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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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A certain amount earns simple interest of Rs. 1750 after 7 years. Had the interest been 2% more, how much more interest would it have earned?

A.

Rs. 35

B.

Rs. 245

C.

Rs. 350

D.

Cannot be determined

Answer with explanation

Answer: Option DExplanation

We need to know the S.I, principal and time to find the rate. Since the principal is not given, so data is inadequate.

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Rs.1000 is invested at 5 % p.a simple interest if the interest is added to the principle after every 10 years. The amount will become Rs. 2000 After

A.

15 years

B.

16( 2/3) years

C.

18 years

D.

20 Years

Answer with explanation

Answer: Option BExplanation

S. I for 10 Years = Rs (1000 × 5/100 × 10) = Rs 500

Principle after 10 Years becomes = Rs (1000 + 500)= Rs 1500

S. I on it = Rs (2000 – 1500) = Rs 500

Time = (50000/7500) Years = 6 (2/3) Years

Total Time = (10 + 6 2/3) Years = 16( 2/3) Years

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Rs.2000 amount to Rs. 2600 in 5 years at simple interest if the interest rate were increased by 3 %. It would amount to how much?

A.

Rs.2900

B.

Rs.3200

C.

Rs.3600

D.

None of these

Answer with explanation

Answer: Option AExplanation

Rate` = (600/2000 xx 100/5)` `= 6%

New rate = 9%` `

S.I = ((2000 xx 9 xx 5)/100)` `= 900`

Amount = Rs. (200 + 900) = 2900.

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In how many years a sum will be thrice of it at the rate of 10% per annum?

A.

15 years

B.

20 Years

C.

30 years

D.

40 years

Answer with explanation

Answer: Option BExplanation

Let the sum be Rs. x .

Then S.I = Rs (3x – x) = Rs 2x x × 10/100 × t = 2x

=> t = 20 Years

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A borrows Rs.800 at the rate of 12 % per annum. Simple interest and B borrows Rs.910 at the rate of 10 % per annum simple interest. In how many years will their amounts at debts be equal?

A.

18 years

B.

20years

C.

22 years

D.

24 years

Answer with explanation

Answer: Option CExplanation

Let the required time be x years.

Then 800 + 800 x 12/100 × x = 910 + 910 x 10/100 × x

=> (96x -91 x) = 110

=> 5x =110

=> x =22

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