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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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There was simple interest of Rs. 4016.25 on a principal amount at the rate of 9%p.a. in 5 years. Find the principal amount
A. Rs 7925
B. Rs 8925
C. Rs 7926
D. Rs 7925
Ans - B
Explanation:
S.I.=P*R*T/100
=>P=S.I.*100/R/T
P = 4016.25*100/9/5
= 8925
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Effective annual rate of interest corresponding to nominal rate of 6% per annum compounded half yearly will be
A. 6.09%
B. 6.10%
C. 6.12%
D. 6.14%
Ans - A
Explanation:
Let the amount Rs 100 for 1 year when compounded half yearly, n = 2, Rate = 6/2 = 3%
Amount=100(1+3/100)^2=106.09
Effective rate = (106.09 - 100)% = 6.09%
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A sum of money invested at compound interest to Rs. 800 in 3 years and to Rs 840 in 4 years. The rate on interest per annum is.
A. 4%
B. 5%
C. 6%
D. 7%
Ans - B
Explanation:
S.I. on Rs 800 for 1 year = 40
Rate = (100*40)/(800*1) = 5%
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Find the rate at Simple interest, at which a sum becomes four times of itself in 15 years.
A. 10%
B. 20%
C. 30%
D. 40%
Ans - B
Explanation:
Let sum be x and rate be r%
then, (x*r*15)/100 = 3x [important to note here is that simple interest will be 3x not 4x, beause 3x+x = 4x]
=> r = 20%
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At 5% per annum simple interest, Rahul borrowed Rs. 500. What amount will he pay to clear the debt after 4 years ?
A. 750
B. 700
C. 650
D. 600
Ans - D
Explanation:
We need to calculate the total amount to be paid by him after 4 years, So it will be Principal + simple interest. So,
=>500+500*5*4/100
=>Rs.600
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A sum of money amounts to Rs 9800 after 5 years and Rs 12005 after 8 years at the same rate of simple interest. The rate of interest per annum is ......
a. 9%
b. 10%
c. 11%
d. 12%
Ans - d
Explanation:
We can get SI of 3 years = 12005 - 9800 = 2205
SI for 5 years = (2205/3)*5 = 3675 [so that we can get principal amount after deducting SI]
Principal = 12005 - 3675 = 6125
So Rate = (100*3675)/(6125*5) = 12%
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