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Q:

The present worth of Rs.169 due in 2 years at 4% per annum compound interest is

A) Rs.156.25	B) Rs.150
C) Rs.140	D) Rs125.25

Answer & Explanation Answer: A) Rs.156.25

Explanation:

Present Worth

= $\frac{P}{{(1 + \frac{R}{100})}^{2}}$

= $\frac{169}{{(1 + \frac{4}{100})}^{2}}$

= Rs.156.25

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

Q:

Simple interest on a certain sum of money for 3 years at 8% per annum is half the compound interest on Rs. 4000 for 2 years at 10% per annum. The sum placed on simple interest is

A) Rs.1650	B) Rs.1550
C) Rs.1750	D) Rs.1850

Answer & Explanation Answer: C) Rs.1750

Explanation:

C.I. =Rs[4000x(1+10/100)²-4000]

Rs.(4000x11/10x11/10-4000) = Rs.940.

Sum

=Rs. [420 *100 /3 * 8]

= Rs.1750.

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

Q:

Find the compound interest on Rs.16,000 at 20% per annum for 9 months, compounded quartely.

A) Rs.2522	B) Rs.2422
C) Rs.3522	D) Rs.2322

Answer & Explanation Answer: A) Rs.2522

Explanation:

Principal = Rs.16,000;

Time=9 months = 3 quarters;

Amount

=Rs.[16000x(1+5/100)³] =[16000x21/20x21/20x21/20]

= Rs.18522.

C.I

= Rs.(18522 - 16000)

= Rs.2522.

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

Q:

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

A) Rs.512	B) Rs.515
C) Rs.612	D) Rs.522

Answer & Explanation Answer: C) Rs.612

Explanation:

Amount

= Rs[7500x(1+4/100)²]

=Rs.(7500 * 26/25 * 26/25)

=Rs.8112

C.I

= Rs(8112 - 7500)

=Rs.612

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

Q:

What percentage of simple interest per annum did Anand pay to Deepak?
I. Anand borrowed Rs. 8000 from Deepak for four years.
II. Anand returned Rs. 8800 to Deepak at the end of two years and settled the loan

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 rate be R% p.a.

I gives, P = Rs. 8000 and T = 4 years.

II gives, S.I = Rs. (8800 - 8000) = Rs. 800.

R = [100 x S.I] / [p x t ]= (100 x 800)/(8000 x 4) = 2 ½ % p.a

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

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

Q:

What annual instalment will discharge a debt of Rs 1092 due in 3 years at 12% simple interest?

A) Rs.325	B) Rs.545
C) Rs.560	D) Rs.550

Answer & Explanation Answer: A) Rs.325

Explanation:

Let each instalment be Rs.x .

1st year = [x + (x * 12 * 2)/100]

2nd year = [ x + (x *12 * 1)/100]

3rd year = x

Then, [x + (x * 12 * 2)/100] + [ x + (x *12 * 1)/100] + x =1092

3x + ( 24x/100 ) + ( 12x/100 ) = 1092

336x =109200

Therefore, x = 325

Each instalment = Rs. 325

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Filed Under: Simple Interest
Exam Prep: GRE

Q:

A man borrowed Rs 24000 from two money lenders. For one loan, he paid 15% per annum and for the other 18% per annum. At the end of one year, he paid Rs 4050. How much did he borrow at each rate ?

A) Rs.16000	B) Rs.12000
C) Rs.15000	D) Rs.13000

Answer & Explanation Answer: C) Rs.15000

Explanation:

Let the sum at 15% be Rs x and that at 18% be Rs (24000 - x).

{(x * 15 * 1)/100 } + { [(24000 – x) * 18 * 1]/100 } = 4050

or 15 x + 432000 - 18x = 405000 or x = 9000.

Money borrowed at 15% = Rs 9000 .

Money borrowed at 18% = Rs 15000.

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Filed Under: Simple Interest
Exam Prep: GRE

Q:

At what rate percent per annum will a sum of money double in 8 years.

A) 12.5%	B) 13.5%
C) 11.5%	D) 14.5%

Answer & Explanation Answer: A) 12.5%

Explanation:

Let principal = P, Then, S.I.= P and Time = 8 years

We know that S.I. = PTR/100

Rate = [(100 x P)/ (P x 8)]% = 12.5% per annum.

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Filed Under: Simple Interest
Exam Prep: GRE , CAT , Bank Exams
Job Role: Bank PO , Bank Clerk

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