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Mohit Anand borrows a certain sum of money from the Mindworkzz Bank at 10% per annum at compound interest. The entire debt is discharged in full by Mohit Anand on payment of two equal amounts of ₹1000 each, one at the end of the first years and the other at the end of the second year. What is the approximate value of the amount borrowed by him?

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Important Questions on Interest

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CAT
IMPORTANT
How to prepare for Quantitative Aptitude for the CAT>Chapter 10 - Interest>Level of Difficulty>Q 19
In order to buy a car, a man borrowed ₹180000 on the condition that he had to pay 7.5% interest every year. He also agreed to repay the principal in equal annual instalments over 21 years. After a certain number of years, however, the rate of interest has been reduced to 7%. It is known that at the end of the agreed period, he will have paid in all ₹270900 in interest. For how many years does he pay at the reduced interest rate?
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CAT
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How to prepare for Quantitative Aptitude for the CAT>Chapter 10 - Interest>Level of Difficulty>Q 20
A sum of ₹8000 is borrowed at 5% per annum compound interest and paid back in three equal annual instalments. What is the amount of each instalment?
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How to prepare for Quantitative Aptitude for the CAT>Chapter 10 - Interest>Level of Difficulty>Q 21
Three amounts x, y, z are such that y is the simple interest on x and z is the simple interest on y. If in all the three cases, rate of interest per annum and the time for which interest is calculated is the same, then find the relation between x, y and z.
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How to prepare for Quantitative Aptitude for the CAT>Chapter 10 - Interest>Level of Difficulty>Q 22
A person lent out some money for one year at 6% per annum simple interest and after 18 months, he again lent out the same money at a simple interest of 24% per annum. In both the cases, he got ₹4704. Which of these could be the amount that was lent out in each case, if interest is paid half-yearly?
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CAT
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How to prepare for Quantitative Aptitude for the CAT>Chapter 10 - Interest>Level of Difficulty>Q 23
A person bought a motorbike under the following scheme: down payment of ₹15000 and the rest amount at 8% per annum simple interest for two years. In this way, he paid ₹28920 in total. Find the actual price of the motorbike.
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CAT
IMPORTANT
How to prepare for Quantitative Aptitude for the CAT>Chapter 10 - Interest>Level of Difficulty>Q 24
Hans Kumar borrows ₹7000 at simple interest from the village moneylender. At the end of three years, he again borrows ₹3000 and closes his account after paying ₹4615 as interest after eight years from the time he made the first borrowing. Find the rate of interest.
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CAT
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How to prepare for Quantitative Aptitude for the CAT>Chapter 10 - Interest>Level of Difficulty>Q 25
Some amount was lent at 6% per annum simple interest. After one year, ₹6800 is repaid and the rest of the amount is repaid at 5% per annum. If the second year's interest is half of the first year's interest, find what amount of money was lent out.
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How to prepare for Quantitative Aptitude for the CAT>Chapter 10 - Interest>Level of Difficulty>Q 26
An amount of ₹12820 due 3 years, hence, is fully repaid in three annual instalments starting after one year. The first instalment is 12 the second instalment and the second instalment is 23 of the third instalment. If the rate of interest is 10% per annum, find the first instalment.