New 👉 Ask your RBI Grade B 2025 Preparation Queries Here!!

    Register

    Question

    Piyush initially took a loan from Vivek at a simple

    interest rate of 8% per annum, and after a duration of two years, he repaid the borrowed amount. Subsequently, he secured another loan amounting to two-thirds of the initial sum from Rajan, also at a simple interest rate, but at 12% per annum for another period of two years. The aggregate sum borrowed by Piyush across these transactions totaled Rs. 25,000. Calculate the total amount Piyush repaid to both Vivek and Rajan.
    A Rs. 27200 Correct Answer Incorrect Answer
    B Rs. 28800 Correct Answer Incorrect Answer
    C Rs. 29400 Correct Answer Incorrect Answer
    D Rs. 29800 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Let the amount borrowed by Piyush from Vivek be Rs. ‘x’ So, the amount borrowed by Piyush from Rajan = Rs. (2x/3) x + (2x/3) = 25000 5x = 75000 x = Rs. 15000 Money to be repaid to Vivek = 15000 + (15000 × 0.08 × 2) = Rs. 17400 Money to be repaid to Rajan = {(2 × 15000)/3} + {(2 × 15000)/3} × 0.12 × 2 = 10000 + 10000 × 0.24 = Rs. 12400 Total amount to be repaid by Piyush = 17400 + 12400 = Rs. 29800

    Practice Next

    Relevant for Exams: