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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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