InterviewSolution
This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
A sum of Rs 720 amounts to Rs 882 at simple interest in \(1\frac{1}{2}\) years. In how many years will the sum Rs 800 amounts to Rs 1040 at the same rate?1). 25/72). 43). 31/74). 2 |
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Answer» GIVEN: Principal = Rs. 720 Amount after 3/2 years = Rs. 882 We KNOW that, A = P + (P × R × T)/100 ⇒ 882 = 720 + (720 × R × 3/2)/100 ⇒ 16200 = 720 × R × 3/2 ⇒ R = 16200/(720 × 1.5) ⇒ R = 15% New Principal = Rs. 800, new Amount = Rs. 1040 ⇒ 1040 = 800 + (800 × 15 × t)/100 ⇒ 24000 = 800 × 15 × t ⇒ t = 2 years ∴ the correct option is 4) |
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| 2. |
A sum of Rs. 2500 becomes Rs. 8100 in 2 years at a certain rate of compound interest. What will be the sum (in Rs.) after 4 years?1). 298242). 362843). 416244). 26244 |
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Answer» Principal = 2500 & Amount = 8100 As we KNOW, A = P (1 + r/100)2 ⇒ (1 + r/100)2 = 81/25 ⇒ 1 + r/100 = 9/5 ⇒ r = 80% Amount after 4 years A = 2500 (1 + 80/100)4 ⇒ A = 2500 × 9/5 × 9/5 × 9/5 × 9/5 ∴ A = 26244 |
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| 3. |
1). Rs. 2002). Rs. 2403). Rs. 2204). Rs. 190 |
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Answer» Let the principal be Rs. P. Simple INTEREST = (Principal × Rate × Time)/100 = (P × 10 × 2)/100 = 0.2P = 4000 ∴ P = Rs. 20000 C’I at the same rate for same period = Principal{(1 + Rate%)Time - 1} = 20000 {(1 + 0.1)2 - 1} = 20000{1.21 - 1} = 4200 Difference in interests = Rs. (4200 - 4000) = Rs. 200 |
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| 4. |
1). 240002). 250003). 300004). 20000 |
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Answer» On a SUM of Rs. P at a RATE of R% p.a. after n years, COMPOUND interest = P[(1 + R/100)n - 1] ⇒ CI = 4160 = P[(1 + 8/100)2 - 1] ⇒ 4160 = P[0.1664] ⇒ P = 4160/0.1664 = Rs. 25000 ∴ The sum invested is Rs. 25000 |
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| 5. |
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)?1). 18482). 19463). 18124). 1924 |
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Answer» AMOUNT under Simple Interest (A) = P [1 + (TR/100)]----(1) Given Principal (P) = Rs. 1200, Amount (A) = Rs.1740, TIME (T) = 3 years Substituting all the values in Equation 1, we get 1740 = 1200 [1 + (3R/100)] ⇒ [1 + (3R/100)] = (1740/1200) ⇒ (3R/100) = 1.45 - 1 ⇒ Rate of Interest (R) = (0.45 × 100)/3 = 45/3 = 15% Rate of Interest after an increase of 3% = 15% + 3% = 18% Amount at the NEW rate of Interest = 1200 [1 + (3 × 18)/100)] ⇒ 1200 [1 + (54/100)] = 1200 × (1 + 0.54) = 1200 × (1.54) = Rs. 1848 ∴ New Amount = Rs. 1848 |
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| 6. |
A certain sum, invested with interest of 12% per annum, compounded semiannually amounts to Rs. 7022.50 at the end of 1 year. The sum is1). Rs. 6,0002). Rs. 6,5203). Rs. 6,2504). Rs. 6,500 |
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Answer» $(A = P{\left( {1 + \frac{R}{{n \times 100}}} \RIGHT)^{n \times t}})$ Where, A is AMOUNT, P is sum, r is RATE%, t is time in years, n is number of times INTEREST is compounded annually. Given, certain sum, invested with interest of 12% per annum, compounded semiannually amounts to Rs. 7022.50 at the end of 1 year $(\Rightarrow 7022.50 = P{\left( {1 + \frac{{12}}{{200}}} \right)^2})$ ⇒ 7022.50 = 1.062 P ⇒ P = Rs. 6250 |
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| 7. |
A man borrowed Rs. 12500 at a simple interest of 8% per annum for 1 year and 73 days. How much amount did he pay to clear his debt?1). Rs. 135002). Rs. 137003). Rs. 142504). Rs. 14500 |
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Answer» Time = 1 + 73/365 = 1 + 1/5 = 6/5 yrs. Now, Simple INTEREST = (Principal × RATE × time)/100 = (12500 × 8 × 6/5)/100 = Rs. 1200 ∴ Amount paid to clear DEBT = 12500 + 1200 = Rs. 13700 |
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| 8. |
What is the difference (in Rs) in Compound interest earned in 1 year on a sum of Rs. 25,000 at 20% per annum compounded semi-annually and annually?1). 1252). 2503). 5004). 375 |
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Answer» For annually, principal (P) = Rs. 25000, rate (R) = 20% and time (T) = 1 year For semi-annually, principal (P) = Rs. 25000, semi-annually rate (R) = 20%/2 = 10% And time (T) for semi-annually = 1 × 2 = 2 half year COMPOUND interest (CI, annually) = 25000(1 + 20/100) - 25000 ⇒ CI (annually) = Rs. 5000 And Compound interest (CI, semi-annually) = 25000(1 + 10/100)2 - 25000 ⇒ CI (semi-annually) = (25000 × 11/10 × 11/10) - 25000 ⇒ CI (semi-annually) = Rs. 5250 ∴ The difference between Compound interest earned in 1 year = 5000 - 5250 = Rs. 250 |
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| 9. |
A sum of money becomes eight times in 3 years, if the rate is compounded annually. In how much time will the same amount at the same compound rate become thirty-two times?1). 6 years2). 4 years3). 8 years4). 5 years |
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Answer» ⇒ Let, Principal be RS. x then Amount = Rs. 8x, Rate = r% and TIME (n) = 3 years. ⇒ A = P × [1+ (r/100)]n ⇒ 8x = x × [1 +(r/100)]3 ⇒ 23 = [1+ (r/100)]3 ⇒ 2 = 1 + (r/100) ------ 1 ⇒ Amount becomes 16x then ⇒ A = P × [1+ (r/100)]n ⇒ 32X = x × [1+ (r/100)]n ⇒ putting the value from equation 1 we get ⇒ 32 = 2n ⇒ 25 = 2n ∴ n = 5 |
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| 10. |
1). Rs. 20002). Rs. 19503). Rs. 24004). Rs. 1800 |
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Answer» Let M be the sum of money. Simple interest, SI = P × R × T/100 where P = principal amount R = rate of interest and T = time. ? TOTAL interest = Rs. 624 $(\Rightarrow \frac{{\frac{{2M}}{3} \times 6 \times 6}}{{100}} + \frac{{\frac{M}{3} \times 4 \times 6}}{{100}} = 624 \Rightarrow M = 1950)$ |
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| 11. |
A certain sum of money becomes double of itself in 5 years at a rate of simple interest. In how many years will it become 16 times of itself at the same rate of simple interest?1). 202). 603). 754). No option is correct. |
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Answer» A amount is DOUBLED when it GETS the same amount as interest. So if we have to MAKE money 16 times then its interest would be 15 times. Time taken to 1 time interest = 5 YEARS ∴ Time taken to get 15 times interest = 15 × 5 = 75 years |
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| 12. |
The difference between the compound interest (compounding annually) and simple interest on a sum at the rate of 12% per annum for 2 years is Rs. 360. What is the sum (in Rs.)?1). 270002). 320003). 300004). 25000 |
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Answer» <P class="MsoNormal" style="margin-left:0in;text-indent:0in;mso-list:none">Let the sum be Rs. ‘P’ Given, R = 12%, Time = 2 YEARS On a sum of Rs. P at R% per annum in n years, When compounded annually, CI = P[(1 + R/100)n - 1] ⇒$ CI = P × [(1 + 12/100)2 - 1] = 0.2544P ?$ Simple interest = (PRINCIPAL × Rate × Time)/100 ⇒$ SI = (P × 12 × 2)/100 = 0.24P Now, Difference = CI - SI = Rs. 360 ⇒$ 0.2544P - 0.24P = 360 ⇒$ P = 360/0.0144 = Rs. 25000 ∴ The sum is Rs. 25000 |
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| 13. |
Snehashish deposited two parts of a sum of Rs. 28000 in different cooperative banks at the rates of 8% per annum and 14% per annum respectively. In one year he got Rs. 3200 as the total interest. What was the amount deposited at the rate of 8% per annum?1). Rs. 150002). Rs. 140003). Rs. 120004). Data inadequate |
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Answer» Let the sum DEPOSITED at 8% interest be Rs. x Snehashish deposited two parts of a sum of Rs. 28000 in different cooperative banks at the rates of 8% per annum and 14% per annum respectively. So, the sum deposited at 14% interest = Rs. (28000 – x) In one year he got Rs. 3200 as the total interest. So, we can write now, (x × 1 × 8%) + [(28000 – x) × 1 × 14%] = 3200 ⇒ 8x + 392000 – 14X = 320000 ⇒ 6x = 72000 ⇒ x = 12000 ∴ The AMOUNT deposited at 8% interest = Rs. 12000. |
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| 14. |
If A lends Rs. 3500 to B at 10% p.a. and B lends the same sum to C at 11.5% p.a., then the gain of B (in Rs.) in a period of 3 years is1). 107.52). 115.53). 157.54). 177.5 |
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Answer» We know that, FORMULA for SIMPLE interest: $(S.I. = \frac{{P \times R \times T}}{{100}})$ Where, S.I. = Simple Interest P= principal T = Time R = Rate of interest Interest PAYABLE to A = 3500 × (10/100) × 3 = 1050 Interest payable to B = 3500 × (11.5/100) × 3 = 1207.5 The basic amount in both transactions is same. So, difference between interests in two transactions is the gain. ∴ B’s gain = amount B gets – amount B has to pay = 1207.5 – 1050 = 157.5 |
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| 15. |
If a certain sum of money become thrice of itself in 5 years 4 months at simple interest, then what will be the yearly rate of interest (in %)?1). 18.752). 27.53). 37.54). 42.25 |
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Answer» LET the rate of interest be r% and principle be y Interest can be given as 3y – y = 2y 5 YEARS 4 MONTHS can be written as 5 + 4/12 years = 16/3 years, using this in simple interest formula Using simple interest formula ⇒ 2y = (y × r × 16/3) /100 ⇒ r = 600/16 = 37.5 ∴ The rate of interest is 37.5% |
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| 16. |
1). Rs. 15187.502). Rs. 16875.003). Rs. 16805.504). Rs. 16785.00 |
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Answer» As per the given DATA, Principal = Rs. 13500 Rate R = 12.5% Time T = 2 years We know that simple INTEREST (SI) = (P × T × R)/100 ⇒ SI = (13500 × 12.5 × 2)/100 = Rs. 3375 We know that Amount = Simple interest + principal ⇒ Amount = 3375 + 13500 = Rs. 16875 |
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| 17. |
Some part of Rs. 17500 was lent at the rate of 24% per annum simple interest and the remaining part at the rate of 10% per annum simple interest. The total interest received after 5 years is Rs. 13300. What is the ratio of money lent at the rate of 24% and 10%?1). 12 : 132). 3 : 43). 3 : 24). 13 : 22 |
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Answer» Solution : Let 'x' be the part of money which is lent at 24% rate of interest and '(17500 -x)' be the remaining part which is lent at 10% rate of interest. Simple Interest 1 = a = (5 × x × 24)/100 a = 120x/100 = 1.2x Simple Interest 2 = b = (5 × 17500-x × 10)/100 b = (17500-x)/2 = 8750 - x/2 Given: a + b = 13300 1.2x + 8750 - x/2 = 13300 (2.4x -x)/2 = 13300 - 8750 1.4x /2 = 4550 1.4x = 9100 x = 9100/1.4 x = Rs.6500 (17500 - 6500) = 11,000 x : (17500 -x) = 6500 /11000 = 13:22 So, the correct option is 4). 13:22 |
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| 18. |
A man gets a simple interest of Rs. 1000 on a certain principal at the rate of 5% per annum in 4 yr. What compound interest will the man get on twice the principal in 2 yr at the same rate?1). Rs. 10252). Rs. 10053). Rs. 110254). None of these |
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Answer» LET the principal amount be ‘X’ ∴ According to the 1st given CONDITION, ⇒ 1000 = (x × 4 × 5)/100 ∴ x = 5000 ∴ Required Answer $(= 2 \times 5000 \times {\left( {1 + \frac{{0.05}}{1}} \right)^{1{\rm{}} \times {\rm{}}2}} - \left( {2 \times 5000} \right) = 1025)$ |
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| 19. |
Three equal installments, each of Rs. 300, were paid at the end of 3 years on a sum borrowed at 25% interest compounded annually. Find the sum.1). 435.82). 585.63). 647.54). 756.4 |
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Answer» Let the PRINCIPAL or sum be Rs. x 3 installments of Rs. 300 for 3 years give Amount = x(1 + 25/100)3 ⇒ x(1 + 25/100)3 = 300(1 + 25/100)2 + 300(1 + 25/100)1 + 300(1 + 25/100)0 ⇒ x(1.25)3 = 300(1.25)2 + 300(1.25) + 300 ⇒ x = 1143.75/(1.25)3 ∴ the sum is Rs. 585.6 |
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| 20. |
Jatin took a certain amount as a loan from a bank at the rate of 13% p.a. simple interest and gave the same amount to Gabru as a loan at the rate of 15% p.a. If at the end of 15 years, he made a profit of Rs. 1470 in the deal, then the original amount was:1). Rs. 48002). Rs. 48903). Rs. 49004). Rs. 5400 |
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Answer» Given, Time period, T = 15 years Rate of interest for JATIN, R1 = 13% Rate of interest for Gabru, R2 = 15% Let the original amount of loan TAKEN by Jatin from the bank be Rs. x. We KNOW the FORMULA for simple interest- SI = (P × T × R)/100 Where, P = Principal amount T = Time period R = Rate of interest Profit = Rs. 1470 ⇒ (P × T × R2)/100 – (P × T × R1)/100 = 1470 ⇒ (x × 15 × 15/100) – (x × 13 × 15/100) = 1470 ⇒ x = Rs. 4900 ∴ The original amount of loan taken by Jatin from the bank = Rs. 4900 |
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| 21. |
A bank offers 10% compound interest per half year. A customer deposits Rs. 2000 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by way of interest is1). Rs. 12402). Rs. 3103). Rs. 1554). Rs. 620 |
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Answer» A bank offers 10% COMPOUND interest per half year. A customer deposits Rs. 2000 each on 1st January and 1st July of a year. Compound interest for FIRST 6 months = Rs. 2000 × [1 + (10/100)] = Rs. 2200 So, interest = Rs. 2200 - 2000 = Rs. 200 Principal amount for next 6 months = Rs. 2000 + 2200 = Rs. 4200 So, the compound interest for LAST 6 months = Rs. 4200 × [1 + (10/100)] = Rs. 4620 So, interest = Rs. 4620 - 4200 = Rs. 420 ∴ The total interest gained = Rs. 200 + 420 = Rs. 620 |
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| 22. |
1). 80002). 100003). 65004). 9000 |
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Answer» Here, R = 5% T = 4 years Total AMOUNT = P + I = 12000 ⇒ I = 12000 - P ⇒ I = P × 5 × 4/100 ⇒ 12000 - P = 20P/100 ⇒ 12000 – P = 0.2P ⇒ 12000 = 1.2P ∴ P = 12000/1.2 = Rs. 10,000 |
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| 23. |
In 15 years, a principal lent becomes 9 times on Simple Interest. In how many years will it be 33 times?1). 452). 603). 754). 90 |
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Answer» S.I = (P × R × T)/100 Where, P = principal R = rate of interest T = TIME in years When T = 15, S.I = 9P – P = 8P ⇒ 8P = (P × R × 15)/100 ⇒ R = 800/15 = 160/3 When P becomes 33 times that is 33P, S.I = 33P – P = 32P, T = ? ⇒ 32P = (P × 160/3 × T)/100 ∴ T = 9600/160 = 60 years |
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| 24. |
If a certain sum of money is compounded annually at the rate of 15% per annum, find the ratio of amount due in 7th year to the 8th year.1). 17 : 192). 20 : 233). 20 : 214). 23 : 27 |
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Answer» We know that: Amount: $(A = \LEFT[ {P{{\left( {1 + \frac{r}{{100}}} \right)}^t}} \right])$ Where, A = amount INCLUDING interest P = principal r = rate of interest t = time period Now, ACCORDING to the question, Amount after 7th year- $(= P{\left( {1 + \frac{{15}}{{100}}} \right)^7})$ Amount after 8th year- $(= P{\left( {1 + \frac{{15}}{{100}}} \right)^8} = P\left[ {{{\left( {1 + \frac{{15}}{{100}}} \right)}^7} \times {{\left( {1 + \frac{{15}}{{100}}} \right)}^1}} \right])$ ∴ required ratio- $(= \frac{{P{{\left( {1 + \frac{{15}}{{100}}} \right)}^7}}}{{P\left[ {{{\left( {1 + \frac{{15}}{{100}}} \right)}^7} \times {{\left( {1 + \frac{{15}}{{100}}} \right)}^1}} \right]}} = \frac{1}{{1 + \frac{{15}}{{100}}}} = \frac{{100}}{{115}} = \frac{{20}}{{23}} = 20:23)$ HENCE, the required ratio is 20 : 23. |
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| 25. |
An amount of Rs. 45,000 becomes Rs. 75,375 on simple interest in 9 years. What is the rate of interest p.c.p.a?1). 72). 7.53). 84). 10.5 |
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Answer» = 75375 – 45000 = RS 30375 $(S.I.\; = \frac{{P \times R \times T}}{{100}})$ Where, S.I. = Simple Interest P= Principal T = Time R = Rate of interest ∴ $(30375\; = \frac{{45000 \times R \times 9}}{{100}})$ ⇒ $(R = \frac{{30375 \times 100}}{{45000 \times 9}})$ ⇒ R = 7.5% |
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| 26. |
A bank offers 5% compound interest per half year. A customer deposits Rs. 4800 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by way of interest?1). Rs. 3632). Rs. 14643). Rs. 3664). Rs. 183 |
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Answer» A bank offers 5% compound interest per half year. A customer deposits RS. 4800 each on 1st JANUARY and 1st July of a year. Compound interest for first 6 months = Rs. 4800 × [(1 + (5/200)) - 1] = Rs. 120 Principal amount for next 6 months = Rs. 4800 + 4800 + 120 = Rs. 9720 So, the compound interest for last 6 months = Rs. 9720 × [(1 + (5/200)) - 1] = Rs. 243 ∴ The total interest GAINED = 120 + 243 = Rs. 363. |
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| 27. |
How many students have scored marks 20 or more but less than 40?1). 552). 293). 424). 97 |
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Answer» ⇒ Students between 20 and 30 = 55 – 42 = 13 ⇒ Students between 30 and 40 = 42 – 26 = 16 ⇒ TOTAL students between 20 and 40 = 13 + 16 = 29 |
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| 28. |
If in 2 years at simple interest the principal increases by 16%, what will be the compound interest earned (in Rs.) on Rs. 25,000 in 2 years at the same rate?1). 40002). 21603). 20004). 4160 |
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Answer» Let the rate of interest be r%. SIMPLE interest earned on RS. 25000 in 2 years = 25000 × 0.16 = Rs. 4000 ⇒ 4000 = (25000 × r × 2)/100 ⇒ r = 8% ∴ COMPOUND interest in 2 years = 25000 × [1 + 8/100]2 - 25000 ⇒ 29160 - 25000 = Rs. 4160 |
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| 29. |
If the rate of compound interest on a certain amount is 25% and the amount received after one year is Rs. x, then the principal amount is1). Rs. 0.83x2). Rs. 0.80x3). Rs. 0.25x4). Rs. 4x |
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Answer» Given that, rate of compound interest = 25% and amount of the FIRST installment is Rs.X We know that, COMPOUNDED amount, A = P[1 + r/100]n Here A = Amount, P = Principal, r = Rate P = x/[1 + 25/100]1 P = 0.8x |
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| 30. |
If Simple interest on a certain sum of money for 3 years at 4% per annum is half the compound interest on Rs. 5000 for 2 years at 4% per annum. Then find the sum placed on simple interest.1). Rs. 16002). Rs. 15003). Rs. 14504). Rs. 1700 |
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Answer» ⇒ $(A\; = \;P{\left. {\left( {1\; + \;\frac{r}{{100}}} \right.} \right)^t})$ where P = principal r = rate of INTEREST t = time ⇒ A = 5000(1 + 4/100)2 On solving we get, ⇒ A = 5408 ⇒ CI = A - P = 5408 - 5000 = Rs. 408 ⇒ SI = CI/2 ⇒ Simple interest = 408/2 = Rs. 204 ⇒ SI = (p × R × T)/100 p = pricipal R = rate of interest T = time On solving we get ⇒ 204 = (p × 4 × 3)/100 ⇒ P = Rs. 1700 ∴ Principal amount is Rs. 1700 |
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| 31. |
1). Rs. 98200.1852). Rs. 98234.9363). Rs. 93234.2404). Rs. 98333.366 |
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Answer» Here we will use the usual METHOD of computing interest rates. AMOUNT = 72000{1 + (8/100)}{1 + (9/100) }{1 + (10/100) } On computing we will get the amount Rs. 93234.240. |
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| 32. |
In how many months will Rs. 8,000 yield Rs. 2,648 as compound interest at 20% per annum compounded semi-annually?1). 182). 243). 124). 30 |
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Answer» Let n be NUMBER of half years Amount = 8000 + 2648 = 10648 From the problem statement ⇒ 10648 = 8000(1 + 0.2/2)n ⇒ 1.331 = (1.1)n ⇒ n = 3 ∴ 3 half year MEANS 18 months. |
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| 33. |
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?1). 82). 93). 104). 7 |
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Answer» Simple interest for 3rd year, the duration is only 1 year Let the rate of interest be 100r ⇒ Simple interest = (PRINCIPAL × rate × 1)/100 ⇒ 1750 = Principal × r----(1) Also, ⇒ Compound interest = Principal × [(1 + Rate/100)TIME - 1] ⇒ 3622.5 = Principal × [(1 + r)2 - 1] ⇒ 3622.5 = Principal × [r2 + 2r] ⇒ 3622.5 = Principal × r × (r + 2)----(2) Dividing equation (2) by (1), we GET, ⇒ 3622.5/1750 = r + 2 ⇒ r = 0.07 ∴ Rate = 100r = 7% |
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| 34. |
At what rate of compound interest per annum will a sum of Rs. 2000 becomes Rs. 2508.8 in 2 years?1). 24 percent2). 8 percent3). 12 percent4). 16 percent |
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Answer» The formula for amount payable at annual compound interest, INCLUDING principal sum, is: $(A = P{\left( {1 + \frac{r}{{100 \times N}}} \right)^{nt}})$ Where: A = Amount P = the principal INVESTMENT amount (the initial deposit or loan amount) r = the annual interest rate (decimal) n = the NUMBER of times that interest is compounded PER year t = the number of years the money is invested or borrowed for Here n = 1 Let the rate be r% 2508.8 = 2000 (1 + r/100)2 r = 12% |
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| 35. |
At what rate of compound interest per annum will a sum of Rs 10000 become Rs 12321 in 2 years?1). 22 percent2). 11 percent3). 7 percent4). 15 percent |
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Answer» A = P[1 + (R/100)]n, where A = AMOUNT after ADDING compound Interest, R = rate of interest and n = NUMBER of years ⇒ (111/100)2 = [1 + (R/100)]2 ⇒ [1 + (11/100)]2 = [1 + (R/100)]2 ⇒ R = 11% ∴ Rate of compound interest = 11% |
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| 36. |
Rs. 1800 is invested at 4% per annum simple interest. If the interest is added to the principal after every 5 yr, the amount will become Rs. 2448 after?1). 14 yr2). 7 yr3). 18 yr4). \(8\frac{1}{3}\) yr |
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Answer» <P>Rs. 1800 is INVESTED at 4% per annum simple interest. The interest is added to the PRINCIPAL after every 5yr. Formula of Simple interest = (P × R × T)/100 where P is the principal, R is the RATE of interest and T is the TIME period. So, the simple interest in 5 years = Rs. 1800 × 5 × (4/100) = Rs. 360. New principal amount = Rs. 1800 + 360 = Rs. 2160 So, the interest in next duration = Rs. 2448 - 2160 = Rs. 288 Let the x years needed to have interest Rs. 288. Now we can write, 2160 × x × (4/100) = 288 ⇒ x = 28800/8640 ⇒ x = 10/3 ∴ The total years needed = 5 + (10/3) = 25/3 = $(8\frac{1}{3})$ |
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| 37. |
Compound interest on a certain sum for 2 years at the rate of 11% per annum is Rs. 1160.5. What will be the simple interest (in Rs) for the same amount at the same rate of interest for 2 years?1). 90002). 10003). 11004). 1050 |
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Answer» Let the principle be P. Compounded AMOUNT = P{1 + (11/100)}2 = 1.2321P Compound interest = 1.2321P – P = 0.2321P According to the question, ⇒ 0.2321P = 1160.5 ⇒ P = 5000 Now, ∴ Simple interest = (5000 × 11 × 2) /100 = 1100 |
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| 38. |
Rahul borrowed a certain sum from Dhawan at a certain rate of simple interest for 2 years. He lent this sum to Ramesh at the same rate of interest compounded annually for the same period. At the end of two years. he received Rs. 4200 as compound interest but paid Rs. 4000 only as simple interest. Find the rate of interest.1). 12%2). 25%3). 35%4). 10% |
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Answer» Let ‘x’ be the amount Rahul borrowed ∴ Interest paid by Rahul after 2 years = (x × 2 × R) ∴ According to the given condition, ⇒ 2xr = 4000 Interest to be paid by Ramesh According to the given conditions, $(x \times \left( {1 + 2r + {r^2} - 1} \right) = 4200)$ $(\therefore xr \times \left( {r + 2} \right) = 4200)$----(2) From equations (1) and (2) we GET. (r + 2) = 4200/2000 ∴ r = 0.1 ∴ The rate of interest is 10% |
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| 39. |
1). 24,3202). 24,6003). 24,6204). 24,640 |
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Answer» Here, For the FIRST YEAR: Principal, p = RS. 20000; time period, t = 1 year; r = 10% ∴ Amount at the END of first year = p + prt/100 = 20000 + (20000 × 10 × 1)/100 = Rs. 22000 This will be principal amount for the second year, where r = 12% ∴ Amount at the end of second year = p + prt/100 = 22000 + (22000 × 12 × 1)/100 = Rs. 24640 |
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| 40. |
The difference between the compound interest and simple interest on Rs. 10,000 for 2 years is Rs. 25. The rate of interest per annum is1). 5%2). 7%3). 10%4). 12% |
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Answer» GIVEN, PRINCIPAL P = RS. 10,000 and Time period, T= 2 years Let the rate of INTEREST per annum be R%. Formula used: Simple interest, S.I = P × R × T Compound interest, C.I = P × [(1 + R)T - 1] ∴ S.I = 10000 × R × 2 = Rs. 20000R And, C.I = 10000 × [(1 + R)2 – 1] = Rs. (10000R2 + 20000R) Given that, C.I – S.I = Rs. 25 ∴ (10000R2 + 20000R) – 20000R = 25 ⇒ R2 = 0.0025 ⇒ R = 0.05 ∴ R% = 0.05 × 100= 5% Hence, the rate of interest per annum is 5%. |
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| 41. |
1). Rs. 19,0002). Rs. 29,0003). Rs. 39,0004). Rs. 49,000 |
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Answer» GIVEN that principal P = Rs. 49,780 Rate R = 7% ⇒ Value of each INSTALLMENT = $(\FRAC{P}{{\left( {\frac{{100}}{{100\; + \;R}}} \right)\; + \;{{(\frac{{100}}{{100\; + \;R}})}^2}\; + \;{{\left( {\frac{{100}}{{100\; + \;R}}} \right)}^3}}}\; = \;\frac{{49,780}}{{\left( {\frac{{100}}{{100\; + \;7}}} \right)\; + \;{{(\frac{{100}}{{100\; + \;7}})}^2}\; + \;{{\left( {\frac{{100}}{{100\; + \;7}}} \right)}^3}}})$ = 49,780/2.62 = Rs. 19,000 |
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| 42. |
Product of digits of a 2-digit number is 18. If we add 63 to the number, the new number obtained is a number formed by interchange of the digits. Find the number.1). 922). 293). 364). 63 |
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Answer» Let the number be xy x × y = 18----(1) ⇒ 10X + y + 63 = 10y + x ⇒ 9x + 63 = 9y x + 7 = y----(2) From (1) and (2) we get ⇒ x(x + 7) = 18 ⇒ x2 + 7X – 18 = 0 (x + 9)(x – 2) = 0 ⇒ x = 2 as it can’t be negative ⇒ 2Y = 18 ⇒ y = 9 The number is 29 |
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| 43. |
A sum amounts to Rs 7727.104 at the rate of 12% per annum compounded annually after three years. What is the value of principal (in Rs)?1). 50002). 52003). 53504). 5500 |
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Answer» ⇒ A = P(1 + r/100n)nt ⇒ 7727.104 = P(1 + 12/100)3 ⇒ P = 7727.104/(1 + 12/100)3 ⇒ P = 7727.104/(1.12)3 ∴ P = RS. 5500 |
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| 44. |
A man borrowed a certain sum of money for 8 years. If the simple interest on the sum after 3 years is Rs. 840, how much simple interest he had to pay after 8 years?1). Rs. 16802). Rs. 22403). Rs. 36604). Rs. 4200 |
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Answer» <P>? SIMPLE INTEREST = (Principal × Rate × Time)/100 Let the principal and the rate be Rs. P and R% respectively Simple interest after 3 years = 3PR/100 = 840 ⇒ PR/100 = 840/3 = 280 ∴ Simple interest after 8 years = 8PR/100 = 8 × 280 = Rs. 2240 |
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| 45. |
If a sum of money compounded annually comes 1.96 times of itself in 2 years, then the rate of interest per annum is1). 42%2). 30%3). 14%4). 40% |
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Answer» We KNOW that, Compounded amount, $(A\; = \;P{\left[ {1 + \FRAC{r}{{100}}} \right]^t})$ Where, P = Principal amount, r = % rate of interest, t = time in years Given, a sum of money compounded annually comes 1.96 times of itself in 2 years $(P{\left[ {1 + \frac{r}{{100}}} \right]^2} = 1.96\;P)$ $(\RIGHTARROW {\left[ {1 + \frac{r}{{100}}} \right]^2} = 1.96)$ $(\Rightarrow \frac{{100\; + \;r}}{{100}}\; = \;1.4)$ ⇒ 100 + r = 140 ⇒ r = 40 |
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| 46. |
A man borrows Rs. 5000 at 10% simple rate of interest. He pays back Rs. 1500 at the end of each year to clear his debt. The amount that he should pay to clear all his dues at the end of third year is1). Rs. 20002). Rs. 29003). Rs. 30604). Rs. 3190 |
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Answer» <P>We KNOW the formula for simple interest - $(\Rightarrow \;S.I.\; = \frac{{P\; \times \;R\; \times \;T}}{{100}})$ SI = Simple interest P = Principal R = Rate of interest T = Time period P = Rs. 5000 Amount at the end of first year = 5000+(5000 × 10 × 1)/100 = Rs. 5500 Amount he paid back = Rs. 1500 For the second year: P = 5500 – 1500 = Rs. 4000 Amount = 4000+(4000 × 10 × 1)/100 = Rs. 4400 For the third year P = 4400 – 1500 = Rs. 2900 Amount payable at the end of third year = 2900+(2900 × 10 × 1)/100 = Rs. 3190 |
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| 47. |
A sum of money becomes eight times in 3 years, if the rate is compounded annually. In how much time will the same amount at the same compound rate become sixteen times ?1). 6 years2). 4 years3). 8 years4). 5 years |
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Answer» Formula for compound INTEREST:- $(A = P{\left( {1 + \FRAC{R}{{100}}} \right)^T})$, CI = A – P Where CI is compound interest, A is amount, P is principal, R is rate, T is time Given, Sum of money BECOMES 8 times in 3 years. ∴ A = 8P $(\Rightarrow 8{\rm{P}} = P{\left( {1 + \frac{R}{{100}}} \right)^3})$ $(\Rightarrow {\rm{\;}}8 = {\left( {1 + \frac{R}{{100}}} \right)^3})$ $(\Rightarrow {2^3} = {\left( {1 + \frac{R}{{100}}} \right)^3})$ ⇒ 2 = 1 + R/100 ⇒ R = 100 % Let the time be T in which sum of money becomes 16 times of itself. ∴ A = 16P $(\Rightarrow 16{\rm{P\;}} = P{\left( {1 + \frac{R}{{100}}} \right)^T})$ $(\Rightarrow 16{\rm{\;}} = {\left( {1 + \frac{{100}}{{100}}} \right)^T})$ ⇒ 24 = 2T By property of indices ; ab = ac, ⇒ b = c ⇒ T = 4 years |
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| 48. |
A sum of money becomes 77/50 of itself in 18/5 years when invested at simple interest. What is the rate (in percentage) of interest per annum?1). 202). 183). 124). 15 |
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Answer» Let money is Rs. P and RATE is R%. S.I. = Amount - Money = 77P/50 - P = 27P/50 ⇒ 27P/50 = (P × R × 18)/(100 × 5) ∴ R = 30/2 = 15% |
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| 49. |
The compound interest on a certain sum for 2 years is Rs. 900 and the simple interest is Rs. 800. The difference between compound and simple interest for 3 years is?1). Rs. 4002). Rs. 5003). Rs. 7754). Rs. 325 |
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Answer» The difference between C.I. and S.I. for 2 YEARS = S.I. on the INTEREST of first year ⇒ S.I. for first year = RS. 400 ⇒ The S.I. on interest of first year = C.I. – S.I. = 900 – 800 = Rs. 100 ⇒ Interest on Rs.400 for 1 year = Rs. 100 ⇒ Interest on Rs.100 for 1 year = x ⇒ i.e, x = [(100 × 100)/400] = Rs. 25 ⇒ Thus the rate of interest = 25% $(\Rightarrow {\rm{Principal\;AMOUNT}} = {\rm{}}\frac{{\left( {100 \times {\rm{S}}.{\rm{I}}} \right){\rm{\;}}}}{{RT}})$ ⇒ Principal amount = (100 × 800)/(2 × 25) ⇒ Principal amount = Rs. 1600 ⇒ S.I. for 3 years = (1600 × 3 × 25)/100 ⇒ S.I. for 3 years = Rs. 1200 ⇒ C.I. for 3 years = 1600[(1 + 0.25) 3 – 1] ⇒ C.I. for 3 years = Rs. 1525 ⇒ Difference between C.I. and S.I. for 3 years = 1525 – 1200 = Rs. 325 ∴ Difference between C.I. and S.I. for 3 years = Rs. 325 |
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| 50. |
1). 2.872). 3.873). 3.784). 2.78 |
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Answer» <P>Let principal be P and RATE be r ⇒ TIME = r ⇒ r2 = 100/7 ⇒ r = 3.78% ∴ The rate percentage is 3.78% |
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