Simple interest

Simple interest

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  1. At simple interest, a sum doubles after 20 years. The rate of interest per annum is ?








  1. View Hint View Answer Discuss in Forum

    Let sum = P, then SI = P and Time = 20 years
    ∴ Required rate = (100 x SI)/(P x T) = (100 x P) / (P x 20) = 5% per annum

    Correct Option: A

    Let sum = P, then SI = P and Time = 20 years
    ∴ Required rate = (100 x SI)/(P x T) = (100 x P) / (P x 20) = 5% per annum

  1. What annual payment will discharge a debt of Rs. 580 due in 5 years, the rate being 8% per annum ?








  1. View Hint View Answer Discuss in Forum

    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

    Correct 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

  1. 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 ?








  1. View Hint View Answer Discuss in Forum

    ∵ 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%

  1. 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 ?








  1. View Hint View Answer Discuss in Forum

    Rate = [(interest x 100) / (Principal x Time)] %

    Correct Option: D

    Rate = [(interest x 100) / (Principal x Time)] %
    = (3600 x 100) / (12000 x 5)
    = 6 %

  1. If a sum of money double itself in 20 years. What is the rate of simple interest per cent per year ?








  1. View Hint View Answer Discuss in Forum

    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%