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Simple Interest Test 10
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Simple Interest Test 10
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  • Question 1/18
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    A certain sum of money amounts to rupees 2900 at 4% per annum in 4 years. In how many years will it amount to rupees 5000 at the same rate?

    Solutions

    Explanation :

    2900 = p + p*(4/100)*4, p = 2500

    5000 = 2500 + 2500*(4/100)*t

     

  • Question 2/18
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    A sum of money becomes four times at simple interest rate of 5%. At what rate it becomes seven times.

    Solutions

    Explanation :

    3p = p*(5/100)*t, t = 60

    6p = p*(r/100)*60

     

  • Question 3/18
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    Arya borrows rupees 6000 from a bank at SI. After 4 years she paid Rs 2500 to the bank and at the end of 5 years from the date of borrowing he paid Rs 4560 to settle the account. Find the rate of interest (approx)

    Solutions

    Explanation :

    Total interest she paid = 6000*(r/100)*4 + 3500*(r/100)*1 = 275r

    total interest = 2500 + 4560 – 6000 = 1060

    so 1060 = 275r, r = 3.85% approx

     

  • Question 4/18
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    A sum of rupees 4800 is lent out in two parts in such a way that the interest on one part at 10% for 4 years is equal to that on another part at 8% for 7 years. Find the two sums.

    Solutions

    Explanation :

    Let first part is A then second will be 4800 – A

    A*(10/100)*4 = (4800 – A)*(8/100)*7

     

  • Question 5/18
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    The simple interest on a sum of money will be rupees 400 after 5 years. In the next 5 years the principal is doubled, what will be the total interest at the end of the 10th year

    Solutions

    Explanation :

    400 = p*(r/100)*5, pr = 8000

    SI = 2p*(r/100)*5 = pr/10 = 8000/10 = 800

    Total interest = 400 + 800 = 1200

     

  • Question 6/18
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    What annual instalment will discharge a debt of rupees 1060 due in 4 years at 4 % simple interest?

    Solutions

    Explanation :

    Let each instalment be P,

    [P + P*(4/100)*3] + [P + P*(4/100)*2] + [P + P*(4/100)*1] + P = 1060

     

  • Question 7/18
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    Anil borrowed some money at the rate of 5 percent per annum for the first 2 years, 3 percent for the next 4 years and 4 percent per annum beyond 6 years. If the total interest paid by him at the end of 9 years is rupees 3400, how much money did anil borrow.

    Solutions

    Explanation :

    3400 = p*(5/100)*2 + p*(3/100)*4 + p*(4/100)*3 = 3400

     

  • Question 8/18
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    Saroj invested 20000 rupee in fixed deposit at the rate of 10% simple interest. After every 3 rd year he added interest to principal. Find the interest earned at the end of 6th year.

    Solutions

    Explanation :

    For the first 3 years SI will be = 20000*10/100*3 = 6000

    Now he add 6000 to the principal i.e = 20000+6000 = 26000

    Now interest earned at end of 6th year = 26000*10/100*3 = 7800

     

  • Question 9/18
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    A person makes a fixed deposit of Rs. 20000 in Bank of India for 3 years. If the rate of interest be 13% SI per annum charged half yearly. What amount will he get after 42 months?

    Solutions

    Explanation:

    R=13%, T= 42 months

    For half year

    R=13/2, T= (42/12)*2= 7 half-years

    SI= (20000*7*6.5/100) = 9100

    A= P+SI = 20000+9100=29100

     

  • Question 10/18
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    Rakesh invests Rs 12000 as fixed deposit at a bank at the rate of 10% per annum SI. But due to some pressing needs he has to withdraw the entire money after 3 years,  for which the bank allowed him a lower rate of interest. If he gets Rs 3320 less than what he would have got at the end of 5 years, the rate of interest allowed by the bank is.

    Solutions

    Explanation:

    P=12000, T1=10 years, T2=3 years, R1=10%, R2=?

    [(12000*10*5)/100 – (12000*R2*3)/100] = 3320

    => 50-3R2 = 83/3

    => R2 = 67/9%

     

  • Question 11/18
    1 / -0

    Ankita borrowed some money from at the rate of 6% per annum for the first 3 year, @ the rate of 9% per annum for the next 5 year and @ the rate of 13% per annum for the period beyond 8 year. If she pays a total interest of Rs.8160 at the end of 11 year. How much money did she borrow?

    Solutions

    Explanation:

    T1=3, T2=5, T3= Period beyond 8 year, so T3= total years-8 = 11-8 =3

    Let the amount borrowed = P

    [(P*6*3)/100 (P*9*5)/100 (P*13*3)/100] = 8160

    [102P/100] = 8160

    P=8000

     

  • Question 12/18
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    A father left a will of Rs.35 lakhs between his two sons aged 8.5 and 16 such that they may get equal amounts when each of them reach the age of 21 years. The original amount of Rs.35 lakhs has been instructed to be invested at 10% p.a. SI. How much did the elder son get at the time of the will?

    Solutions

    Explanation:

    Let x be the amount of elder son at the time of will & Younger son’s amount at the time of will (350000 -x)

    For elder son, T= 21-16=5

    For younger son, T=21-8.5= 12.5

    Amount Should be equal so,

    x + [(x*10*5)/100] = (3500000-x) + [((3500000-x)*10*12.5)/100] => 5x/3 = 3500000

    x=2100000

     

  • Question 13/18
    1 / -0

    A portion of Rs.6600 is invested at a 5% per annum, while the remainder is invested at a 3% per annum. If the annual income from the portion earning a 5% per annum is twice that of the other portion, what is the total income from the two investments after one year?

    Solutions

    Explanation:

    5x + 3y = z (Total Income)

    x + y = 6600 -(1)

    5x= 2(3y)

    5x – 6y = 0 -(2)

    By solving (1) and (2) we get, x = 3600 so y = 3000

    (3600*5*1)/100 + (3000*3*1)/100 = 180 + 90 = 270

     

  • Question 14/18
    1 / -0

    Simple Interest for the sum of Rs.1230 for two year is Rs.10 more than the SI for Rs.1130 for the same duration. Find the Rate of Interest?

    Solutions

    Explanation:

    (1230*2*R)/100 – (1130*2*R)/100 = 10

    R=5%

     

  • Question 15/18
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    Arvind borrowed Rs.800 at 6% per annum and Deepak borrowed Rs.600 @ 10% per annum. After how much time, will they both have equal debts?

    Solutions

    Explanation:

    800+(800*6*T)/100 = 600+(600*10*T)/100

    T=50/3 yr

     

  • Question 16/18
    1 / -0

    The Principal on which a simple interest of Rs.55 will be obtained after 9 months at the rate of 11/3% per annum is ___________.

    Solutions

    Explanation:

    SI =PRT/100

    P = 100*55/(11/3)*(9/12)

    P = 100*55*4/11

    P = 2000

     

  • Question 17/18
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    The rate of Simple Interest in UBI & BOI are in the ratio of 5:4. Mr.Naveen wants to deposit his total savings in two banks in such a way that he receive equal half-yearly interest from both banks.He should deposit in both banks UBI & BOI in the ratio of.

    Solutions

    Explanation:

    R1 =5x R2=4x T1=T2=1/2 yr

    [P1*5x*(1/2)]/100 = [P2*4x*(1/2)]/100

    P1:P2 = 4:5

     

  • Question 18/18
    1 / -0

    A sum becomes 3 times in 5 year at a certain rate of interest. Find the time in which the same amount will be eight times at the same rate of interest?

    Solutions

    Explanation:

    T=5, SI = 3P-P =2P

    2P = P*R*5/100

    R = 40%

    For another time

    SI = 8P-P =7P

    7P = P*40*T/100

    T=35/2

     

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