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Q:

A man buys a watch for Rs1950 in cash and sells it for Rs 2200 at a credit of 1 yr. The rate of interest is 10% per annum. Then he gains or loose how much amount?

A) 50	B) 55
C) 15	D) 45

Answer & Explanation Answer: A) 50

Explanation:

S.P = P.W of Rs. 2200 due 1yr hence = Rs. [(2200 x 100)/100+(10 x 1)] = Rs.2000

Gain = Rs.(2000-1950) = Rs. 50

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Filed Under: True Discount

Q:

The least number of complete years in which a sum of money put out at 20% compound interest will be more than doubled is:

A) 3	B) 4
C) 5	D) 6

Answer & Explanation Answer: B) 4

Explanation:

$P {(1 + \frac{20}{100})}^{n} > 2 P \Leftrightarrow {(\frac{6}{5})}^{n} > 2$

$(\frac{6}{5} \times \frac{6}{5} \times \frac{6}{5} \times \frac{6}{5}) > 2$

so, answer is 4 years

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

Q:

What will be compounded amount?
I. Rs. 200 was borrowed for 192 months at 6% compounded annually.
II. Rs. 200 was borrowed for 16 years at 6%.

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 not sufficient to answer

Answer & Explanation Answer: C) Either I or II alone sufficient to answer

Explanation:

I. Amount = $R s . [200 * {(1 + \frac{6}{100})}^{16}]$

II. Amount = $R s [200 * {(1 + \frac{6}{100})}^{16}]$

Thus, I as well as II gives the answer.

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

Q:

The difference between the simple interest on a certain sum at the rate of 10%per annum for 2 years and compound interest which is compounded every 6 months is Rs.124.05. what is the principal sum

A) Rs.6000	B) Rs.8000
C) Rs.12000	D) none of these

Answer & Explanation Answer: B) Rs.8000

Explanation:

Compound Interest on P at 10% for 2 years when interest is compounded half-yearly

= $P {(1 + \frac{\frac{R}{2}}{100})}^{2 T} - P = P {(1 + \frac{1}{20})}^{4} - P = P {(\frac{21}{20})}^{4} - P$

Simple Interest on P at 10% for 2 years = $\frac{P R T}{100} = \frac{P \times 10 \times 2}{100} = \frac{P}{5}$

Given that difference between compound interest and simple interest = 124.05

$P * {(\frac{21}{20})}^{4} - P - \frac{P}{5} = 124.05$

=> $P [{(\frac{21}{20})}^{4} - 1 - \frac{1}{5}] = 124.05$

P=8000

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

Q:

A college has 10 basketball players. A 5-member team and a captain will be selected out of these 10 players. How many different selections can be made?

A) 1260	B) 210
C) 210 x 6!	D) 1512

Answer & Explanation Answer: A) 1260

Explanation:

A team of 6 members has to be selected from the 10 players. This can be done in 10C6 or 210 ways.

Now, the captain can be selected from these 6 players in 6 ways.
Therefore, total ways the selection can be made is 210×6= 1260

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Filed Under: Permutations and Combinations

Q:

A trader owes a maerchant Rs10028 due 1yr hence The trader wants to settle the account after 3 months .If the rate of interest is 12%per annum How much cash should he pay?

A) Rs.9000	B) Rs.9002
C) Rs.9200	D) Rs.9120

Answer & Explanation Answer: C) Rs.9200

Explanation:

Required Money = P.W of Rs. 10028 due 9 months hence

= Rs.[10028 x 100] / [100+(12 x 9/12)] =Rs.9200

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Filed Under: True Discount

Q:

The Simple Interest & True Discount on a certain sum of money for a given time & at a given rate are Rs 85 & Rs.80.The sum is:

A) Rs.1350	B) Rs.1360
C) Rs.1316	D) Rs.1200

Answer & Explanation Answer: B) Rs.1360

Explanation:

Sum = [(S.I x T.D)/(S.I-T.D)] = (85 x 80)/(85-80) = Rs.1360

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Q:

The compound interest on a sum of money for 2 years is rs.832 and the simple interest on the same sum for the same period is rs.800 .the difference between the compound interest and simple interest for 3 years

A) Rs.48	B) Rs.66.56
C) Rs.98.56	D) None of these

Answer & Explanation Answer: C) Rs.98.56

Explanation:

difference in C.I and S.I in 2years =Rs.32

S.I for 1year =Rs.400

S.I for Rs.400 for one year =Rs.32

rate=[100*32)/(400*1)%=8%

difference between in C.I and S.I for 3rd year

=S.I on Rs.832= Rs.(832*8*1)/100=Rs.66.56

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

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