Mr.X, a very industrious person, wants to establish his own unit. For this he needs an instant loan of Rs. 5,00,000 and, every five years he requires an additional loan of Rs. 100,000. If he had to clear all his outstanding in 20 years, and he repays the principal of the first loan equally over the 20 years, find what amount he would have to pay as interest on his initial borrowing if the rate of interest is 10% p.a. Simple Interest.
Correct Answer : C
A person bought a motorbike under the following scheme; Down payment of Rs. 15000 and the rest amount at 8% per annum for 2 years. In this way, he paid Rs. 28290 in total. Find the actual price of the motorbike.
A gentleman buys every year Bank's cash certificates of value exceeding the last year's purchase by Rs. 300. After 20 years, he finds that the total value of the certificates purchased by him is Rs. 83,000. Find the value of the certificates purchased by him in the 13th year.
Ankita takes a loan of Rs. 11,30,500 for 2 years, part of which he manages to get at 5% CI and rest of it only at 6% CI. If the total interest payable on the two parts is the same over the two years, what amount was he able to get as loan at 5%?