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A financier claims to be lending money at simple interest, But he includes the interest every six months for calculating the principal. If he is charging an interest of 10%, the effective rate of interest becomes......
a. 10.25%
b. 10%
c. 9.25%
d. 9%
Ans - a
Explanation:
Let the sum is 100.
As financier includes interest every six months, then we will calculate SI for 6 months, then again for six months as below:
SI for first Six Months = (100*10*1)/(100*2) = Rs. 5
Important: now sum will become 100+5 = 105
SI for last Six Months = (105*10*1)/(100*2) = Rs. 5.25
So amount at the end of year will be (100+5+5.25)
= 110.25
Effective rate = 110.25 - 100 = 10.25
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A sum of money at simple interest amounts to Rs. 815 in 3 years and to Rs. 854 in 4 years. The sum is:
A. Rs. 650
B. Rs. 690
C. Rs. 698
D. Rs. 700
Ans - C
Explanation:
S.I. for 1 year = Rs. (854 - 815) = Rs. 39.
S.I. for 3 years = Rs.(39 x 3) = Rs. 117.
Principal = Rs. (815 - 117) = Rs. 698.
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A sum of money at simple interest amounts to Rs. 11700 in 3 years and to Rs. 15300 in 7 years. What is the principal amount?
a. 6000
b. 7000
c. 8000
d. 9000
Ans - d
Explanation:
SI for 4 years = 15300-11700 = 3600
SI for 3 years = 3600/4*3 = 2700
principal = 11700 - 2700 = 9000
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A shopkeeper advertises the case price of a colour. T.V. as Rs. 8,500. The same T.V. can also be purchased by paying Rs. 1,600 immediately and the balance in equal 8 installments monthly of Rs. 900 each. Find the rate of interest.
a. 6% p.a.
b. 8% p.a.
c. 10% p.a.
d. 12% p.a.
Ans - d
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A sum of money at simple interest amounts to Rs. 2,800 in 2 years and to Rs. 3,250 in 5 years. Find the sum and the rate of interest.
a. Rs. 2,500; 5%
b. Rs. 2,500; 6%
c. Rs. 3,000; 5%
d. Rs. 3,000; 6%
Ans - b
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MR. X took a loan for 10 years at the rate of 8% per annum on Simple Interest, If the total interest paid was Rs. 5000, the principal was
A. 6200
B. 6250
C. 7500
D. 7550
Ans - B
Explanation:
S.I.=P*R*T/100
=>P=S.I.*100/R/T
By applying above formula we can easily solve this question, as we are already having the simple interest.
P = 5000*100/10/8
= 6250
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There was simple interest of Rs. 21000 on a principal amount at the rate of 10 % p.a. in 3 years. Find the principal amount
A. Rs 60000
B. Rs 70000
C. Rs 75000
D. Rs 80000
Ans - B
Explanation:
S.I.=P*R*T/100
=>P=S.I.*100/R/T
P = 21000*100/10/3
= 70000
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Ram borrows Rs. 5000 for 2 years at 4% p.a. simple interest. He immediately lends money to Rahul at 25/4% p.a. for 2 years. Find the gain of one year by Ram.
A. 110.50
B. 111.50
C. 112.50
D. 113.50
Ans - C
Explanation:
Two things need to give attention in this question, First we need to calculate gain for 1 year only.
Second, where we take money at some interest and lends at other, then we use to subtract each other to get result in this type of question.
Lets solve this Simple Interest question now.
Gain in 2 year = [(5000×254×2100)-(5000×4×2100)]
= (625-400)
= 225
So gain for 1 year = 225/2 = 112.50
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If A lends Rs. 3500 to B at 10% p.a. and B lends the same sum to C at 11.5% p.a., then the gain of B (in Rs.) in a period of 3 years is …
A. Rs. 154.50
B. Rs. 155.50
C. Rs. 156.50
D. Rs. 157.50
Ans - D
Explanation:
We need to calculate the profit of B.
It will be,
SI on the rate B lends - SI on the rate B gets
Gain of B = 3500*11.5/100*3-3500*10/100*3
= 1207.50 - 1050
= 157.50
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Sahil took a loan for 6 years at the rate of 5% per annum on Simple Interest, If the total interest paid was Rs. 1230, the principal was
A. 4100
B. 4200
C. 4300
D. 4400
Ans - A
Explanation:
S.I.=P*R*T/100
=>P=S.I.*100/R/T
By applying above formula we can easily solve this question, as we are already having the simple interest.
P = 1230*100/6/5
= 4100
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