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If the annual rate of simple interest increases from 8% to 13%, a man’s yearly income increases by Rs. 4800. His principal (in Rs.) is?

A.

Rs.90,000

B.

Rs.96,000

C.

Rs.88,000

D.

Rs.1,00,000

Answer with explanation

Answer: Option BExplanation

X*13*1/100 – x*8*1/100 = 4800

13x/100 – 8x/100 = 4800

5x/100 = 4800

5x = 480000

X = 96000

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An automobile financier claims to be lending money at simple interest, but he includes the interest every six months for calculating the principal. If he is charging an interest of 10%, the effective rate of interest becomes?

A.

10%

B.

10.25%

C.

10.5%

D.

None of these

Answer with explanation

Answer: Option BExplanation

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A certain sum is invested at simple interest at 18% p.a. for two years instead of investing at 12% p.a. for the same time period. Therefore the interest received is more by Rs. 840. Find the sum?

A.

Rs. 7000

B.

Rs. 8500

C.

Rs. 8000

D.

Rs. 7500

Answer with explanation

Answer: Option AExplanation

Let the sum be Rs. x.

(x * 18 * 2)/100 – (x * 12 * 2)/100 = 840

36x/100 – 24x/100 =840

12x/100 = 840

x = 7000.

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Reena took a loan of Rs. 1200 with simple interest for as many years as the rate of interest. If she paid Rs. 432 as interest at the end of the loan period, what was the rate of interest?

A.

3.6

B.

6

C.

5

D.

Cannot be determined

Answer with explanation

Answer: Option BExplanation

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The simple interest on a certain sum for 8 months at 4% per annum is Rs. 129 less than the simple interest on the same sum for 15 months at 5% per annum. The sum is?

A.

Rs.2,580

B.

Rs.2400

C.

Rs.2529

D.

Rs.3600

Answer with explanation

Answer: Option DExplanation

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If simple interest on a certain sum of money for 6 years at 5% per annum is same as the simple interest on Rs. 650 for 9 years at the rate of 12% per annum then the sum of money is?

A.

Rs.2340

B.

Rs.3240

C.

Rs.2400

D.

Rs.3500

Answer with explanation

Answer: Option AExplanation

X *6*5/100 = 650*12*9/100

30x/100 = 70,200/100

30x = 70200

X = 2340

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Find the simple interest on Rs 3000 at 25/4% per annum for the period from 4th Feb, 2005 to 18th April, 2005?

A.

Rs 45.70

B.

Rs 34.65

C.

Rs 38.50

D.

Rs 37.50

Answer with explanation

Answer: Option DExplanation

We will not count the day when the money is deposited we will only count the day when the money is withdrawn.

Now we will calculate the number of days:

Time = (24+31+18) days = 73/365 years = 1/5 years

P = 3000

R = 25/4%

Simple Interest =(3000×25)/(4×5×100)=37.50

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A sum of Rs. 2665 is lent into two parts so that the interest on the first part for 8 years at 3% per annum may be equal to the interest on the second part for 3 years at 5% per annum. Find the second sum?

A.

Rs.1678

B.

Rs.1640

C.

Rs.1650

D.

Rs.1630

Answer with explanation

Answer: Option BExplanation

let x is the first part of amount

(x*8*3)/100 = ((2665 – x)*3*5)/100

24x/100 = 39975/100 – 15x/100

39x = 39975

x = 1025

Second sum = 2665 – 1025 = 1640

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A sum of money at simple interest amounts to Rs. 815 in 3 years and to Rs. 854 in 4 years. The sum is?

A.

Rs. 650

B.

Rs. 690

C.

Rs. 698

D.

Rs. 700

Answer with explanation

Answer: Option CExplanation

S.I. for 1 year = Rs. (854 – 815) = Rs. 39.

S.I. for 3 years = Rs.(39 x 3) = Rs. 117.

Principal = Rs. (815 – 117) = Rs. 698.

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A person deposited Rs. 400 for 2 years, Rs. 550 for 4 years and Rs. 1200 for 6 years. He received the total simple interest of Rs. 1020. The rate of interest per annum is (rate of interest in each case is same)

A.

5%

B.

10%

C.

15%

D.

20%

Answer with explanation

Answer: Option BExplanation

Case 1)S.I.=400*2*r/100=8r

Case 2)S.I.=550*4*r/100=22r

Case3)S.I.=1200*6*r/100=72r

Total S.I. =8r+22r+72r=102r

therefore 102r=1020

r=1020/102=10

r=10

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The equal amounts of money are deposited in two banks each at 15% per annum for 3.5 years and 5 years respectively. If the difference between their interests is Rs.144, find the each sum?

A.

Rs.3467

B.

Rs.640

C.

Rs.500

D.

None

Answer with explanation

Answer: Option BExplanation

(P*5*15)/100 – (P*3.5*15)/100 = 144

75P/100 – 52.5P/100 = 144

22.5P = 144 * 100

=> P = Rs.640

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Find the compound interest accrued on the principal of Rs. 4000 at the end of 2 years at 10 % per annum.

A.

B.

C.

D.

Answer with explanation

Answer: Option CExplanation

Principal = Rs. 4000, t= 2 years , rate of percent, r = 10 %

Amount = P(1 + r/100)^t = 4000 x (1 + 10/100)^2 = 4000 x (11/10) x (11/10) = 40 x 121 = 4840 Rs.

Amount = Principal + CI => 4000 + CI = 4840 => CI = 840 Rs.

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