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Simple Interest

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Thursday, March 21, 2024

Simple interest on a certain sum at a certain annual rate of interest is 16% of the sum. If the numbers representing rate percent and time in years be equal, then the rate of interest is

March 21, 2024 |

General Aptitude, INSURANCE EXAMS (LIC) 2013, Simple Interest, Solved

Simple interest on a certain sum at a certain annual rate of interest is 16% of the sum. If the numbers representing rate percent and time in years be equal, then the rate of interest is

A

$\text{4%}$

B

$\text{6%}$

C

$\text{4.5%}$

D

$\text{6.5%}$

upendra undefined

Correct answer is: $\text{4%}$

Explanation:

Simple interest on a certain sum at a certain annual rate of interest is 16% of the sum. If the numbers representing rate percent and time in years be equal, then the rate of interest is:

$\text{Given: Simple interest } (SI) = 16\% \text{ of the sum}$

$SI = \frac{P \times R \times T}{100}$

$\frac{16P}{100} = \frac{P \times R \times R}{100}$

$16 = R^2$

$R = \sqrt{16}$

$R = 4$

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A sum of money at simple interest amounts to Rs. 14,160 in 3 years. If the rate of interest is increased to 25%, the same sum amounts to Rs. 14,700 in the same time. The rate of interest is 5% $5 \frac{1}{2}$ 6% 7%

March 21, 2024 |

General Aptitude, INSURANCE EXAMS (New India Assurance) 2011, Simple Interest, Solved

A sum of money at simple interest amounts to Rs. 14,160 in 3 years. If the rate of interest is increased to 25%, the same sum amounts to Rs. 14,700 in the same time. The rate of interest is

A

$\text{5%}$

B

$5 \frac{1}{2}$

C

$\text{6%}$

D

$\text{7%}$

upendra undefined

Correct answer is: 6%

Explanation:

$\Large P+\frac{Pr \times 3}{100} = 14160$

$\Large P + P \times \frac{5r}{400} \times 3 = 14700$

$\left[ Rate\ of\ Int. = r + \frac{25}{100} r \right]$

(By Ii) and (ii)

$\Large P + \frac{5}{4} \left(14160-P\right)$

$=> 4P + 70800 - 5P = 58800$

$=> P = 70800 - 58800 - 12000$

$\text{Therefore, From equation (i),}$

$\Large 12000+\frac{12000 \times r \times 3}{100}$

$\Large 120 \times 3 \times r = 14160 - 12000 = 2160$

$=> \Large r = \frac{2160}{120 \times 3}$

$r = 6 \text{%}$

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Veena obtained an amount of Rs. 8,376 as simple interest on a certain amount at 8 p.c.p.a. after 6 years. What is the amount invested by Veena ?

March 21, 2024 |

BANK PO Exam (SBI) 2008, General Aptitude, Simple Interest, Solved

Veena obtained an amount of Rs. 8,376 as simple interest on a certain amount at 8 p.c.p.a. after 6 years. What is the amount invested by Veena ?

ARs.17,180

BRs. 18,110

CRs. 16,660

DRs. 17,450

upendra undefined

Correct answer is: Rs. 17,450

Explanation:

$\eqalign{ & {\text{S}}{\text{.I}}{\text{.}} = {\text{Rs}}{\text{.8376}} \cr & {\text{R}} = 8\% \cr & {\text{T}} = {\text{6}}\,{\text{years}}. \cr & \therefore {\text{Sum}} = \cr & {\text{Rs}}{\text{.}}\left( {\frac{{100 \times 8376}}{{8 \times 6}}} \right) \cr & = {\text{Rs}}{\text{. }}17450 \cr}$

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A certain amount earns simple interest of Rs. 1,750/- after 7 years. Had the interest been 2% more, how much more interest would it have earned ?

March 21, 2024 |

BANK PO Exam (SBI) 2007, General Aptitude, Simple Interest, Solved

A certain amount earns simple interest of Rs. 1,750/- after 7 years. Had the interest been 2% more, how much more interest would it have earned ?

ARs. 35/-

BRs. 350/-

CRs. 245/-

DCannot be determined

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Rs. 800 becomes Rs. 956 in 3 years at certain simple rate of interest. If the rate of interest is increased by 4%, what amount will Rs. 800 become in 3 years ?

March 21, 2024 |

BANK PO Exam (SBI) 2006, General Aptitude, Simple Interest, Solved

Rs. 800 becomes Rs. 956 in 3 years at certain simple rate of interest. If the rate of interest is increased by 4%, what amount will Rs. 800 become in 3 years ?

ARs. 1020.8

BRs. 1025

CRs. 1025

DData inadequate

upendra undefined

Correct answer is: Rs. 1025

Explanation:

SI = 956 – 800 = 156 Rs.

$\therefore Rate = \frac{SI\times 100}{Prin.\times Time}$

$= \frac{156\times 100}{800\times 3} = 6.5\%\ per\ annum$

$\text{∴ New rate = 10.5% }$

$\therefore SI = \frac{PRT}{100}$

$\frac{800\times 3\times 10.5}{100} = 252\ Rs.$

$∴ Amount = 800 + 252 = 1052 Rs.$

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