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What principal will amount to Rs? 16000 in 6 years at 10% simple interest?

A.

B.

C.

D.

Answer with explanation

Answer: Option AExplanation

Let the principal be Rs. p,

Rate of interest is 10% and

time = 6 years.

Amount received at the end of 6 years = 16000 Rs.

**Amount = Principal + S.I
= p + (p * n * r)/100**

—> 16000 = p + (p x 10 x 6) / 100

—> 16000 = p + (6p/10)

—> 16000 = 16p/10

—> p = 16000 x (10/16)

—> p = 1000 x 10

—> p = 10,000 Rs.

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When my father started working, he deposited some amount at simple interest in the bank. After 15 years the amount became 7 times. If the rate of interest remains, in how many more years will the amount become 10 times?

A.

3 years

B.

5 years

C.

7 years

D.

7.5 years

Answer with explanation

Answer: Option DExplanation

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A sum of money at a certain rate per annum of simple interest doubles in the 5 yr and at a different rate becomes three times in 12 yr. The lower rate of interest per annum is

A.

15%

B.

20%

C.

D.

Answer with explanation

Answer: Option DExplanation

The sum gets doubled in 5 yr and triplled in 12 yr.

So from the given data, its clear that rate of interest for 12 yr is lower.

Let principal be x.

WKT, SI = PNR/100, SI = 2x

R = (SI*100)/PN

= (2x * 100)/(x * 12)

= 50/3 = 16(2/3)%

Therefore, lower rate of interest per annum is 16(2/3)%.

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A.

Rs 6500

B.

Rs 6400

C.

Rs 7200

D.

Rs 7500

Answer with explanation

Answer: Option BExplanation

Let the sum invested in Scheme A be Rs. x and that in Scheme B be Rs. (13900 ⎯ x)

Then, [x × 14 × 2 / 100 ] + [(13,900 – x) × 11 × 2 / 100] = Rs.3508

28x ⎯ 22x = 350800 ⎯ (13900 × 22 )

6x = 45000

x = 7500

So, sum invested in Scheme B = Rs. (13900 ⎯ 7500) = Rs.6400

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A.

9%

B.

11%

C.

15%

D.

10%

Answer with explanation

Answer: Option DExplanation

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If the amount is 2.25 times of the sum after 2 years at compound interest (compound annually) , the rate of interest per annum is :

A.

25%

B.

30%

C.

40%

D.

50%

Answer with explanation

Answer: Option DExplanation

Using the formula we have derived in the article for this exercise:

**If a certain sum becomes x times of itself in t years, the rate of compound interest will be equal to**

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A certain sum becomes Rs. 20720 in four years and 24080 in six years at simple interest. Find sum and rate of interest?

A.

Rs. 14000; 12% p.a.

B.

Rs. 12000; 12% p.a.

C.

12000; 15% p.a.

D.

Rs. 14000; 15% p.a.

Answer with explanation

Answer: Option AExplanation

Let the interest for one year be x.

As amount = Principal + Interest, we have

P + 4x = 20720 — (1) ; P + 6x = 24080 — (2)

Solving the equations (1) and (2), we can get

P = Rs. 14000 and x = Rs. 1680

Interest for one year on Rs. 14000 is Rs. 1680

So, R = (100 * 1680)/(14000 * 1) = 12% p.a.

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Rs.1500 is divided into two parts such that if one part is invested at 6% and the other at 5% the whole annual interest from both the sum is Rs.85. How much was lent at 5%?

A.

Rs 550

B.

Rs 600

C.

Rs 500

D.

Rs 450

Answer with explanation

Answer: Option CExplanation

(x*5*1)/100 + [(1500 – x)*6*1]/100 = 85

5x/100 + 90 – 6x/100 = 85

x/100 = 5

=> x = 500

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Raymond bought a car for $40, 000. He took a $20,000 loan from a bank at an interest rate of 15% per year for a 3-year period. What is the total amount (interest and loan) that he would have to pay the bank at the end of 3 years?

A.

$27,800

B.

$27,856

C.

$27563

D.

$25896

Answer with explanation

Answer: Option AExplanation

Simple Interest = 20,000 × 13% × 3 = 7,800

At the end of 3 years, he would have to pay

$20,000 + $7,800 = $27,800

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A person borrows Rs. 5000 for 2 years at 4% p.a. simple interest. He immediately lends it to another person at 6% p.a for 2 years. Find his gain in the transaction per year.

A.

Rs. 112.50

B.

Rs 100

C.

Rs 120.6

D.

Rs 160

Answer with explanation

Answer: Option AExplanation

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A certain amount becomes Rs. 5760 in 2 years and Rs. 6912 in 3 years. What is the principal amount and the rate of interest?

A.

Rs 3999

B.

Rs 4000

C.

Rs 4012

D.

Rs 4123

Answer with explanation

Answer: Option BExplanation

SI on Rs. 5760 for 1 year = 6912 – 5760 = Rs. 1152

Therefore, Rate of interest for 1 year = 100*1152/5760*1 = 20%

Let the principal be p.

Then, Principal = p[1+ 20/100]^{2 }= 5760

Solving which gives Principal = Rs. 4000

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