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Q:

What will be the compound interest on a sum of Rs.25,000 after 3 years at the rate of 12 p.c.p.a?

A) Rs.10123.20	B) Rs.12100
C) Rs.12552	D) Rs.12665

Answer & Explanation Answer: A) Rs.10123.20

Explanation:

Amount

= Rs.(25000x(1+12/100)³

= Rs.(25000x28/25x28/25x28/25)

= Rs. 35123.20.

C.I = Rs(35123.20 -25000)

= Rs.10123.20

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Filed Under: Compound Interest
Exam Prep: GRE

Q:

A sum at simple interest at $13 \frac{1}{2}$ % per annum amounts to Rs. 2502.50 after 4 years. Find the sum

A) Rs.1625	B) Rs1525
C) Rs.1425	D) Rs.1325

Answer & Explanation Answer: A) Rs.1625

Explanation:

Let sum be Rs.x then, S.I. =Rs. [ x * (27/2) * 4 * (1/100) ] = Rs. 27x/50

Amount =Rs [ x + (27x/50)] = Rs.77x/50

=> 77X/50 = 2502.50

=>X= (2502.50 * 50)/77 = 1625

Hence Sum = Rs.1625

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

Q:

What is the sum which earned interest?
I. The total simple interest was Rs. 7000 after 7 years.
II. The total of sum and simple interest was double of the sum after 5 years.

A) I alone sufficient while II alone not sufficient to answer	B) II alone sufficient while I alone not sufficient to answer
C) Either I or II alone sufficient to answer	D) Both I and II are necessary to answer

Answer & Explanation Answer: D) Both I and II are necessary to answer

Explanation:

Let the sum be Rs. x.

I gives, S.I. = Rs. 7000 and T = 7 years.

II gives, Sum + S.I. for 5 years = 2 x Sum Sum = S.I. for 5 years.

Now, S.I. for 7 years = Rs. 7000.

therefore, S.I. for 1 year = Rs. 1000.

Thus, I and II both are needed to get the answer.

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

Q:

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

Answer & Explanation Answer: D) cannot be determined

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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Filed Under: Simple Interest
Exam Prep: GRE

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

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

Q:

A sum of Rs. 725 is lent in the beginning of a year at a certain rate of interest. After 8 months, a sum of Rs. 362.50 more is lent but at the rate twice the former. At the end of the year, Rs. 33.50 is earned as interest from both the loans. What was the original rate of interest?

A) 3.46%	B) 4.5%
C) 5%	D) 6%

Answer & Explanation Answer: A) 3.46%

Explanation:

Let the original rate be R%. Then, new rate = (2R)%.

Note: Here, original rate is for 1 year(s); the new rate is for only 4 months i.e.1/3 year(s).

$(\frac{725 * R * 1}{100}) + (\frac{362.50 * 2 R * 1}{100 * 3}) = 33.50$

=> (2175 + 725) R = 33.50 x 100 x 3

=> (2175 + 725) R = 10050

=> (2900)R = 10050

=> $R = \frac{10050}{2900} = 3.46$

Original rate = 3.46%

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Filed Under: Simple Interest
Exam Prep: GRE

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

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