Simple Interest problems
- 1. A persom invests ? 12000 as fixed deposit at a bank at the rate of 10% per annum simple interest. But due to some pressing needs, he has to withdraw the entire money after 3 yr for which the bank allowed him a lower rate of interest. If he gets ? 3320 less than, what he would have got at the end of 5 yr the rate of interest allowed by bank is
Options- A. 78/9%
- B. 87/9%
- C. 78/9%
- D. 77/9% Discuss
Correct Answer: 77/9%
Explanation:
Let the rate of interest allowed by bank be r%
According to the question,
[(12000 x 5 x 10)/100] - [(12000 x 3 x r)/100] = 3320
? 6000 - 360r = 3320
? 360r = 6000 - 3320 = 2680
? r = 2680/360 = 74/9%
- 2. Rajnish invested certain sum in three different schemes P, Q and R with the rates of interest 10% per annum, 12% per annum and 15% per annum, respectively. If the total interest accrued in 1 yr was ? 3200 and the amount invested in scheme R was 150% of the amount invested in scheme Q. what was the amount invested in scheme Q?
Options- A. ? 8000
- B. ? 9000
- C. ? 5000
- D. ? 3050 Discuss
Correct Answer: ? 5000
Explanation:
Let a, b and c be the amount invested in schemes P, Q and R, respectively.
Then, according to the question,
[(a x 10 x 1)/100] + [(b x 12 x 1)/100] + [(c x 15 x 1)/100] = 3200
? 10a + 12b + 15x = 320000 .....(i)
Now, c = 240% of b = 12b/5 ....(ii)
and c = 150% of a = 3a/2
? a = 2c/3 = (2/3 x 12/5) b = 8b/5 .....(iii)
From Eqs. (i), (ii) and (iii), we get
16b + 12b + 36b = 320000
? 64b = 320000
? b = 5000
? Sum invested in scheme Q = ? 5000
- 3. Ajay takes some loan from Rashmi at the rate of 5% per annum andd after 2 yr, Ajay gave back ? 8800 to Rashmi and this way paid his whole loan. Find the interest by Ajay.
Options- A. ? 825
- B. ? 975
- C. ? 800
- D. ? 850 Discuss
Correct Answer: ? 800
Explanation:
Here, A = ? 8800, T =2 yr, R = 5%
We know
SI = ART/(100 + RT) = (8800 x 5 x 2) / (100 + 5 x 2)
= (8800 x 10) / 110
= ? 800
- 4. The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 4% per annum is Rs. 1. The sum (in Rs.) is:
Options- A. 620
- B. 630
- C. 640
- D. 625 Discuss
Correct Answer: 625
- 5. Simple interest on a certain sum of money for 3 years at 8% per annum is half the compound interest on Rs. 16000 for 2 years at 10% per annum. The sum placed on simple interest is:
Options- A. Rs 14000
- B. Rs 3500
- C. Rs 7000
- D. Rs 5600 Discuss
Correct Answer: Rs 7000
- 6. The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 16% per annum is Rs 320. What is the value of given sum (in Rs)?
Options- A. 25000
- B. 50000
- C. 37500
- D. 12500 Discuss
Correct Answer: 12500
- 7. At what rate of compound interest per annum will a sum of rs.1200 becomes rs.1348.32 in 2 years
Options- A. 66%%
- B. 6.5%
- C. 7%
- D. 7.5% Discuss
Correct Answer: 66%%
Explanation:
rate=r%
1200 (1+r/100)^2=1348.32
r=6%
- 8. Simple interest on a certain sum of money for 3 years at 8% per annum is half the compound interest on Rs. 16000 for 2 years at 10% per annum. The sum placed on simple interest is:
Options- A. Rs 14000
- B. Rs 3500
- C. Rs 7000
- D. Rs 5600 Discuss
Correct Answer: Rs 7000
- 9. The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 12% per annum is Rs 72. What is the value of given sum (in Rs)?
Options- A. 10000
- B. 20000
- C. 5000
- D. 15000 Discuss
Correct Answer: 5000
- 10. The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 4% per annum is Rs. 1. The sum (in Rs.) is:
Options- A. 620
- B. 630
- C. 640
- D. 625 Discuss
Correct Answer: 625
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