Question
Sunil borrowed a certain sum of money from Kanchan under
the following repayment scheme based on simple interest. 10% p.a. for the initial 2 years, 8% p.a. for the next 2 years, 6% p.a. for the next 2 years, 12% p.a. after the first 6 years. Find the amount which a sum of Rs. 8000 taken for 12 years becomes at the end of 12 years?Solution
Principal = Rs. 8,000 Rate of interest for initial 2 years = 10% p.a.
Rate of interest for next 2 years = 8% p.a.
Rate of interest for next 2 years = 6% p.a.
Rate of interest after first 6 years = 12% p.a. Total time = 12 years So, time after first 6 years = 12 – 6 = 6 years Simple Interest for first 2 years = 8000 × 10 × 2/100 = Rs. 1,600 Simple Interest for next 2 years = 8000 × 8 × 2/100 = Rs. 1,280 Simple Interest for next 2 years = 8000 × 6 × 2/100 = Rs. 960 Simple Interest for remaining 6 years = 8000 × 12 × 6/100 = Rs. 5,760 Total Simple Interest = 1600 + 1280 + 960 + 5760 = Rs. 9,600 Required amount = Principal + Total Simple Interest = 8000 + 9600 = Rs. 17,600
An offer of settlement is accepted by the Claimant then the Insurance company shall pay the amount of compensation in:
When the question is whether any person is owner of anything of which he is shown to be in possession, the burden of proving that he is not the owner i...
When two or more persons, by fighting in a public place, disturb the public peace, they are said to commit____________________
As per the Motor Vehicles Act any person who is not disqualified for driving a motor vehicle may apply to any of the licensing authority in the State___...
Rajya Sabha can keep a money bill for a maximum period of
A man said to commit “rape” if he:
According to the Recovery of Debts and Bankruptcy Act, 1993 on and from the appointed day, no court or other authority shall have, or be entitled to ...
The punishment to which offenders are liable under the provisions of the Indian Penal Code 1860 is:
Under the Right to Information Act, when can a person file an appeal if they do not receive a decision within the specified time frame or are aggrieved...
As per the Insurance Act, 1938 who has been vested with the power to appoint the controller of the Insurance?
Relevant for Exams:
