs. 73500
2. Amount to be paid on completion of the course:
- Half of the amount to be paid on completion of the course is Rs. 2.5 lakh.
3. Interest after the completion of the course:
- Hari returned the remaining amount after 2 years, so the interest after the completion of the course will be calculated for 2 years.
- Using the same formula for compound interest, the interest after the completion of the course will be: I = P*(1 + r/n)^(n*t) - P = (500000 - 250000)*(1 + 0.09/1)^(1*2) - (500000 - 250000) = Rs. 102055
4. Total amount returned by Hari:
- The total amount returned by Hari will be the sum of the loan amount, interest during the course, amount to be paid on completion of the course, and interest after the completion of the course.
- So, the total amount returned by Hari will be: 500000 + 73500 + 250000 + 102055 = Rs. 626288
Therefore, the correct option is (D) Rs. 626288.
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Hari took an educational loan from a nationalized bank for his 2 years course of MBA. He took the loan of Rs.5 lakh such that he would be charged at 7% p.a. at CI during his course and at 9% CI after the completion of the course. He returned half of the amount which he had to be paid on the completion of his studies and remaining after 2 years. What is the total amount returned by Hari?a)Rs. 626255b)Rs. 626277c)Rs. 616266d)Rs. 626288e)None of theseCorrect answer is option 'D'. Can you explain this answer?
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Hari took an educational loan from a nationalized bank for his 2 years course of MBA. He took the loan of Rs.5 lakh such that he would be charged at 7% p.a. at CI during his course and at 9% CI after the completion of the course. He returned half of the amount which he had to be paid on the completion of his studies and remaining after 2 years. What is the total amount returned by Hari?a)Rs. 626255b)Rs. 626277c)Rs. 616266d)Rs. 626288e)None of theseCorrect answer is option 'D'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about Hari took an educational loan from a nationalized bank for his 2 years course of MBA. He took the loan of Rs.5 lakh such that he would be charged at 7% p.a. at CI during his course and at 9% CI after the completion of the course. He returned half of the amount which he had to be paid on the completion of his studies and remaining after 2 years. What is the total amount returned by Hari?a)Rs. 626255b)Rs. 626277c)Rs. 616266d)Rs. 626288e)None of theseCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Hari took an educational loan from a nationalized bank for his 2 years course of MBA. He took the loan of Rs.5 lakh such that he would be charged at 7% p.a. at CI during his course and at 9% CI after the completion of the course. He returned half of the amount which he had to be paid on the completion of his studies and remaining after 2 years. What is the total amount returned by Hari?a)Rs. 626255b)Rs. 626277c)Rs. 616266d)Rs. 626288e)None of theseCorrect answer is option 'D'. Can you explain this answer?.
Hari took an educational loan from a nationalized bank for his 2 years course of MBA. He took the loan of Rs.5 lakh such that he would be charged at 7% p.a. at CI during his course and at 9% CI after the completion of the course. He returned half of the amount which he had to be paid on the completion of his studies and remaining after 2 years. What is the total amount returned by Hari?a)Rs. 626255b)Rs. 626277c)Rs. 616266d)Rs. 626288e)None of theseCorrect answer is option 'D'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about Hari took an educational loan from a nationalized bank for his 2 years course of MBA. He took the loan of Rs.5 lakh such that he would be charged at 7% p.a. at CI during his course and at 9% CI after the completion of the course. He returned half of the amount which he had to be paid on the completion of his studies and remaining after 2 years. What is the total amount returned by Hari?a)Rs. 626255b)Rs. 626277c)Rs. 616266d)Rs. 626288e)None of theseCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Hari took an educational loan from a nationalized bank for his 2 years course of MBA. He took the loan of Rs.5 lakh such that he would be charged at 7% p.a. at CI during his course and at 9% CI after the completion of the course. He returned half of the amount which he had to be paid on the completion of his studies and remaining after 2 years. What is the total amount returned by Hari?a)Rs. 626255b)Rs. 626277c)Rs. 616266d)Rs. 626288e)None of theseCorrect answer is option 'D'. Can you explain this answer?.
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