Bissoy.com
Doctors Medicines MCQs Q&A

Rakesh took a home loan for Rs. 8000 at 10% simple interest and clears the home loan in three years. He paid Rs. 4500 as an installment in the end of first year and Rs. 3500 at the end of the second year. Find what amount should be paid at the end of the third year to clear the home loan.

Rakesh took a home loan for Rs. 8000 at 10% simple interest and clears the home loan in three years. He paid Rs. 4500 as an installment in the end of first year and Rs. 3500 at the end of the second year. Find what amount should be paid at the end of the third year to clear the home loan. Correct Answer 1150

First year installment = Rs. 4500

Second year installment = Rs. 3500

⇒ Principal left after paying the installments = 8000 – (3500 + 4500) = 0

It means only interest has to be paid as a last installment.

Let’s calculate interest to be paid

⇒ Interest for the first year = 10% of 8000 = 800

⇒ Interest for the second year = 10% of (8000 – installment of first year) = 10% of (8000 – 4500) = 10% of 3500 = 350

⇒ Interest for third year = 10% of (3500 – amount of the second installment) = 10% of (3500 – 3500) = 0

As, there is no principal amount to be paid only interest has to be paid as a third installment

∴ Third installment = 800 + 350 + 0 = Rs. 1150

Related Questions

Given below are two quantities named A and B. Based on the given information, you have to determine the relationship between the two quantities. You should use the given data and knowledge of Mathematics to choose between the possible answers. Quantity A: A mobile is sold for Rs. 15000 in cash. There is an installment plan under which customer had to make a down payment of Rs. 8000 and an installment of Rs. 9000 after a month. Find the rate of interest for the installment plan. Quantity B: A mobile is sold for Rs. 20000 in cash. There is an installment plan under which customer had to make a down payment of Rs. 10000 and an installment of Rs.11000 after a month. Find the rate of interest for the installment plan.
Arun borrowed Rs. 22500 from a bank at simple interest and returned Rs. 12500 after 2 years as 1st installment and at the end of 4 years he paid Rs. 7500 as 2nd installment and at the end of 7 years he paid Rs. 6125 as 3rd installment to clear his dues. What was the rate of interest?
The question below is followed by statements I, II, and III. You have to determine whether the data given in the statement is sufficient for answering the question. You should use the data and your knowledge of Mathematics to choose the best possible answer. The difference between the compound interest and simple interest on a certain sum at a certain rate of interest per annum for two years is 204.20. What is the amount received on the sum of compound interest at the same rate of interest at the end of three years. I. The difference between the compound interest and the simple interest on the sum for three years is 804.258. II. The sum becomes Rs. 14528 at the end of one year. III. The compound interest on the sum for two years is 7% more than the simple interest on the sum for two years.
Ravi borrows Rs. 50,000 from a bank at 22.5% p.a. simple interest and clears the debt in three years. If the installments paid at the end of the first, and second year to clear the debt are Rs. 20,000, and Rs. 30,000 respectively, what amount should be paid at the end of the third year to clear the debt?
Priya and khushi invested Rs.3000 together. Priya invested her amount at compound interest for ‘x/10’ years at x% rate interest and khushi invested half of her amount at compound interest and remaining half at simple interest at the same rate of interest for the same time period. [It is given that ‘x/10’ is a natural number] What is the value of ‘x’? Statement I: Ratio of investment of priya and khushi is 1 : 2 respectively and total sum received by them together after a particular time at x% rate of interest is Rs. 4280. Statement II: Simple interest received by khushi is Rs. 40 less than compound interest received by her. Statement III: Sum of simple interest and compound interest received by khushi after a certain time at x% rate of interest is Rs. 2500 Which of the above statement is redundant to find the answer of the given question?
Given below are three quantities named 1, 2 and 3. Based on the given information, you have to determine the relationship between the three quantities. You should use the given data and knowledge of Mathematics to choose between the possible answer. Quantity 1: An automobile financier claims to be lending money at simple interest, but he includes the interest every six months for calculating the principal. If he is charging an interest of 10%, the effective rate of interest becomes. Quantity 2: A sum of Rs. 725 is lent at the beginning of a year at a certain rate of interest. After 8 months, a sum of Rs. 362.50 more is lent but at the rate twice the former. At the end of the year, Rs. 33.50 is earned as interest from both the loans. What was the original rate of interest? Quantity 3: The difference between the compound interest and the simple interest on an amount of 15000 for 2 years is Rs. 96. What is the rate of interest per annum?
A man took a loan of Rs. 78000 at a simple interest of 5% per annum of 3 years. After some time, he took another loan of Rs. 44000 at simple interest for 2 years. If he cleared his both debts by paying a total amount of Rs. 138980, at what rate of interest did he took the second loan?
The following question have three statements. Study the question and the statements and decide which of the statement(s) is/are necessary to answer the question. Suman borrowed some amount of money at compound interest for 3 years. Find the amount to be paid by her after 3 years. Statement I: Simple interest on the same sum at the same rate of interest in 5 years will be 1/4th of the principal. Statement II: The simple interest on the sum after 6 years will be Rs. 12000. Statement III: The sum borrowed is 5 times the simple interest of 4 years.
Given below are three quantities named 1, 2 and 3. Based on the given information, you have to determine the relation among the three quantities. You should use the given data and knowledge of Mathematics to choose between the possible answer. The options represent the relations among three quantities. A. < B. > C. ≤ D. ≥ E. = Quantity 1: Sumit invested Rs. X for 2 years at the rate of R% per annum simple interest. The interest obtained is Rs. 450 less than the interest obtained when the same sum is invested for 2 years at the rate of (R + 9)% per annum simple interest. Find the value of X. Quantity 2: Ankit invested Rs. Y for 2 years at the rate of 10% per annum compounded annually. The interest obtained is 795 less than the compound interest received by him when he invested a sum of Rs. 3000 for 2 years at the rate of 20% per annum compounded annually. Find the value of Y. Quantity 3: Difference of CI and SI obtained on a sum of Rs. Z when invested for 2 years at 10% per annum is Rs. 20. Find the value of Z. 
The following questions have three statements. Study the question and the statements and decide which of the statement(s) is/are necessary to answer the question. A person borrowed some money at compound interest for 2 years. What will be the amount required to return after 2 years? I. If the amount was borrowed at simple interest, then after 4 years Rs. 1000 was required to pay as simple interest. II. The sum of money borrowed is 12 times the amount required to be paid as simple interest after 2 years. III. The rate of interest is 8% per annum.