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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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Q:

1. The simple interest on a sum of money is Rs. 50. What is the sum?
I. The interest rate is 10% p.a.
II. The sum earned simple interest in 10 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:

Given : S.I. = Rs. 50.

I gives, R = 10% p.a.

II gives, T = 10 years.

Sum = (100 x S.I)/(t x r ) = Rs.(100 x 50)/(10 x 10) = Rs.50

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Q:

A father left a will of Rs.35 lakhs between his two daughters aged 8.5 and 16 such that they may get equal amounts when each of them reach the age of 21 years. The original amount of Rs.35 lakhs has been instructed to be invested at 10% p.a. simple interest. How much did the elder daughter get at the time of the will?

A) 17.5 lakhs	B) 21 lakhs
C) 15 lakhs	D) 20 lakhs

Answer & Explanation Answer: B) 21 lakhs

Explanation:

Let Rs.x be the amount that the elder daughter got at the time of the will. Therefore, the younger daughter got (3,500,000 - x).

The elder daughter’s money earns interest for (21 - 16) = 5 years @ 10% p.a simple interest.

The younger daughter’s money earns interest for (21 - 8.5) = 12.5 years @ 10% p.a simple interest.

As the sum of money that each of the daughters get when they are 21 is the same,

$x + \frac{5 * 10 * x}{100} = (3, 500, 000 - x) + \frac{12.5 * 10 * (3, 500, 000 - x)}{100}$

$x + \frac{50}{x} = 3, 500, 000 - x + \frac{125}{100} * 3, 500, 000 - \frac{125 x}{100}$

$2 x + \frac{50 x}{100} + \frac{125 x}{100} = 3, 500, 000 * (1 + \frac{5}{4})$

$\frac{200 x + 50 x + 125 x}{100} = \frac{9}{4} * (3, 500, 000)$

=> $x = 2, 100, 000 = 21 l a k h s$

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Q:

A person borrows Rs. 5000 for 2 years at 4% p.a. simple interest. He immediately lends it to another person at $6 \frac{1}{4}$ p.a for 2 years. Find his gain in the transaction per year

A) Rs. 112.50	B) Rs.150.25
C) Rs.167.50	D) Rs.170

Answer & Explanation Answer: A) Rs. 112.50

Explanation:

$g a i n i n 2 y e a r s = R s . [(5000 * \frac{25}{4} * \frac{2}{100}) - (\frac{5000 * 4 * 2}{100})]$

= Rs. (625 - 400)

= Rs. 225

$g a i n i n 1 y e a r = R s . (\frac{225}{2}) = 112.50$

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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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Q:

What will be the ratio of simple interest earned by certain amount at the same rate of interest for 6 years and that for 9 years?

A) 1:3	B) 1:4
C) 2:3	D) data is inadequate

Answer & Explanation Answer: C) 2:3

Explanation:

Let the principal be P and rate of interest be R%.

Required ratio = $[(\frac{\frac{P * R * 6}{100}}{\frac{P * R * 9}{100}})] = \frac{6 P R}{9 P R} = \frac{6}{9} = \frac{2}{3}$

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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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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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