loan of $15 000 is taken out. If the interest rate on the loan is 7%, how much interest is due and what is the amount repaid if the loan was taken out on April 7 and is due in seven months
A) 13615.52
B) 14615.52
C) 15615.52
D) 16615.52
Answer: C) 15615.52
Explanation:
I = prt = [15000 × 0.07 × (214/365) ]=615.52
Future value, S = P + I = $15 000 + $615.52 = $15 615.52
A sum of Rs 4000 becomes Rs 7000 in 6 years at simple interest. If the rate of interest becomes double of itself, then what will be the amount (in Rs) after 6 years?
Sachin lent out Rs 60000 in two parts, first at 4% and the second at 10% interest. The yearly average interest comes out to be 6.4%. What are the amounts (in Rs) that were lent at 4% and 10% respectively?
Rs. x invested at 8% simple interest per annum for 5 years yields the same interest as that on Rs. y invested at 7.5% simple interest per annum for 6years. Find x : y.