Quant Exam > Quant Questions > Anjali took a loan of Rs. 20,000 to purchase ...
Start Learning for Free
Anjali took a loan of Rs. 20,000 to purchase a TV set from LG. She promised to make the payment after three years. The company charges CI @ 10% per annum for the same. But, suddenly the company announces the rate of interest as 15% per annum for the last one year of the loan period. What extra amount she has to pay due to the announcement of the new rate of interest?
- a)Rs. 1210
- b)Rs. 1310
- c)Rs. 1220
- d)Rs. 1320
- e)None of these
Correct answer is option 'A'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Verified Answer
Anjali took a loan of Rs. 20,000 to purchase a TV set from LG. She pro...
Most Upvoted Answer
Anjali took a loan of Rs. 20,000 to purchase a TV set from LG. She pro...
Given:
Anjali took a loan of Rs. 20,000 to purchase a TV set from LG. She promised to make the payment after three years. The company charges Compound Interest (CI) at a rate of 10% per annum for the first two years. However, the company suddenly announces a rate of interest of 15% per annum for the last one year of the loan period.
To find:
The extra amount Anjali has to pay due to the announcement of the new rate of interest.
Solution:
To solve this problem, we need to calculate the interest amount for two different periods - the first two years at a rate of 10% and the last one year at a rate of 15%.
Calculating the interest for the first two years:
Given that the loan amount is Rs. 20,000 and the rate of interest is 10% per annum.
Using the formula for Compound Interest: A = P*(1 + R/100)^T
Where,
A = Amount after interest
P = Principal amount (loan amount)
R = Rate of interest
T = Time period in years
Substituting the values into the formula, we get:
A = 20,000 * (1 + 10/100)^2
= 20,000 * (1 + 0.1)^2
= 20,000 * (1.1)^2
= 20,000 * 1.21
= 24,200
Therefore, the amount after two years is Rs. 24,200.
Calculating the interest for the last one year:
Given that the loan amount is Rs. 24,200 (amount after two years) and the rate of interest is 15% per annum.
Using the same formula for Compound Interest, we get:
A = 24,200 * (1 + 15/100)^1
= 24,200 * (1 + 0.15)^1
= 24,200 * (1.15)^1
= 24,200 * 1.15
= 27,830
Therefore, the amount after the last year is Rs. 27,830.
Calculating the extra amount:
The extra amount Anjali has to pay due to the announcement of the new rate of interest can be found by subtracting the loan amount from the final amount after three years.
Extra amount = Final amount - Loan amount
= Rs. 27,830 - Rs. 20,000
= Rs. 7,830
Therefore, Anjali has to pay an extra amount of Rs. 7,830 due to the announcement of the new rate of interest.
Conclusion:
The extra amount she has to pay due to the announcement of the new rate of interest is Rs. 7,830.
Anjali took a loan of Rs. 20,000 to purchase a TV set from LG. She promised to make the payment after three years. The company charges Compound Interest (CI) at a rate of 10% per annum for the first two years. However, the company suddenly announces a rate of interest of 15% per annum for the last one year of the loan period.
To find:
The extra amount Anjali has to pay due to the announcement of the new rate of interest.
Solution:
To solve this problem, we need to calculate the interest amount for two different periods - the first two years at a rate of 10% and the last one year at a rate of 15%.
Calculating the interest for the first two years:
Given that the loan amount is Rs. 20,000 and the rate of interest is 10% per annum.
Using the formula for Compound Interest: A = P*(1 + R/100)^T
Where,
A = Amount after interest
P = Principal amount (loan amount)
R = Rate of interest
T = Time period in years
Substituting the values into the formula, we get:
A = 20,000 * (1 + 10/100)^2
= 20,000 * (1 + 0.1)^2
= 20,000 * (1.1)^2
= 20,000 * 1.21
= 24,200
Therefore, the amount after two years is Rs. 24,200.
Calculating the interest for the last one year:
Given that the loan amount is Rs. 24,200 (amount after two years) and the rate of interest is 15% per annum.
Using the same formula for Compound Interest, we get:
A = 24,200 * (1 + 15/100)^1
= 24,200 * (1 + 0.15)^1
= 24,200 * (1.15)^1
= 24,200 * 1.15
= 27,830
Therefore, the amount after the last year is Rs. 27,830.
Calculating the extra amount:
The extra amount Anjali has to pay due to the announcement of the new rate of interest can be found by subtracting the loan amount from the final amount after three years.
Extra amount = Final amount - Loan amount
= Rs. 27,830 - Rs. 20,000
= Rs. 7,830
Therefore, Anjali has to pay an extra amount of Rs. 7,830 due to the announcement of the new rate of interest.
Conclusion:
The extra amount she has to pay due to the announcement of the new rate of interest is Rs. 7,830.
|
Explore Courses for Quant exam
|
|
Similar Quant Doubts
Anjali took a loan of Rs. 20,000 to purchase a TV set from LG. She promised to make the payment after three years. The company charges CI @ 10% per annum for the same. But, suddenly the company announces the rate of interest as 15% per annum for the last one year of the loan period. What extra amount she has to pay due to the announcement of the new rate of interest?a)Rs. 1210b) Rs. 1310c)Rs. 1220d)Rs. 1320e)None of theseCorrect answer is option 'A'. Can you explain this answer?
Question Description
Anjali took a loan of Rs. 20,000 to purchase a TV set from LG. She promised to make the payment after three years. The company charges CI @ 10% per annum for the same. But, suddenly the company announces the rate of interest as 15% per annum for the last one year of the loan period. What extra amount she has to pay due to the announcement of the new rate of interest?a)Rs. 1210b) Rs. 1310c)Rs. 1220d)Rs. 1320e)None of theseCorrect answer is option 'A'. 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 Anjali took a loan of Rs. 20,000 to purchase a TV set from LG. She promised to make the payment after three years. The company charges CI @ 10% per annum for the same. But, suddenly the company announces the rate of interest as 15% per annum for the last one year of the loan period. What extra amount she has to pay due to the announcement of the new rate of interest?a)Rs. 1210b) Rs. 1310c)Rs. 1220d)Rs. 1320e)None of theseCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Anjali took a loan of Rs. 20,000 to purchase a TV set from LG. She promised to make the payment after three years. The company charges CI @ 10% per annum for the same. But, suddenly the company announces the rate of interest as 15% per annum for the last one year of the loan period. What extra amount she has to pay due to the announcement of the new rate of interest?a)Rs. 1210b) Rs. 1310c)Rs. 1220d)Rs. 1320e)None of theseCorrect answer is option 'A'. Can you explain this answer?.
Anjali took a loan of Rs. 20,000 to purchase a TV set from LG. She promised to make the payment after three years. The company charges CI @ 10% per annum for the same. But, suddenly the company announces the rate of interest as 15% per annum for the last one year of the loan period. What extra amount she has to pay due to the announcement of the new rate of interest?a)Rs. 1210b) Rs. 1310c)Rs. 1220d)Rs. 1320e)None of theseCorrect answer is option 'A'. 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 Anjali took a loan of Rs. 20,000 to purchase a TV set from LG. She promised to make the payment after three years. The company charges CI @ 10% per annum for the same. But, suddenly the company announces the rate of interest as 15% per annum for the last one year of the loan period. What extra amount she has to pay due to the announcement of the new rate of interest?a)Rs. 1210b) Rs. 1310c)Rs. 1220d)Rs. 1320e)None of theseCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Anjali took a loan of Rs. 20,000 to purchase a TV set from LG. She promised to make the payment after three years. The company charges CI @ 10% per annum for the same. But, suddenly the company announces the rate of interest as 15% per annum for the last one year of the loan period. What extra amount she has to pay due to the announcement of the new rate of interest?a)Rs. 1210b) Rs. 1310c)Rs. 1220d)Rs. 1320e)None of theseCorrect answer is option 'A'. Can you explain this answer?.
Solutions for Anjali took a loan of Rs. 20,000 to purchase a TV set from LG. She promised to make the payment after three years. The company charges CI @ 10% per annum for the same. But, suddenly the company announces the rate of interest as 15% per annum for the last one year of the loan period. What extra amount she has to pay due to the announcement of the new rate of interest?a)Rs. 1210b) Rs. 1310c)Rs. 1220d)Rs. 1320e)None of theseCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for Quant.
Download more important topics, notes, lectures and mock test series for Quant Exam by signing up for free.
Here you can find the meaning of Anjali took a loan of Rs. 20,000 to purchase a TV set from LG. She promised to make the payment after three years. The company charges CI @ 10% per annum for the same. But, suddenly the company announces the rate of interest as 15% per annum for the last one year of the loan period. What extra amount she has to pay due to the announcement of the new rate of interest?a)Rs. 1210b) Rs. 1310c)Rs. 1220d)Rs. 1320e)None of theseCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Anjali took a loan of Rs. 20,000 to purchase a TV set from LG. She promised to make the payment after three years. The company charges CI @ 10% per annum for the same. But, suddenly the company announces the rate of interest as 15% per annum for the last one year of the loan period. What extra amount she has to pay due to the announcement of the new rate of interest?a)Rs. 1210b) Rs. 1310c)Rs. 1220d)Rs. 1320e)None of theseCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for Anjali took a loan of Rs. 20,000 to purchase a TV set from LG. She promised to make the payment after three years. The company charges CI @ 10% per annum for the same. But, suddenly the company announces the rate of interest as 15% per annum for the last one year of the loan period. What extra amount she has to pay due to the announcement of the new rate of interest?a)Rs. 1210b) Rs. 1310c)Rs. 1220d)Rs. 1320e)None of theseCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of Anjali took a loan of Rs. 20,000 to purchase a TV set from LG. She promised to make the payment after three years. The company charges CI @ 10% per annum for the same. But, suddenly the company announces the rate of interest as 15% per annum for the last one year of the loan period. What extra amount she has to pay due to the announcement of the new rate of interest?a)Rs. 1210b) Rs. 1310c)Rs. 1220d)Rs. 1320e)None of theseCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Anjali took a loan of Rs. 20,000 to purchase a TV set from LG. She promised to make the payment after three years. The company charges CI @ 10% per annum for the same. But, suddenly the company announces the rate of interest as 15% per annum for the last one year of the loan period. What extra amount she has to pay due to the announcement of the new rate of interest?a)Rs. 1210b) Rs. 1310c)Rs. 1220d)Rs. 1320e)None of theseCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice Quant tests.
|
|
Explore Courses for Quant exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup