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A man saves Rs 200 at the end of each year and lends the money at 5% compound interest. How much will it become at the end of 3 years?
a. Rs 660
b. Rs 662
c. Rs 664
d. Rs 666
Ans- b
Explanation:
= [200(2120×2120×2120)+200(2120×2120)+200(2120)]
= 662
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Find the compound interest on Rs.16,000 at 20% per annum for 9 months, compounded quarterly.
a. Rs 2520
b. Rs 2521
c. Rs 2522
d. Rs 2523
Ans - c
Explanation:
Please remember, when we have to calculate C.I. quarterly then we apply following formula if n is the number of years
Amount=P(1+R4100)4n
Amount=P(1+R4100)4n
Principal = Rs.16,000;
Time=9 months = 3 quarters;
Rate = 20%, it will be 20/4 = 5%
So lets solve this question now,
Amount=16000(1+5100)3=18522C.I=18522−16000=2522
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At what rate percent per annum will the simple interest on a sum of money be 2/5 of the amount in 10 years?
a. 1%
b. 2%
c. 3%
d. 4%
Ans - d
Explanation:
Let sum = x
Time = 10 years.
S.I = 2x /5, [as per question]
Rate =( (100 * 2x) / (x*5*10))%
=> Rate = 4%
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Rs. 800 becomes Rs. 956 in 3 years at a certain rate of simple interest. If the rate of interest is increased by 4%, what amount will Rs. 800 become in 3 years.
a. Rs 1052
b. Rs 1152
c. Rs 1252
d. Rs 1352
Ans - a
Explanation:
S.I. = 956 - 800 = Rs 156
R=156∗100800∗3R=612% New Rate = 612+4=212% New S.I. = 800×212×3100=252
R=156∗100800∗3R=612% New Rate = 612+4=212% New S.I. = 800×212×3100=252
Now amount will be 800 + 252 = 1052
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What will the ratio of simple interest earned by certain amount at the same rate of interest for 6 years and that for 9 years.
a. 1:2
b. 2:1
c. 2:2
d. 2:3
Ans- d
Explanation:
Let the principal be P and rate be R
then
Ratio = [(P∗R∗6100):(P∗R∗9100)]
=6PR:9PR
=2:3
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A certain amount earns simple interest of Rs. 1750 after 7 years. Had the interest been 2% more, how much more interest would it have earned?
A. Rs. 35
B. Rs. 245
C. Rs. 350
D. Cannot be determined
Ans - d
Explanation:
We need to know the S.I., principal and time to find the rate.
Since the principal is not given, so data is inadequate.
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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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What is the present worth of Rs. 132 due in 2 years at 5% simple interest per annum ?
A. 110
B. 120
C. 130
D. 140
Ans - b
Explanation:
Let the present worth be Rs.x
Then,S.I.= Rs.(132 - x)
=› (x*5*2/100) = 132 - x
=› 10x = 13200 - 100x
=› 110x = 13200
x= 120
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