1.
A certain sum becomes double in 8 years by earning simple interest. Find the rate of simple interest per annum.
Correct Answer:
2
Description:
Let principal be Rs P; so, amount becomes 2P; Interest = 2P – P = P; Rate = (SI * 100)/ P*T = (P * 100) / P * 8 = 25 / 2 = 12.5 %
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2.
A certain sum lent on simple interest amounts to Rs 1380/- in three years and to Rs 1500/- in five years. Find the rate of interest per annum.
Correct Answer:
4
Description:
SI earned in 2 years = 1500 – 1380 = Rs 120/- Let P be principal & R be the rate of interest. Then, (P * 2 * R/100) = 120; or PR /100 = 60; Also, P + (P*3*R/100) = 1380; or P + (3PR/100) = 1380; P + (3 * 60) = 1380; So, P = Rs 1200; R =6000/1200 = 5 %
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3.
A part of Rs 1500/- was lent at 10 % per annum and rest at 7 % per annum simple interest. The total interest earned in three years was Rs 396/-. Find the sum lent at the rate of 10 % per annum.
Correct Answer:
1
Description:
Let P be the sum lent @ 10 % per annum, so the sum lent @ 7 % per annum = (1500 – P); [P * 10 * 3/100] + [(1500 – P) * 7 * 3/100] = 396; P = Rs 900/-
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4.
Two equal sums were given on simple interest at the rates of 7% and 5% per annum respectively. If the total interest earned on the both sums at the end of four years was Rs 960/- , find the total of both sums initially given on interest.
Correct Answer:
4
Description:
Let each amount be Rs P. Now, (P *4 * 7/100) + (P * 4 * 7/100) = 960; P = Rs 2000/-
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5.
Amit borrowed some money at the rate of 6 % per annum for the first three years, 9 % per annum for the next five years and at the rate of 13 % per annum beyond this period of eight years. If the total interest paid by Amit at the end of eleven years is Rs 8160/-, how much money was borrowed by him?
Correct Answer:
3
Description:
Let the sum borrowed be Rs P. So, (P *6*3/100) + (P *5 * 9/100) + (P * 3 * 13/100) = 8160; P = Rs 8000/-
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