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Mohit Anand borrows a certain sum of money from the AMS Bank at 10% per annum at compound interest. The entire debt is discharged in full by Mohit Anand on payment of two equal amounts of Rs. 1000 each, one at the end of the first year and the other at the end of the second year. What is the approximate value of the amount borrowed by him?
- a)Rs. 1852
- b)Rs. 1736
- c)Rs. 1694
- d)Rs. 1792
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Mohit Anand borrows a certain sum of money from the AMS Bank at 10% pe...
P + 2 years interest on P = 1000 + 1 years interest on 1000 + 1000 -+ 1.21P = 2100 → P = 1736 (approx).
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Mohit Anand borrows a certain sum of money from the AMS Bank at 10% pe...
Given:
- Mohit Anand borrows a certain sum of money from AMS Bank at 10% per annum at compound interest.
- The entire debt is discharged in full by Mohit Anand on payment of two equal amounts of Rs. 1000 each, one at the end of the first year and the other at the end of the second year.
To find: Approximate value of the amount borrowed by him.
Approach:
Let us assume that the amount borrowed by Mohit Anand is Rs. x.
Using compound interest formula, we can find the amount of debt after 1 year and 2 years:
- After 1 year, amount = x + (10/100)*x = 1.1x
- After 2 years, amount = 1.1x + (10/100)*(1.1x) = 1.21x
As per the question, Mohit Anand pays two equal amounts of Rs. 1000 each at the end of 1 year and 2 years. So, the total amount paid by him = 1000 + 1000 = 2000.
Using this information, we can form an equation:
1.1x + 1.21x = 2000
Solving this equation, we get x = Rs. 1736 (approx.)
Therefore, the approximate value of the amount borrowed by Mohit Anand is Rs. 1736.
Answer: Option B. Rs. 1736.
- Mohit Anand borrows a certain sum of money from AMS Bank at 10% per annum at compound interest.
- The entire debt is discharged in full by Mohit Anand on payment of two equal amounts of Rs. 1000 each, one at the end of the first year and the other at the end of the second year.
To find: Approximate value of the amount borrowed by him.
Approach:
Let us assume that the amount borrowed by Mohit Anand is Rs. x.
Using compound interest formula, we can find the amount of debt after 1 year and 2 years:
- After 1 year, amount = x + (10/100)*x = 1.1x
- After 2 years, amount = 1.1x + (10/100)*(1.1x) = 1.21x
As per the question, Mohit Anand pays two equal amounts of Rs. 1000 each at the end of 1 year and 2 years. So, the total amount paid by him = 1000 + 1000 = 2000.
Using this information, we can form an equation:
1.1x + 1.21x = 2000
Solving this equation, we get x = Rs. 1736 (approx.)
Therefore, the approximate value of the amount borrowed by Mohit Anand is Rs. 1736.
Answer: Option B. Rs. 1736.
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Community Answer
Mohit Anand borrows a certain sum of money from the AMS Bank at 10% pe...
1000/1.1 + 1000/(1.1*1.1) = X
since the two payments are 1000
CP is 1.1 (10%) for 1st year and 1.1^n for subsequent years.
since the two payments are 1000
CP is 1.1 (10%) for 1st year and 1.1^n for subsequent years.
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Mohit Anand borrows a certain sum of money from the AMS Bank at 10% per annum at compound interest. The entire debt is discharged in full by Mohit Anand on payment of two equal amounts of Rs. 1000 each, one at the end of the first year and the other at the end of the second year. What is the approximate value of the amount borrowed by him?a)Rs. 1852b)Rs. 1736c)Rs. 1694d)Rs. 1792Correct answer is option 'B'. Can you explain this answer?
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Mohit Anand borrows a certain sum of money from the AMS Bank at 10% per annum at compound interest. The entire debt is discharged in full by Mohit Anand on payment of two equal amounts of Rs. 1000 each, one at the end of the first year and the other at the end of the second year. What is the approximate value of the amount borrowed by him?a)Rs. 1852b)Rs. 1736c)Rs. 1694d)Rs. 1792Correct answer is option 'B'. 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 Mohit Anand borrows a certain sum of money from the AMS Bank at 10% per annum at compound interest. The entire debt is discharged in full by Mohit Anand on payment of two equal amounts of Rs. 1000 each, one at the end of the first year and the other at the end of the second year. What is the approximate value of the amount borrowed by him?a)Rs. 1852b)Rs. 1736c)Rs. 1694d)Rs. 1792Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mohit Anand borrows a certain sum of money from the AMS Bank at 10% per annum at compound interest. The entire debt is discharged in full by Mohit Anand on payment of two equal amounts of Rs. 1000 each, one at the end of the first year and the other at the end of the second year. What is the approximate value of the amount borrowed by him?a)Rs. 1852b)Rs. 1736c)Rs. 1694d)Rs. 1792Correct answer is option 'B'. Can you explain this answer?.
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