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An entrepreneur borrows an amount of Rs 20 lakhs from a local bank for a duration of 3 years at a 20% interest rate, compounded annually. At the end of each of these 3 years, he returns a certain amount of money to the bank. The amount returned at the end of each of these 3 years is the same. At the end of 3 years, the bank additionally demanded a cheque of Rs. 1.8 lakhs to settle the loan. What was the amount he used to pay at the end of each year?Correct answer is '900000'. 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 An entrepreneur borrows an amount of Rs 20 lakhs from a local bank for a duration of 3 years at a 20% interest rate, compounded annually. At the end of each of these 3 years, he returns a certain amount of money to the bank. The amount returned at the end of each of these 3 years is the same. At the end of 3 years, the bank additionally demanded a cheque of Rs. 1.8 lakhs to settle the loan. What was the amount he used to pay at the end of each year?Correct answer is '900000'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for An entrepreneur borrows an amount of Rs 20 lakhs from a local bank for a duration of 3 years at a 20% interest rate, compounded annually. At the end of each of these 3 years, he returns a certain amount of money to the bank. The amount returned at the end of each of these 3 years is the same. At the end of 3 years, the bank additionally demanded a cheque of Rs. 1.8 lakhs to settle the loan. What was the amount he used to pay at the end of each year?Correct answer is '900000'. Can you explain this answer?.

Solutions for An entrepreneur borrows an amount of Rs 20 lakhs from a local bank for a duration of 3 years at a 20% interest rate, compounded annually. At the end of each of these 3 years, he returns a certain amount of money to the bank. The amount returned at the end of each of these 3 years is the same. At the end of 3 years, the bank additionally demanded a cheque of Rs. 1.8 lakhs to settle the loan. What was the amount he used to pay at the end of each year?Correct answer is '900000'. 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 An entrepreneur borrows an amount of Rs 20 lakhs from a local bank for a duration of 3 years at a 20% interest rate, compounded annually. At the end of each of these 3 years, he returns a certain amount of money to the bank. The amount returned at the end of each of these 3 years is the same. At the end of 3 years, the bank additionally demanded a cheque of Rs. 1.8 lakhs to settle the loan. What was the amount he used to pay at the end of each year?Correct answer is '900000'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of An entrepreneur borrows an amount of Rs 20 lakhs from a local bank for a duration of 3 years at a 20% interest rate, compounded annually. At the end of each of these 3 years, he returns a certain amount of money to the bank. The amount returned at the end of each of these 3 years is the same. At the end of 3 years, the bank additionally demanded a cheque of Rs. 1.8 lakhs to settle the loan. What was the amount he used to pay at the end of each year?Correct answer is '900000'. Can you explain this answer?, a detailed solution for An entrepreneur borrows an amount of Rs 20 lakhs from a local bank for a duration of 3 years at a 20% interest rate, compounded annually. At the end of each of these 3 years, he returns a certain amount of money to the bank. The amount returned at the end of each of these 3 years is the same. At the end of 3 years, the bank additionally demanded a cheque of Rs. 1.8 lakhs to settle the loan. What was the amount he used to pay at the end of each year?Correct answer is '900000'. Can you explain this answer? has been provided alongside types of An entrepreneur borrows an amount of Rs 20 lakhs from a local bank for a duration of 3 years at a 20% interest rate, compounded annually. At the end of each of these 3 years, he returns a certain amount of money to the bank. The amount returned at the end of each of these 3 years is the same. At the end of 3 years, the bank additionally demanded a cheque of Rs. 1.8 lakhs to settle the loan. What was the amount he used to pay at the end of each year?Correct answer is '900000'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice An entrepreneur borrows an amount of Rs 20 lakhs from a local bank for a duration of 3 years at a 20% interest rate, compounded annually. At the end of each of these 3 years, he returns a certain amount of money to the bank. The amount returned at the end of each of these 3 years is the same. At the end of 3 years, the bank additionally demanded a cheque of Rs. 1.8 lakhs to settle the loan. What was the amount he used to pay at the end of each year?Correct answer is '900000'. Can you explain this answer? tests, examples and also practice CAT tests.