A Learning Portal from Recruitment India

If the difference between CI and SI on a certain sum of money at 5% per annum for 2 years is Rs.15, Find the sum.

A.

Rs.4500

B.

Rs.5000

C.

Rs.5550

D.

Rs.6000

Answer with explanation

Answer: Option DExplanation

We know, SI = P*R*T/100

And, CI = P(1 + R/100)^{T} – P

If T = 2years,

CI – SI = P(1 + R/100)^{2} – P – 2*P*R/100

= P{1^{2} + (R/100)^{2} + 2*1*(R/100)} – P – 2*P*R/100

= P + P(R/100)^{2} + 2*P*(R/100) – P – 2*P*R/100

=> **CI – SI = P(R/100) ^{2} [For T = 2 years]**

∴ 15 = P (5/100)^{ 2}

15 = P (1/20)^{ 2}

15 * 400 = P

=> **P = Rs.6000**

Workspace

Rosy lent out a certain sum. She lent 1/3^{rd} part of it at 7% SI, 1/4^{th} part at 8% SI and remaining part at 10% SI. If Rs.510 is her total interest after one year, find the total money lent out.

A.

Rs.6000

B.

Rs.5100

C.

Rs. 5000

D.

Rs.4500

Answer with explanation

Answer: Option AExplanation

We know, SI = (P * R * T) / 100

Here, we have different Principals and different rate of interests

Also, The remaining part = 1 – 1/3 – 1/4 = 5/12

∴ SI = {P * (x_{1} * R_{1} + x_{2} * R_{2} + x_{3} * R_{3}) * T} / 100

510 = {P * (1/3 * 7 + 1/4 * 8 + 5/12 * 10) * 1} / 100

51000 = P * (7/3 + 8/4 + 50/12)

P = 51000 / (51/6)

=> P = Rs.6000

Workspace

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.

10.25%

B.

10.5%

C.

10%

D.

None of these

Answer with explanation

Answer: Option AExplanation

Workspace

The difference between simple and compound interest for the fourth year is Rs. 7280 at 20% p.a. What is the principal sum?

A.

70000

B.

50000

C.

40000

D.

10000

Answer with explanation

Answer: Option BExplanation

Difference between Ci and SI for n^{th} year,

= (Pr /100) *[(1 +(r /100))^{n-1} -1]

→ 7280 = (20P/100) *[(1.2)^{3}-1]

→ P = 50000.

Workspace

What is the present worth of Rs. 132 due in 2 years at 5% simple interest per annum

A.

140

B.

130

C.

120

D.

110

Answer with explanation

Answer: Option CExplanation

Let the present worth be Rs.x

Then,S.I.= Rs.(132 – x)

=› (x*5*2/100) = 132 – x

=› 10x = 13200 – 100x

=› 110x = 13200

x= 120

Workspace

An amount of Rs. 3000 becomes Rs. 3600 in four years at simple interest. If the rate of interest was 1% more, then what was be the total amount?

A.

Rs. 3720

B.

Rs. 3550

C.

Rs. 3780

D.

Rs. 3800

Answer with explanation

Answer: Option AExplanation

A = P(1 + TR/100)

=> 3600 = 3000[1 + (4 * R)/100] => R = 5%

Now R = 6%

=> A = 3000[1 + (4 * 6)/100] = Rs. 3720.

Workspace

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.

56 years

B.

57 years

C.

45years

D.

60 years

Answer with explanation

Answer: Option AExplanation

Simple interest is given by the formula SI = (pnr/100), where p is the principal, n is the number of 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.

Workspace

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

A.

150

B.

Rs. 112.50

C.

Rs. 167.50

D.

120

Answer with explanation

Answer: Option BExplanation

Workspace

Abhay gave Rs 1200 on loan. Some amount he gave at 4% per annum on simple interest and remaining at 5% per annum on simple interest. After 2 years he got Rs 110 as interest. Then the amounts given at 4% and 5% per annum simple interest are respectively.

A.

Rs 400, Rs 800

B.

Rs 800, Rs 300

C.

Rs 500, Rs 700

D.

Rs 1000, Rs 1100

Answer with explanation

Answer: Option CExplanation

Workspace

If A lends Rs. 3500 to B at 10% p.a. and B lends the same sum to C at 11.5% p.a., then the gain of B (in Rs.) in a period of 3 years is

A.

Rs. 156.50

B.

Rs. 157.50

C.

Rs. 154.50

D.

Rs. 155.50

Answer with explanation

Answer: Option BExplanation

We need to calculate the profit of B.

It will be,

SI on the rate B lends – SI on the rate B gets

Workspace

A sum becomes 4 times at simple interest in 10 years. What is the rate of interest?

A.

20%

B.

10%

C.

40%

D.

30%

Answer with explanation

Answer: Option DExplanation

*1 ^{st} Method:*

Let rate is R%.

Now,

P = 100;

A = 400;

I = 400-100 = 300;

Time, T = 10 years;

I = PTR/100;

Or, R = (100*I)/PT;

Or, R = (100*300)/(100*10);

Hence, R = 30%;

*2 ^{nd} Method:*

Here, the sum becomes 4 times that means 100, become 400;

Rate of such question is given by;

R= interest/time = 300/10 = 30%;

*3 ^{rd} Method:*

Here, 300% of rise in the sum,so

100——300%↑—-400;

R=(total percentage rise/given time) = 300% /10 = 30%.

Workspace

Sahil took a loan for 6 years at the rate of 5% per annum on Simple Interest, If the total interest paid was Rs. 1230, the principal was

A.

4400

B.

4200

C.

4100

D.

4300

Answer with explanation

Answer: Option CExplanation

By applying below formula we can easily solve this question, as we are already having the simple interest.

Workspace

Correct Answer 👍

Wrong Answer 👎

RecruitmentIndia.in is Blog where we will update the information by exploring various online and offline sources of information. Our aim is to provide the latest Education related news as fast as possible to the students for free of cost.

Exams.Recruitmentindia.in is a Preparation portal where you can prepare all the competitive related questions like Aptitude, Reasoning, English Questions and Current affairs for free of cost

You can Contact us at [email protected]