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- Question
A loan of $15 000 is taken out. If the interest rate on the loan is 7%, how much interest is due and what is the amount repaid if the loan is due in seven months
Options- A. 15612.50
- B. 14612.50
- C. 13612.50
- D. 17612.50
- Correct Answer
- 15612.50
ExplanationWe have P = 15 000, r = 0.07 and since the actual date the loan was taken out
is not given, we use t =7/12I = Prt=$15 000* 0.07* 7/12 = $612.50
Amount repaid = Future or accumulated value,
S = P + I = $15 000 + $612.50 = $15 612.50
- 1. When $720 is invested for 36 months it earns $205.20 simple interest. Find the yearly interest rate.
Options- A. 7.5%
- B. 8.5%
- C. 9.5%
- D. 10.5% Discuss
- 2. Jan invested $210 with a building society in a fixed deposit account that paid 8% p.a. simple interest for 18 months. How much did she receive after the 18 months?
Options- A. 434
- B. 345
- C. 235.20
- D. 233.20 Discuss
- 3. Reena took a loan of Rs. 1200 with simple interest for as many years as the rate of Interest. If she paid Rs. 432 as interest at the end of the loan period, what was the rate of interest?
Options- A. 3.6
- B. 6
- C. 18
- D. cannot be determined Discuss
- 4. A money lender lends Rs. 400 for 3 years to a person and lends Rs. 500 for 4 years to the other person at the same rate of simple interest. If altogether he receives Rs. 160 as interest, what is the rate of interest per annum ?
Options- A. 5%
- B. 7%
- C. 9%
- D. 10% Discuss
- 5. Deepinder lent Rs 8200 to Jairaj for 16 years and Rs 4900 to Karna for 15 years on simple interest at the same rate of interest and received Rs 19446.5 in all from both of them as interest. The rate of interest per annum is:
Options- A. 10 percent
- B. 10.5 percent
- C. 9.5 percent
- D. 11 percent Discuss
- 6. A loan shark made a loan of $100 to be repaid with $120 at the end of one month. What was the annual interest rate?
Options- A. 210%
- B. 220%
- C. 230%
- D. 240% Discuss
- 7. What is the SI on Rs.7500/- at the rate of 10% per annum for 5 years?
Options- A. 3750
- B. 2750
- C. 1750
- D. 750 Discuss
- 8. What will be the ratio of simple interest earned by certain amount at the same rate of interestfor 4 years and 6 years ?
Options- A. 1:2
- B. 2:1
- C. 2:3
- D. 3:2 Discuss
- 9. If rupee two produces rupees eleven over a period of 30 years, find the rate of simple interest ?
Options- A. 17.25 %
- B. 18.14 %
- C. 18.33 %
- D. 17.35 % Discuss
- 10. A certain sum is invested at simple interest at 18% p.a. for two years instead of investing at 12% p.a. for the same time period. Therefore the interest received is more by Rs. 840. Find the sum ?
Options- A. Rs. 5858
- B. Rs. 8800
- C. Rs. 7000
- D. Rs. 6350 Discuss
Simple Interest problems
Search Results
Correct Answer: 9.5%
Explanation:
r = (100 x I)/(P x T)
Correct Answer: 235.20
Explanation:
I = (p x r x t)/100
I = $25.20
A = P+I
A = 235.20
Correct Answer: 6
Explanation:
Let rate = R% and time = R years.
Then,
=> R = 6.
Correct Answer: 5%
Correct Answer: 9.5 percent
Correct Answer: 240%
Explanation:
r=I/PT
Correct Answer: 3750
Explanation:
S.I=PNR/100
Correct Answer: 2:3
Explanation:
Let p be the principle amount
And R% be the rate of interest
Then, required ratio =
= 2:3
Correct Answer: 18.33 %
Explanation:
We know that I = PTR/100
11 = (2x30xR)/100
R = 18.333 %
Correct Answer: Rs. 7000
Explanation:
Let the sum be Rs. S.
(S x 18 x 2)/100 - (S x 12 x 2)/100 = 840 => 36S/100 - 24S/100 = 840
=> 12S/100 = 840 => S = 7000.
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