IIFT 2019 Question Paper | Quants

CAT Questions

The best way to boost your IIFT prep is to practice the actual IIFT Question Papers. 2IIM offers you exactly that, in a student friendly format to take value from this. In the 2019 IIFT, quants were a mixed bag of questions of varying difficulty, with some routine questions and the others were very demanding. Some beautiful questions that laid emphasis on Learning ideas from basics and being able to comprehend more than remembering gazillion formulae and shortcuts.

Question 24: Monika buys a Samsung's 360 litre refrigerator from M/s Coldrush Agencies for Rs 42,000. She makes a down payment of Rs 12,000 and the remaining amount in 4 equal half yearly instalments. If M/s Coldrush Agencies charge an interest of 10% per annum, approximately what amount Monika has to pay every six month?

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Explanatory Answer

Total price of the refrigerator = 42000
Down payment = 12000
Remaining = 30000
Let the half yearly instalment be p
30000(1.05)^4 = (p + 1.05p + 1.05^2 p + 1.05^3 p)
p = 8460

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The question is "Approximately what amount Monika has to pay every six month?"

Hence, the answer is, "8460 Rs"