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Q:

Find: S.l. on Rs 3000 at 18% per annum for the period from 4th

A) 118	B) 105
C) 108	D) 110

Answer & Explanation Answer: C) 108

Explanation:

(24 + 31 + 18) days = 73 days = 1/5 year .

P = Rs 3000 and R = 18 % p.a.

$S . I = (\frac{3000 * 18 * \frac{1}{5}}{100})$

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Q:

Find: S.l. on Rs 6250 at 14% per annum for 146 days.

A) Rs.350	B) Rs.450
C) Rs.550	D) Rs.650

Answer & Explanation Answer: A) Rs.350

Explanation:

P = Rs. 6250, R = 14 % & T = (146/365) years = 2/5 years .

S.I= $R s . [\frac{6250 * 14 * \frac{2}{5}}{100}] = R s . 350$

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Q:

Find: S.l on Rs 68000 at $16 \frac{2}{3}$ 1 % per annum for 9 months

A) 6500	B) 7500
C) 8500	D) 9500

Answer & Explanation Answer: C) 8500

Explanation:

P = 68000, R = $\frac{50}{3}$ % & T = 9 months (3/4 years)

$S . I = \frac{p \times r \times t}{100} = [\frac{(6800 \times \frac{50}{3} \times \frac{3}{4})}{100}] = R s . 8500$

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Q:

A person borrows Rs. 5000 for 2 years at 4% p.a. simple interest. He immediately lends it to another person at $6 \frac{1}{4}$ p.a for 2 years. Find his gain in the transaction per year

A) Rs. 112.50	B) Rs.150.25
C) Rs.167.50	D) Rs.170

Answer & Explanation Answer: A) Rs. 112.50

Explanation:

$g a i n i n 2 y e a r s = R s . [(5000 * \frac{25}{4} * \frac{2}{100}) - (\frac{5000 * 4 * 2}{100})]$

= Rs. (625 - 400)

= Rs. 225

$g a i n i n 1 y e a r = R s . (\frac{225}{2}) = 112.50$

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Q:

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) 5%	B) 8%
C) 12%	D) 15%

Answer & Explanation Answer: C) 12%

Explanation:

S.I. for 3 years = Rs. (12005 - 9800) = Rs. 2205.

S.I. for 5 years = Rs. $\frac{2205}{3} \times 5$ = Rs.3675

Principle = Rs.(9800-3675) = Rs.6125

Hence, Rate = $[\frac{100 \times 3675}{6125 \times 5}]$ =12%

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Q:

A man took loan from a bank at the rate of 12% p.a. simple interest. After 3 years he had to pay Rs. 5400 interest only for the period. The principal amount borrowed by him was:

A) Rs.2000	B) Rs.10000
C) Rs.15000	D) Rs.20000

Answer & Explanation Answer: C) Rs.15000

Explanation:

Principal = $R s (\frac{100 \times 5400}{12 \times 3}) = R s . 15000$

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Q:

A Rent Rs. 5000 to B for 2 years and Rs. 3000 to C for 4 years on simple interest at the same rate of interest and received Rs. 2200 in all from both of them as interest. The rate of interest per annum is:

A) 5%	B) 7%
C) 7.5%	D) 10%

Answer & Explanation Answer: D) 10%

Explanation:

Let the rate be R% p.a.

Then, $\frac{5000 \times r \times 2}{100} + \frac{3000 \times r \times 4}{100} = 2200$

Rate = 10%

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Q:

An automobile financier claims to be lending money at simple interest, but he includesthe interest every six months for calculating the principal. If he is charging an interest of10%, the effective rate of interest becomes:

A) 10%	B) 10.25%
C) 10.5%	D) none of these

Answer & Explanation Answer: B) 10.25%

Explanation:

Let the sum be Rs. 100. Then,

S.I. for first 6 months = Rs.[ (100 x 10 x 1)/(100 x 2) ]= Rs.5

S.I. for last 6 months =Rs.[(102 x 10 x 1)/(100 x 2) ] = Rs.5.25

So, amount at the end of 1 year = Rs. (100 + 5 + 5.25) = Rs. 110.25

Effective rate = (110.25 - 100) = 10.25%

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