1. A four years NSC certificate was purchased for Rs. 500 with Rs. 1000 being the maturity value. Find the rate of S.I.

1. 24%

2. 22%

3. 16%

4. 25%

Answer & Explanation

Answer:- 4

Explanation :-

P = Rs. 500 SI = Rs.500 T = 4

R = (SI * 100)/PT = (500*100)/(500*4)

R = 25%

2. If simple interest on a certain sum of money for 8 years at 4% per annum is same as the simple interest on Rs. 560 for 8 years at the rate of 12% per annum then the sum of money is

1. Rs.1820

2. Rs.1040

3. Rs.1120

4. Rs.1680

Answer & Explanation

Answer:- 4

Explanation :-

Lets suppose the sum of money be x.

Therefore, [(x*4*8)/100] = [(560*12*8)/100]

=> x*4*8 = 560*12*8

=>x = Rs. 1680

3. If a sum of money trebles itself in 40 years,what is the rate of interest?

1. 5%

2. 6%

3. 4%

4. None of these

Answer & Explanation

Answer:- 1

Explanation :-

Let the sum of money be x and rate of interest be R%

SI = 3x – x = 2x

2x = (x*R*40)/100

R = (2x * 10)/(x * 4)

R = 5%

4. Ruby invested an amount of Rs. 5,800 for 2 years. At what rate of compound interest will she get an amount of Rs. 6394.5 at the end of two years ?

1. 5 p.c.p.a.

2. 4 p.c.p.a.

3. 6 p.c.p.a.

4. 8 p.c.p.a.

5. None of these

Answer & Explanation

Answer:- 1

Explanation :-

Compound Interest in 2 years = 6394.5 – 5800 = 594.5

A = P (1+R/100)^T

6394.5 = 5800(1+R/100)^2

(63945/58000) = (1+R/100)^2

(12789/11600)= (1+R/100)^2

R= 5%

5. A lent Rs 5000 to B for 2 years and Rs 3000 to C for 4 years on simple interest at the same rate of interest and received Rs 2200 in all from both of them as interest. The rate of interest is

1. 5%

2. 7%

3. 8%

4. 9%

5. None of these

Answer & Explanation

Answer :- 5

Explanation :-

Let the rate be R% p.a

Therefore, [(5000*R*2)/100] + [(3000*R*4)/100] =2200

100R +120R = 2200

R = 10%

6. How much will be the compound interest to be paid on a principal amount of Rs 85,000/- after 3 years at the rate of 6 p.c.p.a?1. Rs 16623.36/-

2. Rs 16236.36/-

3. Rs 16326.36/-

4. Rs 16632.36/-

5. None of these

Answer & Explanation

Answer :- 2

Explanation :-

Amount= P (1+R/100)^T

A = 85000(1+ (6/100))^3

=>85000*(53/50)*(53/50)*(53/50)

=>2530909/25

Amount= 101236.36 Rs.

So, C.I = 101236.36 – 85000

= 16236.36