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A worker borrowed some money on simple interest at the rate of 6% p. a. for the first 3 years, at the rate of 9% p. a. for the next 3 years, and at the rate of 14% p. a. for the period beyond 6 years. If he paid a total interest of Rs. 6,490 at the end of 7 years, how much money did he borrow?
1. Rs. 12,500
2. Rs. 11,000
3. Rs. 12,000
4. Rs. 10,000
Correct Answer - Option 2 : Rs. 11,000Given:A worker borrowed some money on simple interest at the rate of 6% p. a. for the first 3 years, at the rate of 9% p. a. for the next 3 years, and at the rate of 14% p. a. for the period beyond 6 years. If he paid a total interest of Rs.6,490 at the end of 7Read more
Correct Answer – Option 2 : Rs. 11,000
Given:
A worker borrowed some money on simple interest at the rate of 6% p. a. for the first 3 years, at the rate of 9% p. a. for the next 3 years, and at the rate of 14% p. a. for the period beyond 6 years. If he paid a total interest of Rs.6,490 at the end of 7 years.
Concept used:
Simple interest
Calculation:
Let the principal be x = 100
Si at the rate of 6% p. a. for 3 years
⇒ 6 × 3 × x = 18x
Si at the rate of 9% p. a. for 3 years
⇒ 9 × 3 × x = 27x
Si at the rate of 14% p. a. for 1 year
⇒ 14 × x = 14x
As per the question,
⇒ 18x + 27x + 14x = 6490
⇒ 59x = 6490
⇒ x = 110
∴ Principal = Rs.11000
See lessZ paid Rs 10,920 after 4 years with 10% annual simple interest. How much did he borrow?
A. Rs 7,600
B. Rs 7,800
C. Rs 8,200
D. Rs 7,400
1. A
2. B
3. D
4. C
Correct Answer - Option 2 : BGiven:Amount = Rs. 10920Rate of interest = 10%Time = 4 yearsFormula used:SI = P × R% × Twhere, P = Principal, R = Rate of interest, T = Time Amount = P + SICalculation:Let the principal sum be Rs. P.Amount = Principal + SI⇒ 10920 = P + P × R% × T⇒ 10920 = P(1 + 10/100 ×Read more
Correct Answer – Option 2 : B
Given:
Amount = Rs. 10920
Rate of interest = 10%
Time = 4 years
Formula used:
SI = P × R% × T
where, P = Principal, R = Rate of interest, T = Time
Amount = P + SI
Calculation:
Let the principal sum be Rs. P.
Amount = Principal + SI
⇒ 10920 = P + P × R% × T
⇒ 10920 = P(1 + 10/100 × 4)
⇒ 10920 = P(1 + 2/5)
⇒ 10920 = 7P/5
⇒ P = Rs. 7800
∴ The sum of money he borrowed is Rs. 7800.
See lessMalik lent Rs. 1000 for 2 years, Rs. 1350 for 5 years , Rs. 1450 for 7 years and Rs. 1500 for 8 years at same rate of interest. He received Rs. 2472 as total simple interest, calculate rate of interest per annum.
1. 4%
2. 8%
3. 6%
4. 5%
Correct Answer - Option 2 : 8%Given:P1 = Rs. 1000, N1 = 2 YearsP2 = Rs. 1350, N2 = 5 YearsP3 = Rs. 1450, N3 = 7 YearsP4 = Rs. 1500, N4 = 8 YearsFormula used:I = PRN / 100Where P = Principal amount, R = Rate of interest in %, N = Number of years, I = Interest earnedCalculation:Here Total Interest = (Read more
Correct Answer – Option 2 : 8%
Given:
P1 = Rs. 1000, N1 = 2 Years
P2 = Rs. 1350, N2 = 5 Years
P3 = Rs. 1450, N3 = 7 Years
P4 = Rs. 1500, N4 = 8 Years
Formula used:
I = PRN / 100
Where P = Principal amount, R = Rate of interest in %, N = Number of years, I = Interest earned
Calculation:
Here Total Interest = (P1R1N1 / 100) + (P2R2N2 / 100) + (P3R3N3 / 100) + (P4R4N4 / 100)
⇒ (1000 × 2 × R/100) + (1350 × 5 × R / 100) + (1450 × 7 × R / 100) + (1500 × 8 × R / 100) = 2472
⇒ 20R + 67.5R + 101.5R + 120R = 2472
⇒ 309R = 2472
⇒ R = 8
∴ The interest is 8% per annum.
See lessAnita borrowed two equal sums at the beginning of two successive years at 10% compound interest. At the end of the second year, she paid Rs. 12,474 to settle her debts. How much did she borrow each year?
1. Rs. 4,800
2. Rs. 5,000
3. Rs. 5,400
4. Rs. 5,600
Correct Answer - Option 3 : Rs. 5,400Given:Rate of interest = 10% At the end of second year, money paid by her = Rs. 12474 Concept used:A = P × (1 + R/100)T Where,A → Amount P → Principal R → Rate of interest T → Time Calculations:Let the principal be 100x Money after completion of first year = 100xRead more
Correct Answer – Option 3 : Rs. 5,400
Given:
Rate of interest = 10%
At the end of second year, money paid by her = Rs. 12474
Concept used:
A = P × (1 + R/100)T
Where,
A → Amount
P → Principal
R → Rate of interest
T → Time
Calculations:
Let the principal be 100x
Money after completion of first year = 100x × (1 + 10/100)1
⇒ 100x × 110/100 = 110x
She borrowed the same principal in second year
So principal for second year = 110x + 100x = 210x
Money after completion of second year = 210x × (1 + 10/100)1
⇒ 231x = 12474
⇒ x = 54
Money borrowed each year =100x = 5400
∴ Money borrowed each year is Rs. 5400
See lessA sum of money becomes triple of itself in 10 years at the rate of simple interest, find the annual rate of interest.
A. 5%
B. 8%
C. 10%
D. 20%
1. D
2. B
3. C
4. A
Correct Answer - Option 1 : DGiven:Time = 10 yearsMoney triple in 10 years.Formula used:Simple interest = (P × R × T)/100Where P → PrincipalT → TimeR → RateCalculation:Let the principal be 'x'.So, Amount = 3xSimple interest = 2xSimple interest = (P × R × T)/100⇒ 2x = (x × R × 10)/100⇒ R = (2 × 100)/Read more
Correct Answer – Option 1 : D
Given:
Time = 10 years
Money triple in 10 years.
Formula used:
Simple interest = (P × R × T)/100
Where P → Principal
T → Time
R → Rate
Calculation:
Let the principal be ‘x’.
So, Amount = 3x
Simple interest = 2x
Simple interest = (P × R × T)/100
⇒ 2x = (x × R × 10)/100
⇒ R = (2 × 100)/10
⇒ R = 20%
∴ The annual rate of interest is 20%.
See lessA certain sum amounts to ₹ 756 in 2 years and to ₹ 873 is \(3\frac{1}{2}\) years at a certain rate of simple interest. The rate of interest per annum is:
1. 11%
2. 13%
3. 10%
4. 12%
Correct Answer - Option 2 : 13%Given:First Amount = Rs. 756Time = 2 yearsSecond Amount = Rs. 873Time = \(3\frac{1}{2}\) years = 7/2 yearsFormula Used:Simple Interest = Amount – Principal Simple Interest = (Principal × Rate × time)/100Calculation:Let the principal be 'x'. Simple Interest = Amount - PRead more
Correct Answer – Option 2 : 13%
Given:
First Amount = Rs. 756
Time = 2 years
Second Amount = Rs. 873
Time = \(3\frac{1}{2}\) years = 7/2 years
Formula Used:
Simple Interest = Amount – Principal
Simple Interest = (Principal × Rate × time)/100
Calculation:
Let the principal be ‘x’.
Simple Interest = Amount – Principal
⇒ 756 – x
Simple Interest = (Principal × Rate × time)/100
Rate = (S.I × 100)/ P × t
⇒ Rate = ((756 – x) × 100)/ (x × 2)
Simple Interest = Amount – Principal
⇒ 873 – x
Rate = ((873 – x) × 100)/ (x × 7/2)
According to the Question,
((756 – x) × 100)/ (x × 2) = ((873 – x) × 100)/ (x × 7/2)
⇒ ((756 – x) × 100)/2 = 2((873 –- x) × 100)/ 7
⇒ 7((756 – x) × 100)= 4((873 – x) × 100)
⇒ 529200 – 700x = 349200 – 400x
⇒ 300x = 180000
⇒ x = 600
Rate = ((756 – x) × 100)/ (x × 2)
⇒ ((756 – 600) × 100)/(600 × 2)
⇒ (156 × 100)/ 1200
⇒ 13%
∴ The rate of interest per annum is 13%.
See lessThere is a 60% increase in an amount in 5 years at simple interest. What will be the compound interest on Rs. 6,250 for two years at the same rate of interest, when the interest is compounded yearly?
1. Rs. 1,500
2. Rs. 1,590
3. Rs. 1,560
4. Rs 1480
Correct Answer - Option 2 : Rs. 1,590Given:A Simple Interest on a particular sum is 60% of the principle in 5 years.Let P be the principle and R% is the rate of interest p.a.Formula Used:Simple Interest ( S.I ) = ( P× R× T )/ 100Where P = Principle, R = Rate of interest, T = time periodCompound InteRead more
Correct Answer – Option 2 : Rs. 1,590
Given:
A Simple Interest on a particular sum is 60% of the principle in 5 years.
Let P be the principle and R% is the rate of interest p.a.
Formula Used:
Simple Interest ( S.I ) = ( P× R× T )/ 100
Where P = Principle, R = Rate of interest, T = time period
Compound Interest ( C.I ) = P(1 + R/100)T – P
Where P = Principle, R = Rate of interest, T = time period
Calculations:
⇒ As from the given formula
S.I for 5 years = 60%× P = P× R%× 5
⇒ R% = 60% / 5 = 12% ____( 1 )
As 12% = ( +3/25) = 28/25
⇒ C.I = 6250( 1 + 12/100 )2 – 6250
(∵ Principle is given = Rs 6250 )
⇒ C.I = 6250 (28/25)2 – 6250 = 6250× 784/625 – 6250
( As 282 = 784, 252 = 625 )
C.I = 7840 – 6250 = Rs 1590
See lessThere is 60% increase in an amount is 6 years at simple interest. What will be the compound interest of Rs. 12,000 after 3 years at the same rate ?
1. Rs. 3575
2. Rs. 3950
3. Rs. 3972
4. Rs. 3980
Correct Answer - Option 3 : Rs. 3972Given Increase in salary after 6 years = 60% Formula Used A = P(1 + r/100)tsimple Interest = (principal × rate × time)/100Calculation Let the salary at 1st year be 100x Increased in salary = 60% of 100x = 60x ⇒ 60x = (100x × 6 × R)/100 ⇒ R = 10% Compound InterestRead more
Correct Answer – Option 3 : Rs. 3972
Given
Increase in salary after 6 years = 60%
Formula Used
A = P(1 + r/100)t
simple Interest = (principal × rate × time)/100
Calculation
Let the salary at 1st year be 100x
Increased in salary = 60% of 100x = 60x
⇒ 60x = (100x × 6 × R)/100
⇒ R = 10%
Compound Interest after 3 years = P(1 + r/100)t – P
⇒ 12000(1 + 10/100)3 – 12000
⇒ 12000 × (11/10)3 – 12000
⇒ 15972 – 12000 = Rs. 3972
∴ The required answer is Rs 3972
See lessManvendra paid Rs. 4800 as interest on a loan he took 5 years ago at 8% rate of simple interest. What was the amount he took as loan?
1. Rs. 10800
2. Rs. 9600
3. Rs. 10000
4. Rs. 12000
Correct Answer - Option 4 : Rs. 12000GIVEN: Manvendra paid Rs. 4800 as interest on a loan he took 5 years ago at 8% rate of simple interest.FORMULA USED:Simple Interest = PRT ÷ 100Where, P = principle, R = Rate of interest, T = time periodCALCULATION:Applying the formula:4800 = (P × 8 × 5)/100⇒ P =Read more
Correct Answer – Option 4 : Rs. 12000
GIVEN:
Manvendra paid Rs. 4800 as interest on a loan he took 5 years ago at 8% rate of simple interest.
FORMULA USED:
Simple Interest = PRT ÷ 100
Where, P = principle, R = Rate of interest, T = time period
CALCULATION:
Applying the formula:
4800 = (P × 8 × 5)/100
⇒ P = Rs. 12000
See lessA man invests Rs. 2000 at 5% compound interest. At the end of 3 years he will get a total amount of:
1. Rs. 2305
2. Rs. 2316.25
3. Rs. 2315.25
4. Rs. 2205
Correct Answer - Option 3 : Rs. 2315.25Given:Principal = Rs. 2000Rate of interest = 5%Time = 3 yearsFormula used:Amount = Principal{1 + (rate/100)}timeCalculation:Amount = Principal{1 + (rate/100)}time⇒ 2000{1 + (5/100)}3⇒ 2000(21/20)3⇒ 2000 × (9261/8000)⇒ 9261/4⇒ 2315.25∴ The amount will get afterRead more
Correct Answer – Option 3 : Rs. 2315.25
Given:
Principal = Rs. 2000
Rate of interest = 5%
Time = 3 years
Formula used:
Amount = Principal{1 + (rate/100)}time
Calculation:
Amount = Principal{1 + (rate/100)}time
⇒ 2000{1 + (5/100)}3
⇒ 2000(21/20)3
⇒ 2000 × (9261/8000)
⇒ 9261/4
⇒ 2315.25
∴ The amount will get after 3 years is Rs. 2315.25.
See less