Bissoy.com
Doctors Medicines MCQs Q&A

A man buys a car with a loan of 5.5 lakh rupees. On that sum of money, he had to pay 5% per annum at a simple rate of interest. He puts on rent for the house for 20 years. Which amount he received from house rent he paid loan interest and cleared it. What will be the annual installment?

A man buys a car with a loan of 5.5 lakh rupees. On that sum of money, he had to pay 5% per annum at a simple rate of interest. He puts on rent for the house for 20 years. Which amount he received from house rent he paid loan interest and cleared it. What will be the annual installment? Correct Answer 18,644

Amount = Rs. 550000

Rate = 5%

Time = 20 years

FORMULAE USED:

⇒ Installment = (200 × Amount)/{(200t + (rt × (t – 1))}

CALCULATION:

⇒ Installment = (200 × 550000)/{((200 × 20) + (5 × 20 × (20 – 1))}

⇒ Installment = (200 × 550000)/{((4000) + (100 × 19)}

⇒ Installment = (200 × 550000)/5900

⇒ Installment = 18,644. 067 ≈ Rs 18,644

∴ The annual installment is Rs 18,644.

Related Questions

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. 
A man buys a car with a loan of 20 lakh rupees with a simple interest rate of 5% per annum. He put his house on rent for 25,000 per month. With the amount he receives from house rent, he pays the interest on his loan and clears it. In how many years can he repay the loan with interest?
Questions below followed by three quantities. Find the relationship between them. Quantity I: Peter invested Rs. P in a scheme A offering simple interest at 12% per annum for five years. He invested the whole amount he received from scheme A in another scheme B offering simple interest at 5% per annum for 4 years, if the difference between the interests earned from scheme A and B was Rs. 2240. What is the value of P? Quantity II: Mohan deposited Rs. 12000 at simple interest which amounted to Rs. 16800 after 4 years . Had the interest been 5% more, how much amount he would have got? Quantity III: The SI on certain sum of money for 18 months at the rate of 8% per annum exceeds the SI on the same sum at 10% per annum for 12 months by Rs. 200. Then find the sum?
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.
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?
A boy puts only 5 rupees and 10 rupees coins in the piggy bank. On Monday he puts three 5 rupees coin, on Wednesday he puts one 10 rupees and two 5 rupees coin. Total amount in Piggy bank is 50 rupees. He puts only 5 rupees coin on Tuesday. How many 5 rupees coins he put on Tuesday?
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.
Last year, there were three sections in a competitive exam. Out of them 33 students cleared the cut-off in Section A, 34 students cleared the cut-off in Section B and 32 students cleared the cut-off in Section C. 10 students cleared the cut-off in section A and section B, 9 cleared the cut-off in section B and section C and 8 cleared the cut-off in section A and section C. The number of students who cleared only one section was equal and was 21 for each section. How many students cleared all the three sections?
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.
A simple interest when a sum of money is invested for 5 years at 15% per annum is Rs. 3600 more than the simple interest received if the same sum of money is deposited in a fixed deposit scheme for 3 years at 19% per annum. Find the amount, if the same sum of money is invested for 3 years at 10% per annum.