2
Q:

On Rs. 3500 invested at a simple interest rate of 7 per cent per annum, Rs. 500 is obtained as interest in certain years. In order to earn Rs. 800 as interest on Rs. 4900 in the same number of years, what should be the rate of simple interest?

A) 8% B) 7.5%
C) 9% D) 8.5%

Answer:   A) 8%



Explanation:

From the given data,

3500x7xt/100 = 500

=> t = 100/49 years

Now, in the second case

The interest per year = 49/100 x 800 = 392

 => 4900 x 1 x r/100 = 392

=> r = 8%

Q:

Arun took a loan of Rs. 29000 with simple interest for as many years as the rate of interest. If he paid Rs. 10440 as interest at the end of the loan period, what was the rate of interest?

A) 5.5% B) 6%
C) 6.5% D) 7%
 
Answer & Explanation Answer: B) 6%

Explanation:

Principle amount = Rs. 29000

Interest = Rs. 10440

Let rate of interest = r%

=> So, time = r years

According to the question,

10440 = 29000 x r x r/100

290 x r x r = 10440

r x r = 1044/29 = 36

r = 6

 

Hence, the rate of interest = 6% and time = 6 yrs.

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0 26
Q:

A sum of Rs. 2600 is invested at two different rates of interest. The difference between the simple interests got after 4 years is Rs 402.80 at these two rates, what is the difference between the rates of interest?

A) 1.58 B) 2.63
C) 3.87 D) 4.02
 
Answer & Explanation Answer: C) 3.87

Explanation:

Let the two different rates of interests be r1 and r2 respectively.

From the given data,

2600 x 4 x r1 - r2100  = 402.80r1 - r2 = 402.80104  = 3.87

 

Hence, the difference in the interest rates = 3.87

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2 201
Q:

On simple interest an amount becomes Rs. 812 in two years and Rs. 924 in four years. What is the rate of interest on that amount?

A) 7.2% B) 8%
C) 8.5% D) 9.3%
 
Answer & Explanation Answer: B) 8%

Explanation:

We know, 

S.I = PTR/100 where P = principal amount, T = time, R = rate of interest

Here in the given data,

Interest for two years S.I = 924 - 812 = Rs. 112

Now, Principal amount P = 812 - 112 = Rs. 700 

Now,

R = S.I x 100/PT

R = 112 x 100/700 x 2

R = 11200/1400

R = 8%

 

Hence, the rate of interest R = 8%.

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0 202
Q:

Gopal borrowed some money at 12% simple interest. If he had to pay back Rs. 1280 after 5 years, in order to clear off the loan. How much did he borrow?

A) Rs. 800 B) Rs. 620
C) Rs. 560 D) Rs. 480
 
Answer & Explanation Answer: A) Rs. 800

Explanation:

Let the principle amount be Rs. P

Interest rate = 12%

Total amount he paid after 5 years = Rs. 1280

ATQ,

 

 

P + I = PTR100 + P1280 = PTR100 + 11280 = P5 x 12100 + 116P10 = 1280P = 80 x 10 = 800

 

Hence, the amount he borrowed = P = Rs. 800.

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4 605
Q:

The simple interest on ₹ 10 for 4 months at the rate of 3 paise per month is

A) 0.3 Paise B) 1.2 Paise
C) 30 Paise D) 3 Paise
 
Answer & Explanation Answer: B) 1.2 Paise

Explanation:

Given Principal amount P = Rs. 10

Time T = 4 months

Rate of interest R = 3 ps

 

Interest I = PTR/100 = 10 x 4 x 3/100 = 12/10 = 1.2 paise.

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1 2728
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
 
Answer & Explanation Answer: B) Rs. 432

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 = 2 x 5400 x 4100 = 432

 

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

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1 1587
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
 
Answer & Explanation Answer: B) Rs. 2424

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.

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3 1614
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
 
Answer & Explanation Answer: B) 3.5 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.

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