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- Question
You deposit $600 into a 6 month certificate of deposit. After 6 months the balance is $618. Find the simple annual interest rate
Options- A. 6%
- B. 5%
- C. 7%
- D. 8%
- Correct Answer
- 6%
Explanation1. To find the interest, subtract the principal from the balance.
$618 - $600 = $18
2.Use the simple interest formula and solve for r.
I = Prt
18= 600 x r x (1/2)
r= 0.06 =6%
- 1. Simple interest on a certain sum of money for 3 years at 14% per annum is half the compound interest on Rs. 10000 for 2 years at 10% per annum. The sum placed on simple interest is
Options- A. Rs 5000
- B. Rs 1250
- C. Rs 2000
- D. Rs 2500 Discuss
- 2. What is the rate of interest if simple interest earned on a certain sum for the 3rd year is Rs 1,750 and compound interest earned for 2 years is Rs 3622.5?
Options- A. 8
- B. 9
- C. 10
- D. 7 Discuss
- 3. What is the rate of interest (in %) if simple interest earned on a certain sum for the 3 years is Rs 6,000 and compound interest earned for 2 years is Rs 4,160?
Options- A. 9
- B. 8
- C. 12
- D. 6 Discuss
- 4. In 2 years at simple interest the principal increases by 8%. What will be the compound interest earned (in Rs) on Rs 10 lakhs in 2 years at the same rate?
Options- A. 86000
- B. 81600
- C. 90000
- D. 94000 Discuss
- 5. The simple and compound interest that can be earned in two years at the same rate is Rs 4000 and Rs 4180 respectively. What is the rate (percent per annum) of interest?
Options- A. 18
- B. 4.5
- C. 9
- D. 12 Discuss
- 6. What is the sum which earned interest? I. The total simple interest was Rs. 7000 after 7 years. II. The total of sum and simple interest was double of the sum after 5 years.
Options- A. I alone sufficient while II alone not sufficient to answer
- B. II alone sufficient while I alone not sufficient to answer
- C. Either I or II alone sufficient to answer
- D. Both I and II are necessary to answer Discuss
- 7. Find: S.l on Rs 68000 at 1623 1 % per annum for 9 months
Options- A. 6500
- B. 7500
- C. 8500
- D. 9500 Discuss
- 8. What percentage of simple interest per annum did Anand pay to Deepak? I. Anand borrowed Rs. 8000 from Deepak for four years. II. Anand returned Rs. 8800 to Deepak at the end of two years and settled the loan
Options- A. I alone sufficient while II alone not sufficient to answer
- B. II alone sufficient while I alone not sufficient to answer
- C. Either I or II alone sufficient to answer
- D. Both I and II are necessary to answer Discuss
- 9. What is the rate of simple interest? I. The total interest earned was Rs. 4000. II. The sum was invested for 4 years.
Options- A. I alone sufficient while II alone not sufficient to answer
- B. II alone sufficient while I alone not sufficient to answer
- C. Either I or II alone sufficient to answer
- D. Both I and II are not sufficient to answer Discuss
- 10. At the beginning of March, Ryan had $621 in his savings bank account. On 10 March he deposited $60. If the bank pays 8% p.a. interest paid monthly and calculated on the minimum monthly balance, calculate the interest Ryan earns in March.
Options- A. 2.14
- B. 3.14
- C. 5.14
- D. 4.14 Discuss
Simple Interest problems
Search Results
Correct Answer: Rs 2500
Correct Answer: 7
Correct Answer: 8
Correct Answer: 81600
Correct Answer: 9
Correct Answer: Both I and II are necessary to answer
Explanation:
Let the sum be Rs. x.
I gives, S.I. = Rs. 7000 and T = 7 years.
II gives, Sum + S.I. for 5 years = 2 x Sum Sum = S.I. for 5 years.
Now, S.I. for 7 years = Rs. 7000.
therefore, S.I. for 1 year = Rs. 1000.
Thus, I and II both are needed to get the answer.
Correct Answer: 8500
Explanation:
P = 68000, R = % & T = 9 months (3/4 years)
Correct Answer: Both I and II are necessary to answer
Explanation:
Let the rate be R% p.a.
I gives, P = Rs. 8000 and T = 4 years.
II gives, S.I = Rs. (8800 - 8000) = Rs. 800.
R = [100 x S.I] / [p x t ]= (100 x 800)/(8000 x 4) = 2 ½ % p.a
Thus, I and II both are needed to get the answer.
Correct Answer: Both I and II are not sufficient to answer
Explanation:
We know that, R = (100 x S.I) / (P x T)
Now I gives, S.I = Rs. 4000.
II gives, T = 4 years.
But, P is unknown. So, we cannot find R.
So, given data is insufficient to get R.
Correct Answer: 4.14
Explanation:
I = (P x T x R) /100
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