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- Question
A car is purchased on hire-purchase. The cash price is $21 000 and the terms are a deposit of 10% of the price, then the balance to be paid off over 60 equal monthly instalments. Interest is charged at 12% p.a. What is the monthly instalment?
Options- A. $503
- B. $504
- C. $505
- D. %506
- Correct Answer
- $504
ExplanationCash price = $21 000
Deposit = 10% × $21 000 = $2100
Loan amount = $21000 ? $2100 = $18900
I=p x r x t/100
I=11340
Total amount = 18900 + 11340 = $30240
Regular payment = total amount /number of payments
- 1. A sum at simple interest at 1312 % per annum amounts to Rs. 2502.50 after 4 years. Find the sum
Options- A. Rs.1625
- B. Rs1525
- C. Rs.1425
- D. Rs.1325 Discuss
- 2. If J is the interest on K and K is the interest on L, the rate and time is the same on both the cases. What is the relation between J, K and L ?
Options- A. J x J = KL
- B. K x K= JL
- C. L x L = JK
- D. JKL = 1 Discuss
- 3. If the rate increases by 2%, the simple interest received on a sum of money increases by Rs. 108. If the time period is increased by 2 years, the simple interest on the same sum increases by Rs.180. The sum is ?
Options- A. Rs. 540
- B. Rs. 415
- C. Rs. 404
- D. Data is not sufficient Discuss
- 4. How much time will it take for an amount of Rs. 450 to yield Rs. 81 as interest at 4.5% per annum of simple interest?
Options- A. 3.5 years
- B. 4 years
- C. 4.5 years
- D. 5 years Discuss
- 5. What is the principal sum? I. The sum amounts to Rs. 690 in 3 years at S.I. II. The sum amounts to Rs. 750 in 5 years at S.I. III. The rate of interest is 5% p.a.
Options- A. I and III only
- B. II and III only
- C. I and II only
- D. Any two of the three Discuss
- 6. On simple interest an amount becomes Rs. 812 in two years and Rs. 924 in four years. What is the rate of interest on that amount?
Options- A. 7.2%
- B. 8%
- C. 8.5%
- D. 9.3% Discuss
- 7. A sum of Rs. 2600 is invested at two different rates of interest. The difference between the simple interests got after 4 years is Rs 402.80 at these two rates, what is the difference between the rates of interest?
Options- A. 1.58
- B. 2.63
- C. 3.87
- D. 4.02 Discuss
- 8. A simple interest earned on certain amount is triple the money when invested for 16 years.what is the interest rate offered ?
Options- A. 13.33 %
- B. 14.25 %
- C. 16.98 %
- D. 18.75 % Discuss
- 9. Find the simple interest on Rs.600 for 11 months at 5 paisa per month ?
Options- A. Rs. 30
- B. Rs. 3.30
- C. Rs. 33
- D. Rs. 330 Discuss
- 10. In how many years, Rs. 200 will produce the same interest @ 5 % as Rs. 900 produce in 2 years @ 3 ½ % ?
Options- A. 5.2 yrs
- B. 7 yrs
- C. 7.9 yrs
- D. 6.3 yrs Discuss
Simple Interest problems
Search Results
Correct Answer: Rs.1625
Explanation:
Let sum be Rs.x then, S.I. =Rs. [ x * (27/2) * 4 * (1/100) ] = Rs. 27x/50
Amount =Rs [ x + (27x/50)] = Rs.77x/50
=> 77X/50 = 2502.50
=>X= (2502.50 * 50)/77 = 1625
Hence Sum = Rs.1625
Correct Answer: K x K= JL
Explanation:
Let the Time be 'N' and Rate be 'R'
J = (K x NR)/100 K = (L x NR)/100
J/K = NR/100 K/L = NR/100
J/K = K/L
K x K = JL
Correct Answer: Data is not sufficient
Explanation:
Let the sum be Rs. p, rate be R% p.a. and time be T years.
Then,
And,
Clearly, from (1) and (2), we cannot find the value of p
So, the data is not sufficient.
Correct Answer: 4 years
Explanation:
Time = (100 x 81)/(450 x 4.5) years
= 4 years.
Correct Answer: Any two of the three
Explanation:
Clearly, any of the three will give us the answer
Correct Answer: 8%
Explanation:
We know,
S.I = PTR/100 where P = principal amount, T = time, R = rate of interest
Here in the given data,
Interest for two years S.I = 924 - 812 = Rs. 112
Now, Principal amount P = 812 - 112 = Rs. 700
Now,
R = S.I x 100/PT
R = 112 x 100/700 x 2
R = 11200/1400
R = 8%
Hence, the rate of interest R = 8%.
Correct Answer: 3.87
Explanation:
Let the two different rates of interests be r1 and r2 respectively.
From the given data,
Hence, the difference in the interest rates = 3.87
Correct Answer: 18.75 %
Explanation:
Given,
S.I = 3 Principal Amount
=> 3A = A x 16 x R/100
By solving, we get
=> R = 18.75%
Correct Answer: Rs. 3.30
Explanation:
I = (600x11x5)/100 = 330 Paise = Rs. 3.30
Correct Answer: 6.3 yrs
Explanation:
P = Rs. 900, R = 3 ½ % = 7/2 %, T = 2 years.
Therefore,
S.I. = PTR/100
S.I. = Rs. (900 x 7/2 x 2/100) = Rs. 63
Now, P = Rs. 200, S.I. = Rs. 63, R = 5 %
Time = ((100 x 63) / (200 x 5) ) years = 6.3 years.
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