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- Question
A sum of Rs 1200 amounts to Rs 1740 in 3 years at simple interest. If rate of interest is increased by 3%, then what will be the new amount (in Rs)?
Options- A. 1848
- B. 1946
- C. 1812
- D. 1924
- Correct Answer
- 1848
- 1. An amount of 5,000 is invested at a fixed rate of 8 per cent per annum. What amount will be the value of the investment in five years time, if the interest is compounded every six months?
Options- A. 7401.22
- B. 3456
- C. 4567
- D. 7890 Discuss
- 2. Derrick's dad bought new tires for $900 using a credit card. His card has an interest rate of 19%. If he has no other charges on his card and does not pay off his balance at the end of the month, how much money will he owe after one month?
Options- A. 11.25
- B. 13.25
- C. 14.25
- D. 15.25 Discuss
- 3. Rondell's parents borrow $6,300 from the bank for a new car. The interest rate is 6% per year. How much simple interest will they pay if they take 2 years to repay the loan?
Options- A. 556
- B. 665
- C. 756
- D. 856 Discuss
- 4. 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. 5%
- B. 4%
- C. 6%
- D. 7% Discuss
- 5. Determine the exact and ordinary simple interest on a 90-day loan of $8000 at 812 %
Options- A. 150$
- B. $160
- C. $170
- D. $180 Discuss
- 6. Both S.I. and C.I. is calculated with a similar rate of 10% per annum on a sum of rupees. If C.I. is calculated yearly for two years, then for what period must S.I. be evaluated such that S.I. = C.I.?
Options- A. 4.2 years
- B. 2.1 years
- C. 1.1 years
- D. 1.4 years Discuss
- 7. Ankita borrows Rs. 7000 at simple Interest from a lender. Atthe end of 3 years, she again borrows Rs. 3000 and settledthat amount after paying Rs. 4615 as interest after 8 years from the time she made the first borrowing. What is the rate of interest?
Options- A. 5.5%
- B. 9.5%
- C. 7.5%
- D. 6.5% Discuss
- 8. A man borrowed some money from a private organisation at 5% simple interest per annum. He lended this money to another person at 10% compound interest per annum, and made a profit of 26,410 in 4 years. The man borrowed
Options- A. 200000
- B. 150000
- C. 132050
- D. 100000 Discuss
- 9. Simple interest on a sum for eight months at 6% per annum is Rs 340.What is the value (in Rs) of sum?
Options- A. 8500
- B. 9500
- C. 8000
- D. 6800 Discuss
- 10. Ravi invested Rs.P in a scheme A offering simple interest at 10% p.a. for two years. He invested the whole amount he received from scheme A, in another scheme (B) offering simple interest at 12% p.a. for five years. If the difference between the interests earned from schemes A and B was Rs. 13,00/, what is the value of P ?
Options- A. 2500
- B. 2000
- C. 3000
- D. 3500 Discuss
Simple Interest problems
Search Results
Correct Answer: 7401.22
Explanation:
With slight modifications, the basic formula can be made to deal with compounding at intervals other than annually.
Since the compounding is done at six-monthly intervals, 4 per cent (half of 8 per cent) will be added to the value on each occasion.
Hence we use r = 0.04. Further, there will be ten additions of interest during the five years, and so n = 10. The formula now gives:
V = P(1 + r)10 = 5,000 x (1.04)10 = 7,401.22
Thus the value in this instance will be £7,401.22.
In a case such as this, the 8 per cent is called a nominal annual
rate, and we are actually referring to 4 per cent per six months.
Correct Answer: 14.25
Explanation:
I=prt
Correct Answer: 756
Explanation:
I=prt
Correct Answer: 6%
Explanation:
I=prt
Correct Answer: $170
Explanation:
Exact interest, I= prt = $8000 × 0.085 × 90/365 = 167.67
Ordinary Interest, I= Prt = $8000 x 0.085 x 90/360 = 170
Correct Answer: 2.1 years
Explanation:
Let time period of S.I. be T years.
Then for a principal amount, say P,
ATQ, as, S.I. = C.I. for rate =10%p.a. and
time for C.I. = 2(P x 10 x T)/100 = P{[ (100+10)/100 ]2-1}T/10 = [ 110/100 ]2?1 = [(11/10)2?1] = (121-100)/100T/10 = 21/100T = 21/10 = 2.1 years
Correct Answer: 6.5%
Correct Answer: 100000
Correct Answer: 8500
Correct Answer: 2500
Explanation:
It is given that the initial amount invested in scheme A is Rs P at 10%per Annum S.I. =PTR/100 = P x 10 x 2/100 Now the total amount after 2 years is = 1.2P New Rate of interest = 12% per annum Time = 5 years S.I for next 5 years when new principal amount is 1.2 P = 1.2Px12x5/100 = 0.72P Total amount after 5 years at 12% per annun = 1.72P Given that 1.72P - 1.2P = 1300 P = 1300/0.52 P = Rs. 2500
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