Question
A person takes loan of Rs. 20,000 on the condition that
he would pay it in the monthly instalment of Rs. 2,500. He has to pay interest @ 16% on the outstanding balances, then find out the average rate of interest received by the creditor per annum.Solution
Monthly instalment = Rs. 2,500 Total loan = Rs. 20,000 ∴ Number of instalment = 20,000/2,500 = 8 Once the payment starts outstanding balances will go on diminishing. Hence, from point of view of interest, principal = 20,000 + 17,500 + 15,000 + 12,500 + 10,000 + 7,500 + 5,000 + 2,500 = Rs 90,000 ∴ Interest on Rs. 90,000 for 1 month at 16% p.a. = (90,000 × 16 × 1)/(100 × 12) = Rs. 1,200 Average rate of interest = (100 × I)/(P × T) T = 8 months = 8/12 year = (1200 × 100 × 12)/(20,000 × 8) = 9%
The total strength of school A is 60% more than that of school B. In school A and B, out of total number of students, 10% and 20% respectively are girls...
In a train, 40% of the passengers are females. Out of total number of passengers, 60% have unreserved tickets out of which 20% are females. How much per...
M and N are two numbers. Their average is 160, and the sum of M and N is 120% of M. What percentage of M is the difference between M and N?
Ajay spent 30% of his monthly income on rent and 44% of the remaining on food and the rest amount is saved by him which is Rs. 2548, then find the month...
A man spends 25% and 11% of his monthly salary on rent and transportation, respectively. Out of the remaining money, he spends 28% on food and 43% on en...
The monthly salary of a person is Rs.30000. He spent a% on rent and (a+5)% on EMI. From the remaining, he spend 45% on Education. Find amount spent on E...
In a metro, there are as many wagons as there is the number of seats in each wagon. In one of the wagon carrying 125 persons is filled with 62 (1/2) %...
Income of A is 60% of the Income of B and A together. The saving of B is 45% of his Income and equals to Rs. 8100. Find the difference between the incom...
Office A has 1250 employees, of which 44% are boys, and the remaining are girls. Office B has 12% more employees than Office A. I...
In an election between two candidates, winner got 30% of total valid votes. If total number of votes cast were 1500 out of which 6% were invalid, then f...
Relevant for Exams:
