3
Q:

Question :

What is the sum which earned interest ?

Statements :

a. The total simple interest was Rs. 9000 after 9 years.
b. The total of sum and simple interest was double of the sum after 6 years.

A) Only a is sufficient B) Neither a nor b is sufficient
C) Only b is sufficient D) Both a and b sufficient

Answer:   D) Both a and b sufficient



Explanation:

Let the sum be Rs. x

a. gives, S.I = Rs. 9000 and time = 9 years.

b. gives, Sum + S.I for 6 years = 2 x Sum

--> Sum = S.I for 6 years.


Now, S.I for 9 years = Rs. 9000

S.I for 1 year = Rs. 9000/9 = Rs. 1000.

S.I for 6 years = Rs. (1000 x 6)= Rs. 6000.

--> x = Rs. 6000

Thus, both a and b are necessary to answer the question.

Subject: Simple Interest
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Q:

Find the simple interest charged on borrowing $325 for 5 years at 3% p.a. (per annum or per year) interest.

A) 59 B) 46
C) 48.75 D) 34.75
 
Answer & Explanation Answer: C) 48.75

Explanation:

I= PTR100

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3 3766
Q:

A sum was put at simple interest at a certain rate for 10 years . Had it been put at 5% higher rate , it would have fetched Rs.600 more. What was the Sum?

A) Rs.1200 B) Rs.1300
C) Rs.1400 D) Rs.1500
 
Answer & Explanation Answer: A) Rs.1200

Explanation:

At 5% more rate, the increase in S.I for 10 years = Rs.600  (given)

So, at 5% more rate, the increase in SI for 1 year = 600/10 = Rs.60/-

i.e. Rs.60 is 5% of the invested sum

So, 1% of the invested sum = 60/5

Therefore, the invested sum = 60 × 100/5 = Rs.1200

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35 21304
Q:

A sum of Rs.1550 was lent partly at 8% p.a. simple interest. The total interest received after 3 years was Rs.300. The ratio of the money lent at 5% to that lent at 8% is :

A) 5:8 B) 6:7
C) 16:15 D) 17:18
 
Answer & Explanation Answer: C) 16:15

Explanation:

let the sum lent at 5% be Rs.x and that lent at 8% be Rs.(1550-x). then, 

 

Interest on x at 5% for 3 years + interest on (1550-x) at 8% for 3 years = 300

 

 x*5*3100+1500-x*8*3100=300 

 

 x=800

 

Required ratio =  x : (1550-x) = 800 : (1550-800) = 800 : 750 = 16 : 15

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71 34443
Q:

What is the principal sum?
I. The sum amounts to Rs. 690 in 3 years at S.I.
II. The sum amounts to Rs. 750 in 5 years at S.I.
III. The rate of interest is 5% p.a.

A) I and III only B) II and III only
C) I and II only D) Any two of the three
 
Answer & Explanation Answer: D) Any two of the three

Explanation:

Clearly, any of the three will give us the answer

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11 13481
Q:

What is the rate of simple interest?
I. The total interest earned was Rs. 4000.
II. The sum was invested for 4 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 not sufficient to answer
 
Answer & Explanation Answer: D) Both I and II are not sufficient to answer

Explanation:

We know that, R = (100 x S.I) / (P x T)

Now I gives, S.I = Rs. 4000.

        II gives,  T = 4 years.

But, P is unknown. So, we cannot find R.

So, given data is insufficient to get R.

 

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3 10327
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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1 8793
Q:

How long will it take for a sum of money to grow from Rs.1250 to Rs.10,000, if it is invested at 12.5% p.a simple interest?

A) 65years B) 56years
C) 45years D) 57years
 
Answer & Explanation Answer: B) 56years

Explanation:

Simple interest is given by the formula SI = (pnr/100), where p is the principal, n is the numberof years for which it is invested, r is the rate of interest per annum

 

In this case, Rs. 1250 has become Rs.10,000.

 

Therefore, the interest earned = 10,000 – 1250 = 8750.

 

8750 = [(1250 x n x 12.5)/100]

 

=> n = 700 / 12.5 = 56 years.

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30 20254
Q:

A sum of money invested for a certain number of years at 8% p.a. simple interest grows to Rs.180. The same sum of money invested for the same number of years at 4% p.a. simple interest grows to Rs.120 only. For how many years was the sum invested?

A) 25years B) 15years
C) 20years D) 22years
 
Answer & Explanation Answer: A) 25years

Explanation:

From the information provided we know that,

Principal + 8% p.a. interest on principal for n years = 180 …….. (1)

Principal + 4% p.a. interest on principal for n years = 120 ……… (2)

Subtracting equation (2) from equation (1), we get

4% p.a. interest on principal for n years = Rs.60.

Now, we can substitute this value in equation (2),

i.e Principal + 60 = 120

= Principal = Rs.60.

We know that SI = , where p is the principal, n the number of years and r the rate percent of  interest.

In equation (2), p = Rs.60, r = 4% p.a. and the simple interest = Rs.60.

Therefore, 60 =(60*n*4)/100

=> n = 100/4 = 25 years.

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17 19023