Question : A certain amount of money was lent for 1 year 9 months at a rate of 10% per annum compounded annually. If the compound interest is INR 1,460, find the amount of money lent.
Option 1: INR 8,200
Option 2: INR 7,500
Option 3: INR 6,000
Option 4: INR 8,000
New: SSC CHSL tier 1 answer key 2024 out | SSC CHSL 2024 Notification PDF
Recommended: How to crack SSC CHSL | SSC CHSL exam guide
Don't Miss: Month-wise Current Affairs | Upcoming government exams
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: INR 8,000
Solution : Let the money lent be INR $P$. Rate of interest, $R$ = 10% per annum Time, $t$ = 1 year 9 months Compound interest = INR 1,460 $10\% \; \text {of} \;P + \frac{P\times 10\times 9}{100\times 12} + 10\% \; \text {of} \frac{ \;P\times 10\times 9}{100\times 12}=1460$ ⇒ $0.1P + 0.075P+0.0075P=1460$ ⇒ $0.1825P = 1460$ ⇒ $P =\frac{1460}{0.1825}=8000$ Hence, the correct answer is INR 8000.
Candidates can download this e-book to give a boost to thier preparation.
Result | Eligibility | Application | Admit Card | Answer Key | Preparation Tips | Cutoff
Question : What is the Compound interest on INR 25,000 for 3 years at 10% per annum compounded yearly?
Question : Radha deposited INR 1,60,000 at a 10% rate of Compound Interest per annum for two years. If the interest is compounded semi-annually, then what is the Compound Interest (in INR)?
Question : A money lender lent INR 30,000 in two parts, one at the rate of 8% and the other at 9%. If the total annual simple interest on the amount is 2650, then what is the amount of money lent at the rate of 8%?
Question : Rs. 6000 is lent at the rate of 20% per annum on compound interest (compounded half yearly). What will be the compound interest of 18 months?
Question : The difference between simple interest and compound interest on a certain amount at 9% per annum for two years is INR 162, what is the principal?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile