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Ramesh borrowed Rs. 1,20,000 interest free from Aman. If he pays back at 6.25% of this amount quarterly and has already paid Rs. 30,000, then for how many months does he need to pay back his loan for the rest of the amount?
Answer & Solution
Correct Answer:
Option
A
Borrowed amount = 120000
First return amount = 30000
Remaining amount = 90000
Return in 3 month = 120000 × 6.25%
= 120000 × $$\frac{1}{{16}}$$
= 12 × 25 × 25
First return amount = 30000
Remaining amount = 90000
Return in 3 month = 120000 × 6.25%
= 120000 × $$\frac{1}{{16}}$$
= 12 × 25 × 25
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