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Q:

A certain sum amounts to Rs.7350 in 2 years and to Rs.8575 in 3 years.find the sum and rate percent

A) 3400	B) 4400
C) 5400	D) 6400

Answer & Explanation Answer: C) 5400

Explanation:

Interest for 1 year is the same whether it's simple interest or the compound interest.

Now interest of third year = 8575 - 7350 = 1225; means principal for this interest is 7350 if comound interest is takenIf 7350 is the principal interest = 1225

if 100 is the principal interest =(1225/7350) * 100 = 50/3 %

When a thing increases for two successive times the overall increase on initial amount = a + b + (a * b)/100

Therefore overall interest for two years = 50/3 + 50/3 + [(50/3)*(50/3)]/100 = 325/9 %

Therefore amount after 2 years = 100 + 325/9 = 1225/9

If 1225/9 is the amount principal =100

if 7350 is the amount principal =(900/1225)*7350 =5400

So sum = 5400; Rate = 50/3 %

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Q:

The difference between the compound interest and the simple interest accrued on an amount of Rs. 18,000 in 2 years was Rs. 405. What was the rate of interest p.c.p.a. ?

A) 12%	B) 13%
C) 14%	D) 15%

Answer & Explanation Answer: D) 15%

Explanation:

Let the rate be R% p.a. Then,

$[1800 {(1 + \frac{R}{100})}^{2} - 1800] - (\frac{1800 * R * 2}{100}) = 405$

$1800 [\frac{{(100 + R)}^{2}}{10000} - 1 - \frac{2 R}{100}] = 405$

$1800 [\frac{{(100 + R)}^{2} - 10000 - 200 R}{10000}] = 405$

$\Leftrightarrow$

$\frac{9}{5} * R^{2} = 405 \Leftrightarrow R^{2} = (\frac{405 * 5}{9}) = 225 \Leftrightarrow R = 15$
Rate = 15%.

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Q:

If the simple interest on a sum of money at 5% per annum for 3 years is Rs. 1200, find the compound interest on the same sum for the same period at the same rate.

A) 1261	B) 1271
C) 1281	D) 1291

Answer & Explanation Answer: A) 1261

Explanation:

Clearly, Rate = 5% p.a., Time = 3 years, S.I.= Rs. 1200. . .
So principal=RS [100*1200]/3*5=RS 8000
Amount = Rs. 8000 x [1 +5/100]^3 - = Rs. 9261.
.. C.I. = Rs. (9261 - 8000) = Rs. 1261.

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Q:

Find compound interest on Rs. 8000 at 15% per annum for 2 years 4 months, compounded annually

A) 2109	B) 3109
C) 4109	D) 6109

Answer & Explanation Answer: B) 3109

Explanation:

Time = 2 years 4 months = 2(4/12) years = 2(1/3) years.
Amount = Rs'. [8000 X (1+(15/100))^2 X (1+((1/3)*15)/100)]
=Rs. [8000 * (23/20) * (23/20) * (21/20)]
= Rs. 11109. .
:. C.I. = Rs. (11109 - 8000) = Rs. 3109.

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Q:

Find compound interest on Rs. 7500 at 4% per annum for 2 years, compounded annually.

A) 612	B) 712
C) 812	D) 912

Answer & Explanation Answer: A) 612

Explanation:

Amount = Rs [7500*(1+(4/100)2] = Rs (7500 * (26/25) * (26/25) ) = Rs. 8112.
therefore, C.I. = Rs. (8112 - 7500) = Rs. 612.

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Q:

The true discount on Rs.1600 due to after a certain of 5% per annum is Rs.160. The time after which it is due is

A) 27months	B) 23months
C) 20months	D) 12months

Answer & Explanation Answer: A) 27months

Explanation:

P.W. = Rs. (1600 - 160) = Rs. 1440
∴ S.I. on Rs.1440 at 5% is Rs. 160.
∴ Time = [100 * 160 / 1440 * 5] = 20/9 years = [20/9 * 12] months = 27 months.

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Filed Under: True Discount

Q:

Determine the nominal rate of interest if:
The periodic rate is 1.75% per quarter.

A) 7%	B) 8%
C) 9%	D) 10%

Answer & Explanation Answer: A) 7%

Explanation:

j=mi

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Q:

If a cellphone is purchased for Rs.490 and sold for Rs.465.50 find the loss percentage?

A) 10	B) 5
C) 20	D) 15

Answer & Explanation Answer: B) 5

Explanation:

loss = C.P - S.P = 490 - 465.50 =24.50

loss % = (loss x 100)/C.P = (24.50 x 100)/490 = 5%

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