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Read the information given below and answer the question that follows.The RMAG Bank issues “Life Time Free” Platinum credit cards to customers, subject to the following conditions: The statement is generated on the 15th of each month and the total amount on the statement is due on the 30th of each month. Customers have an option of paying the entire amount mentioned in the statement or a minimum amount of 10% of the total or Rs. 1000, whichever is higher. A flat late fee of Rs. 500 is levied if the minimum payment for each statement is not paid. In case the entire amount mentioned in the statement is not paid on or before the due date, the balance attracts interest of 3% per month from the date of transaction in the first statement and from the previous statement date for subsequent statements. There is a service tax of 12.5% on any late fees or interest charged. The last payment must include the interest upto the date of payment.The bank calculates its profit as the sum of all late fees and interest charged till the total amount has been paid off. For the purpose of the following questions, assume each month to be made up of 30 days.Q.Ravi bought a phone worth 45,000 on his RMAG Bank Platinum credit card and called the bank to convert the transaction to 3 installments since there was no service tax applicable on the installment scheme. The bank charges a flat fee of 3% of transaction value as processing fees that is paid up front. The value of the transaction is divided into 3 equal parts due after 1, 2 and 3 months respectively. Each of these parts attracts simple interest of 3% per month till the date of payment. How much more did Ravi pay for his phone?a)9 %b)7.5%c)6 %d)10.5 %Correct answer is option 'A'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about Read the information given below and answer the question that follows.The RMAG Bank issues “Life Time Free” Platinum credit cards to customers, subject to the following conditions: The statement is generated on the 15th of each month and the total amount on the statement is due on the 30th of each month. Customers have an option of paying the entire amount mentioned in the statement or a minimum amount of 10% of the total or Rs. 1000, whichever is higher. A flat late fee of Rs. 500 is levied if the minimum payment for each statement is not paid. In case the entire amount mentioned in the statement is not paid on or before the due date, the balance attracts interest of 3% per month from the date of transaction in the first statement and from the previous statement date for subsequent statements. There is a service tax of 12.5% on any late fees or interest charged. The last payment must include the interest upto the date of payment.The bank calculates its profit as the sum of all late fees and interest charged till the total amount has been paid off. For the purpose of the following questions, assume each month to be made up of 30 days.Q.Ravi bought a phone worth 45,000 on his RMAG Bank Platinum credit card and called the bank to convert the transaction to 3 installments since there was no service tax applicable on the installment scheme. The bank charges a flat fee of 3% of transaction value as processing fees that is paid up front. The value of the transaction is divided into 3 equal parts due after 1, 2 and 3 months respectively. Each of these parts attracts simple interest of 3% per month till the date of payment. How much more did Ravi pay for his phone?a)9 %b)7.5%c)6 %d)10.5 %Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Read the information given below and answer the question that follows.The RMAG Bank issues “Life Time Free” Platinum credit cards to customers, subject to the following conditions: The statement is generated on the 15th of each month and the total amount on the statement is due on the 30th of each month. Customers have an option of paying the entire amount mentioned in the statement or a minimum amount of 10% of the total or Rs. 1000, whichever is higher. A flat late fee of Rs. 500 is levied if the minimum payment for each statement is not paid. In case the entire amount mentioned in the statement is not paid on or before the due date, the balance attracts interest of 3% per month from the date of transaction in the first statement and from the previous statement date for subsequent statements. There is a service tax of 12.5% on any late fees or interest charged. The last payment must include the interest upto the date of payment.The bank calculates its profit as the sum of all late fees and interest charged till the total amount has been paid off. For the purpose of the following questions, assume each month to be made up of 30 days.Q.Ravi bought a phone worth 45,000 on his RMAG Bank Platinum credit card and called the bank to convert the transaction to 3 installments since there was no service tax applicable on the installment scheme. The bank charges a flat fee of 3% of transaction value as processing fees that is paid up front. The value of the transaction is divided into 3 equal parts due after 1, 2 and 3 months respectively. Each of these parts attracts simple interest of 3% per month till the date of payment. How much more did Ravi pay for his phone?a)9 %b)7.5%c)6 %d)10.5 %Correct answer is option 'A'. Can you explain this answer?.

Solutions for Read the information given below and answer the question that follows.The RMAG Bank issues “Life Time Free” Platinum credit cards to customers, subject to the following conditions: The statement is generated on the 15th of each month and the total amount on the statement is due on the 30th of each month. Customers have an option of paying the entire amount mentioned in the statement or a minimum amount of 10% of the total or Rs. 1000, whichever is higher. A flat late fee of Rs. 500 is levied if the minimum payment for each statement is not paid. In case the entire amount mentioned in the statement is not paid on or before the due date, the balance attracts interest of 3% per month from the date of transaction in the first statement and from the previous statement date for subsequent statements. There is a service tax of 12.5% on any late fees or interest charged. The last payment must include the interest upto the date of payment.The bank calculates its profit as the sum of all late fees and interest charged till the total amount has been paid off. For the purpose of the following questions, assume each month to be made up of 30 days.Q.Ravi bought a phone worth 45,000 on his RMAG Bank Platinum credit card and called the bank to convert the transaction to 3 installments since there was no service tax applicable on the installment scheme. The bank charges a flat fee of 3% of transaction value as processing fees that is paid up front. The value of the transaction is divided into 3 equal parts due after 1, 2 and 3 months respectively. Each of these parts attracts simple interest of 3% per month till the date of payment. How much more did Ravi pay for his phone?a)9 %b)7.5%c)6 %d)10.5 %Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CAT. Download more important topics, notes, lectures and mock test series for CAT Exam by signing up for free.

Here you can find the meaning of Read the information given below and answer the question that follows.The RMAG Bank issues “Life Time Free” Platinum credit cards to customers, subject to the following conditions: The statement is generated on the 15th of each month and the total amount on the statement is due on the 30th of each month. Customers have an option of paying the entire amount mentioned in the statement or a minimum amount of 10% of the total or Rs. 1000, whichever is higher. A flat late fee of Rs. 500 is levied if the minimum payment for each statement is not paid. In case the entire amount mentioned in the statement is not paid on or before the due date, the balance attracts interest of 3% per month from the date of transaction in the first statement and from the previous statement date for subsequent statements. There is a service tax of 12.5% on any late fees or interest charged. The last payment must include the interest upto the date of payment.The bank calculates its profit as the sum of all late fees and interest charged till the total amount has been paid off. For the purpose of the following questions, assume each month to be made up of 30 days.Q.Ravi bought a phone worth 45,000 on his RMAG Bank Platinum credit card and called the bank to convert the transaction to 3 installments since there was no service tax applicable on the installment scheme. The bank charges a flat fee of 3% of transaction value as processing fees that is paid up front. The value of the transaction is divided into 3 equal parts due after 1, 2 and 3 months respectively. Each of these parts attracts simple interest of 3% per month till the date of payment. How much more did Ravi pay for his phone?a)9 %b)7.5%c)6 %d)10.5 %Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Read the information given below and answer the question that follows.The RMAG Bank issues “Life Time Free” Platinum credit cards to customers, subject to the following conditions: The statement is generated on the 15th of each month and the total amount on the statement is due on the 30th of each month. Customers have an option of paying the entire amount mentioned in the statement or a minimum amount of 10% of the total or Rs. 1000, whichever is higher. A flat late fee of Rs. 500 is levied if the minimum payment for each statement is not paid. In case the entire amount mentioned in the statement is not paid on or before the due date, the balance attracts interest of 3% per month from the date of transaction in the first statement and from the previous statement date for subsequent statements. There is a service tax of 12.5% on any late fees or interest charged. The last payment must include the interest upto the date of payment.The bank calculates its profit as the sum of all late fees and interest charged till the total amount has been paid off. For the purpose of the following questions, assume each month to be made up of 30 days.Q.Ravi bought a phone worth 45,000 on his RMAG Bank Platinum credit card and called the bank to convert the transaction to 3 installments since there was no service tax applicable on the installment scheme. The bank charges a flat fee of 3% of transaction value as processing fees that is paid up front. The value of the transaction is divided into 3 equal parts due after 1, 2 and 3 months respectively. Each of these parts attracts simple interest of 3% per month till the date of payment. How much more did Ravi pay for his phone?a)9 %b)7.5%c)6 %d)10.5 %Correct answer is option 'A'. Can you explain this answer?, a detailed solution for Read the information given below and answer the question that follows.The RMAG Bank issues “Life Time Free” Platinum credit cards to customers, subject to the following conditions: The statement is generated on the 15th of each month and the total amount on the statement is due on the 30th of each month. Customers have an option of paying the entire amount mentioned in the statement or a minimum amount of 10% of the total or Rs. 1000, whichever is higher. A flat late fee of Rs. 500 is levied if the minimum payment for each statement is not paid. In case the entire amount mentioned in the statement is not paid on or before the due date, the balance attracts interest of 3% per month from the date of transaction in the first statement and from the previous statement date for subsequent statements. There is a service tax of 12.5% on any late fees or interest charged. The last payment must include the interest upto the date of payment.The bank calculates its profit as the sum of all late fees and interest charged till the total amount has been paid off. For the purpose of the following questions, assume each month to be made up of 30 days.Q.Ravi bought a phone worth 45,000 on his RMAG Bank Platinum credit card and called the bank to convert the transaction to 3 installments since there was no service tax applicable on the installment scheme. The bank charges a flat fee of 3% of transaction value as processing fees that is paid up front. The value of the transaction is divided into 3 equal parts due after 1, 2 and 3 months respectively. Each of these parts attracts simple interest of 3% per month till the date of payment. How much more did Ravi pay for his phone?a)9 %b)7.5%c)6 %d)10.5 %Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of Read the information given below and answer the question that follows.The RMAG Bank issues “Life Time Free” Platinum credit cards to customers, subject to the following conditions: The statement is generated on the 15th of each month and the total amount on the statement is due on the 30th of each month. Customers have an option of paying the entire amount mentioned in the statement or a minimum amount of 10% of the total or Rs. 1000, whichever is higher. A flat late fee of Rs. 500 is levied if the minimum payment for each statement is not paid. In case the entire amount mentioned in the statement is not paid on or before the due date, the balance attracts interest of 3% per month from the date of transaction in the first statement and from the previous statement date for subsequent statements. There is a service tax of 12.5% on any late fees or interest charged. The last payment must include the interest upto the date of payment.The bank calculates its profit as the sum of all late fees and interest charged till the total amount has been paid off. For the purpose of the following questions, assume each month to be made up of 30 days.Q.Ravi bought a phone worth 45,000 on his RMAG Bank Platinum credit card and called the bank to convert the transaction to 3 installments since there was no service tax applicable on the installment scheme. The bank charges a flat fee of 3% of transaction value as processing fees that is paid up front. The value of the transaction is divided into 3 equal parts due after 1, 2 and 3 months respectively. Each of these parts attracts simple interest of 3% per month till the date of payment. How much more did Ravi pay for his phone?a)9 %b)7.5%c)6 %d)10.5 %Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Read the information given below and answer the question that follows.The RMAG Bank issues “Life Time Free” Platinum credit cards to customers, subject to the following conditions: The statement is generated on the 15th of each month and the total amount on the statement is due on the 30th of each month. Customers have an option of paying the entire amount mentioned in the statement or a minimum amount of 10% of the total or Rs. 1000, whichever is higher. A flat late fee of Rs. 500 is levied if the minimum payment for each statement is not paid. In case the entire amount mentioned in the statement is not paid on or before the due date, the balance attracts interest of 3% per month from the date of transaction in the first statement and from the previous statement date for subsequent statements. There is a service tax of 12.5% on any late fees or interest charged. The last payment must include the interest upto the date of payment.The bank calculates its profit as the sum of all late fees and interest charged till the total amount has been paid off. For the purpose of the following questions, assume each month to be made up of 30 days.Q.Ravi bought a phone worth 45,000 on his RMAG Bank Platinum credit card and called the bank to convert the transaction to 3 installments since there was no service tax applicable on the installment scheme. The bank charges a flat fee of 3% of transaction value as processing fees that is paid up front. The value of the transaction is divided into 3 equal parts due after 1, 2 and 3 months respectively. Each of these parts attracts simple interest of 3% per month till the date of payment. How much more did Ravi pay for his phone?a)9 %b)7.5%c)6 %d)10.5 %Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice CAT tests.