Simple interest

  1. The sum required to earn a monthly interest of Rs 400 at 10 % per annum at simple interest is
    1. Rs 2000
    2. Rs 12000
    3. Rs 24000
    4. Rs 48000
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    Simple Interest =(Principal × Rate × Time)/100

    Correct Option: D

    Total interest needed in a year = Rs 400 × 12
    = Rs 4800
    Principal = (100 × SI)/R × T
    where, R = Rate
    T = Time
    SI= Simple Interest

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  1. In what time will the simple interest on Rs 400 at 10% per annum be the same as the simple interest on Rs 1000 for 4 year at 4 % per annum?
    1. 2 yrs
    2. 3 yrs
    3. 4 yrs
    4. 6 yrs
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    Simple Interest = (Principal × Rate × Time)/100

    Correct Option: C

    Here , P= Rs 1000
    T= 4 yrs
    R= 4 %
    where, P= Principal
    T= Time
    R= Rate
    Since , Simple Interest on Rs 1000=(1000 × 4 × 4)/100
    = Rs 160

    now, simple interest=Rs 160
    P = Rs 400
    R = 10 %
    then, T=(100 × SI)/P × R
    = (100 × 160)/(400 × 10)
    = 4 yr

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  1. At what rate percent per annum will a sum of money double in 8 yr?
    1. 12 %
    2. 12.5 %
    3. 13 %
    4. 15 %
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    Amount A = 2 × P
    where , P = Principal

    Rate R = (100 × SI)/(P × T)
    where , SI= Simple Interest
    T= Time

    Correct Option: B

    Let Sum = P, Then SI=P
    As Amount A = 2 × P
    where , P = Principal

    Rate R = (100 × SI)/(P × T)
    = (100 × P)/(P × 8) %
    = 12.5 %
    where , SI= Simple Interest
    T= Time

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  1. Find the sum of money will amount to Rs 900 in 4 years at 5 % per annum on simple interest?
    1. Rs 750
    2. Rs 650
    3. Rs 500
    4. Rs 550
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    Let the sum of money be Rs y
    So Amount = y +[( y x 5 x 4 )/100]

    Correct Option: A

    Let the sum of money be Rs y
    So Amount = y +[( y x 5 x 4 )/100]
    But Amount = Rs 900
    ⇒ 900 = y +(20y)/100
    ⇒ 900 = 6y / 5
    ⇒ y = ( 900 x 5) /6
    = Rs 750

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  1. If a certain sum is doubled in 8 yr on simple interest, in how many year will it be four times?
    1. 24 yr
    2. 16 yr
    3. 32 yr
    4. 12 yr
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    Let the sum be Rs 'y' , so amount = 2y
    Simple interest =Rs y
    Let R be the rate of interest,
    R= (100 x SI)/(P x T)
    where SI= Simple Interest
    P = Principal
    T = Time

    Correct Option: A

    Let the sum be Rs 'y' , so amount = 2y
    Simple interest =Rs y
    Let R be the rate of interest,
    R= (100 x SI)/(P x T) = (100 x y) / (y x 8) = 12.5 %
    where SI= Simple Interest
    P = Principal
    T = Time

    now, the needed amount = Rs 4y
    since SI = Rs (4x-x)= Rs 3y
    since T= (100 x SI)/(P x R)
    = (100 x 3y )/(y x 125)= 24 yr

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