20
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

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,

$x+5*10*x100=3,500,000-x+12.5*10*3,500,000-x100$

$x+50x=3,500,000-x+125100*3,500,000-125x100$

$2x+50x100+125x100=3,500,000*1+54$

$200x+50x+125x100=94*3,500,000$

=>

Q:

Avinash gave a sum of 5400 at the simple rate of interest of 8% to Rajeev for 4 years and Rajeev gave this amount to Chanukya at the rate of 6% for 4 years. Find how much extra amount has to be paid by Rajeev to Avinash after 4 years?

 A) Rs. 364 B) Rs. 432 C) Rs. 498 D) Rs. 554

Explanation:

Here Avinash gave to Rajeev and Rajeev gave the same to Chanukya

Principal amount and Time is same but the only difference is Rate of interest.

Rajeev took @ 8% and gave it to Chanukya @ 6%

Here the difference in interest rate = 2%

2% of 5400 should be the extra amount paid by Rajeev to Avinash

Required amount =

Hence, Rs. 432 is the extra amount has to be paid by Rajeev to Avinash after 4 years.

1 478
Q:

On retirement, a woman gets Rs. 1,45,440 of her provident fund which she invests in a scheme at 20% per annum. Her monthly income from this scheme will be

 A) Rs. 2550 B) Rs. 2424 C) Rs. 2224 D) Rs. 2380

Explanation:

Now, the principal amount P = Rs. 1,45,440

Rate of interest R = 20%/annum

Now monthly income I = PTR/100 = 1,45,440 x 20 x 1/100 x 12

= 2908800/1200

= Rs. 2424.

Hence, her monthly income = Rs. 2424.

1 673
Q:

In what time will Rs. 1860 amount to Rs. 2641.20 at simple interest 12% per annum?

 A) 2.9 years B) 3.5 years C) 4.2 years D) 4.7 years

Explanation:

Given that Rs. 1860 will become Rs. 2641.20 at 12%

=> Simple Interest = 2641.20 - 1860 = Rs. 781.20

We know I = PTR/100

=> 781.20 x 100 = 1860 x T x 12

=> T = 78120/1860x12

=> T = 78120/22320

=> T = 3.5 years.

16 1498
Q:

A sum of money triples itself in 8 years simple interest. Find the rate of percent per annum?

 A) 30% B) 25% C) 22% D) 18%

Explanation:

The rate of percent R is given by,

30 5035
Q:

A certain amount earns simple interest of Rs. 2260 after 3 years. Had the interest been 1 % more how much more interest would it have earned ?

 A) Rs. 175 B) Rs. 220.75 C) Rs. 126 D) Can't be determined

Explanation:

Here given Interest earned = Rs. 2260

Time = 3 years

Rate of interest = ?

Principal Amount = ?

So, it can't be determined.

15 1131
Q:

A person lends Rs. 1540 for five years and Rs. 1800 for four years. If he gets Rs. 1788 as interest on both amounts, what is the rate of interest ?

 A) 14.5% B) 11% C) 12% D) 10.5%

Explanation:

Let the interest rate be r%

We know that,

S.I = PTR/100

=> (1540 x 5 x r)/100  +  (1800 x 4 x r)/100 = 1788

=> r = 178800/14900 = 12%

15 1716
Q:

The total simple interest earned on a sum of money increases by Rs. 600 when the rate of interest increases by 2% per annum. If the investment was made for 5 years, find the sum of money that was invested ?

 A) Rs. 6000 B) Rs. 5550 C) Rs. 7500 D) Rs. 6580

Explanation:

Let the sum invested be Rs. P

Let the rate of interest be R% per annum

=> Interest earned for 5 years = (P x 5 x R/100) = PR/20

Now, given that the interest earned increased by Rs. 600 if the Rate increased to (R+2)%

=> SI = (P x 5 x (R+2))/100 = PR/20 + 10P/100

Hence,

PR/20 + 10P/100 = PR/20 + 600

=> P = 6000

Therefore, the sum invested is Rs. 6000

10 1383
Q:

Manju borrows Rs.5000 for 2 years at 4% p.a. simple interest from Sudha. She immediately lends it to another person at 6 1⁄4% p.a for 2 years. Find her gain in the transaction per year.

 A) Rs. 101 B) Rs. 98.5 C) Rs. 124.3 D) Rs. 112.5

Explanation:

Manju borrows Rs. 5000 for 2 years at 4% p.a. simple interest

She also lends it at 6 1⁄4% p.a for 2 years

=> Total Gain = 6 1/4% − 4% = 2 1/4%

So her gain in the transaction for 1 year

= The simple interest she gets for Rs.5000 for 1 year at 2 1⁄4% per annum

$PTR100=5000×94×1100$ = Rs. 112.5/ year.