0 of 5 Questions completed
Questions:
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading…
You must sign in or sign up to start the quiz.
You must first complete the following:
0 of 5 Questions answered correctly
Your time:
Time has elapsed
Abhimanyu has a good aptitude for medical studies. Laxman and Radhika would like her to pursue the same when He would be 18 years of age. Current age: 14 ,They want to arrange for a 4-year program which costs Rs 6 lakh annual tuition fees and Rs 3 lakh annual hostel charges at current costs. The course and hostel expenses escalate @8% p.a. The initial year admission fee is estimated to be a lump sum Rs 4 lakh separate from these annual expenses. He wants to start investing right away in an investment instrument which would return average 9% p.a. He would draw annually the required sum in the beginning of the respective year of study. What level lump sum amount is needed to be arranged and invested immediately and then at annual interval for three more years in the selected investment instrument to achieve the goal?
Vivek had availed a car loan of Rs 30 lakh @8% p.a. in july 2020, the duration of loan was 5 years. The first EMI was paid on 1st august 2020. The lender informed of the rate hike by 2% effective 1st November 2022 and the resultant higher EMI was charged since 1st December 2022. There is a prepayment penalty of 1.5%. Another lender agrees to refinance the loan @8.50% p.a. by settling a lump sum amount with the original lender which would include the outstanding principal and the prepayment penalty. Such settled amount would be the new loan for a term of 2.5 years. Rahul wishes to go for this refinancing on 1st feb 2024. How much lower EMI would be payable in the refinanced deal?
After completion of his Medical 6 years from now, Mahesh shall pursue postgraduate studies from the US. The cost of such education is USD 3,00,000 now with escalation of 1.5% p.a. in dollar terms. The couple intends to sell their real estate plot immediately for a net Rs 80 lakh, convert it at Rs 83 per USD and invest in a dollar denominated investment vehicle that has a track record of generating 5.75% p.a. return. Thus, they would contain the exchange rate risk to some extent. What annual level investment do they need, starting immediately and then in five additional annual investments, in an aggressive fund yielding 14% p.a. so that the accumulation if converted at Rs 92 per USD then would suffice meeting the cost of the proposed US studies?
A couple wants to set up a separate vacation fund which shall be invested into and shall be drawn from on an annual basis to sustain annual vacations. A sum of Rs 12 lakh shall be invested toward this vacation fund immediately in an investment instrument yielding 11% p.a. An annual increasing amount shall be invested in the same instrument, starting a year from now and then increasing @8% p.a., a total 15 annual investments. The first withdrawal of Rs 300000 lakh for vacation from this fund shall also be a year from now and shall continue escalating at 5% p.a. for a total 30 vacation years. What should be the annual investment beginning a year from now to build this vacation fund?
Rajesh had availed a car loan of Rs 25 lakh @7.5% p.a. in September 2021, the duration of loan was 5 years. The first EMI was paid on 1st October 2021. The lender informed of the rate hike by 1.5% effective 1st September 2022 and the resultant higher EMI was charged since 1st October 2022. There is a prepayment penalty of 2%. Another lender agrees to refinance the loan @8.25% p.a. by settling a lump sum amount with the original lender which would include the outstanding principal and the prepayment penalty. Such settled amount would be the new loan for a term of 3 years. Rahul wishes to go for this refinancing on 1st December 2023. How much lower EMI would be payable in the refinanced deal?
Content of the portal is the sole property of Institute for Financial Literacy,
Any commercial use of the content will lead to legal action against such person or institution as per the laws.
Copyright © 2021 Infily India. All rights reserved