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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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Filed Under: Simple Interest
Exam Prep: GRE

Q:

Reena took a loan of Rs. 1200 with simple interest for as many years as the rate of Interest. If she paid Rs. 432 as interest at the end of the loan period, what was the rate of interest?

A) 3.6	B) 6
C) 18	D) cannot be determined

Answer & Explanation Answer: B) 6

Explanation:

Let rate = R% and time = R years.

Then, $(\frac{1200 \times R \times R}{100}) = 432$

$12 R^{2} = 432$

=> R = 6.

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Filed Under: Simple Interest
Exam Prep: GRE
Job Role: Bank PO

Q:

You deposit $600 into a 6 month certificate of deposit. After 6 months the balance is $618. Find the simple annual interest rate

A) 6%	B) 5%
C) 7%	D) 8%

Answer & Explanation Answer: A) 6%

Explanation:

1. To find the interest, subtract the principal from the balance.

$618 - $600 = $18

2.Use the simple interest formula and solve for r.

I = Prt

18= 600 x r x (1/2)

r= 0.06 =6%

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Filed Under: Simple Interest
Exam Prep: GRE
Job Role: Bank PO

Q:

50 men took a dip in a water tank 40 m long and 20 m broad on a religious day. If the average displacement of water by a man is 4 cu.m , then the rise in the water level in the tank will be:

A) 20 cm	B) 25 cm
C) 35 cm	D) 50 cm

Answer & Explanation Answer: B) 25 cm

Explanation:

Total volume of water displaced =(4 x 50) cu.m = 200 cu.m

Rise in water level = $(\frac{200}{40 \times 20})$ =0.25m = 25cm

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Filed Under: Volume and Surface Area

Q:

A metallic sheet is of rectangular shape with dimensions 48 m x 36 m. From each of its corners, a square is cut off so as to make an open box. If the length of the square is 8m, the volume of the box (in m³) is:

A) 4830	B) 5120
C) 6420	D) 8960

Answer & Explanation Answer: B) 5120

Explanation:

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Filed Under: Volume and Surface Area

Q:

A hollow iron pipe is 21 cm long and its external diameter is 8 cm. If the thickness of the pipe is 1 cm and iron weighs 8g/cu.cm, then the weight of the pipe is

A) 3.6 kg	B) 3.696 kg
C) 36 kg	D) 36.9 kg

Answer & Explanation Answer: B) 3.696 kg

Explanation:

External radius = 4 cm

Internal radius = 3 cm

Volume of iron = $[\frac{22}{7} \times (4^{2} - 3^{2}) \times 21] c m^{3}$ = $462 c m^{3}$

Weight of iron = (462 x 8)gm = 3696 gm = 3.696 kg

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Filed Under: Volume and Surface Area

Q:

A hall is 15 m long and 12 m broad. If the sum of the areas of the floor and the ceiling is equal to the sum of the areas of four walls, the volume of the hall is:

A) 720	B) 900
C) 1200	D) 1800

Answer & Explanation Answer: C) 1200

Explanation:

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Filed Under: Volume and Surface Area

Q:

A rectangular field is to be fenced on three sides leaving a side of 20 feet uncovered. If the area of the field is 680 sq. feet, how many feet of fencing will be required?

A) 34	B) 40
C) 68	D) 88

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