0
Q:

Rondell's parents borrow $6,300 from the bank for a new car. The interest rate is 6% per year. How much simple interest will they pay if they take 2 years to repay the loan?

A) 556 B) 665
C) 756 D) 856

Answer:   C) 756



Explanation:

I=prt

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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1 228
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 1477
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 1244
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 1340
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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18 2583
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%
 
Answer & Explanation Answer: B) 25%

Explanation:

The rate of percent R is given by,

exp.

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30 7396
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
 
Answer & Explanation Answer: 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.

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16 1900
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%
 
Answer & Explanation Answer: C) 12%

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%

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17 2738