Simple interest
- The simple interest on a certain sum for 3 years at 14% per annum is Rs. 235.20. The sum is ?
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Required sum = Rs. (100 x SI ) / ( T x R )
Correct Option: B
Required sum = Rs. (100 x SI ) / ( T x R )
= (100 x 235.20) / (3 x 14)
= Rs. 560
- If a sum of money double itself in 20 years. What is the rate of simple interest per cent per year ?
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Let the principal = Rs. P
⇒ Amount = Rs. 2P
⇒ Interest = 2P - P = Rs.P
&becaus Rate = (interest x 100) / (Principal x 20)Correct Option: C
Let the principal = Rs. P
⇒ Amount = Rs. 2P
⇒ Interest = 2P - P = Rs.P
∴ Rate = (interest x 100) / (Principal x 20) = (P x 100) / (P x 20) = 5%
- Yogesh borrowed Rs. 12000 at simple interest for 5 years, If he paid Rs. 3600 as simple interest after 5 years, What is the rate of interest per cent per annum ?
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Rate = [(interest x 100) / (Principal x Time)] %
Correct Option: D
Rate = [(interest x 100) / (Principal x Time)] %
= (3600 x 100) / (12000 x 5)
= 6 %
- Ashok took a loan of Rs. 15000 for 3 years at simple interest . If the total interest paid is Rs. 2700. What is the rate of interest per annum ?
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∵ Rate = [(interest x 100) / (Principal x Time) ] %
⇒ Rate = (2700 x 100) / (15000 x 3) %Correct Option: D
∵ Rate = [(interest x 100) / (Principal x Time) ] %
⇒ Rate = (2700 x 100) / (15000 x 3) %
∴ Rate = 6%
- What annual payment will discharge a debt of Rs. 580 due in 5 years, the rate being 8% per annum ?
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Let the annual installment be Rs. P
Then, [P + (P x 4 x 8)/100] + [P + (P x 3 x 8) / 100] + [P + (P x 2 x 8)/100 ] + [ P + (P x 1 x 8)/100] + P = 580Correct Option: C
Let the annual installment be Rs. P
Then, [P + (P x 4 x 8)/100] + [P + (P x 3 x 8) / 100] + [P + (P x 2 x 8)/100 ] + [ P + (P x 1 x 8)/100] + P = 580
⇒ 33P/25 + 31P/25 + 29P/25 + 27P/25 + P = 580
⇒ (120 + 25)P = 580 x 25
∴ P = 100
