Question : A man borrowed some money and agreed to pay it off by paying Rs. 3,150 at the end of the 1st year and Rs. 4,410 at the end of 2nd year. If the rate of Compound interest is 5% per annum, then the sum is:
Option 1: Rs. 5,000
Option 2: Rs. 6,500
Option 3: Rs. 7,000
Option 4: Rs. 9,200
Latest: SSC CGL preparation tips to crack the exam
Don't Miss: SSC CGL complete guide
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: Rs. 7,000
Solution : Given: $A$ = Rs. 4,410, $R$ = 5% and $t$ = 2 years We know that $A=P(1+\frac{R}{100})^{t}$ ⇒ $4410=P(1+\frac{5}{100})^{2}$ ⇒ $4410=P×\frac{21}{20}×\frac{21}{20}$ ⇒ $P=4410×\frac{20}{21}×\frac{20}{21}$ ⇒ $P=4000$ Again, A = Rs. 3150, R = 5% and t = 1 year ⇒ $3150=P(1+\frac{5}{100})^{1}$ ⇒ $3150=P×\frac{21}{20}$ ⇒ $P=3150×\frac{20}{21}$ ⇒ $P=3000$ $\therefore$ Total sum = 4000 + 3000 = 7000 Hence, the correct answer is Rs. 7,000.
Candidates can download this ebook to know all about SSC CGL.
Answer Key | Eligibility | Application | Selection Process | Preparation Tips | Result | Admit Card
Question : A man borrowed some money from a private organisation at 5% simple interest per annum. He lent this money to another person at 10% compound interest per annum and made a profit of Rs. 26,410 in 4 years, the man borrowed:
Question : If the difference between the compound interest and simple interest on a sum of money for 3 years is Rs. 186, find the sum of money, if the interest rate in both cases is 10%.
Question : The Principal that yields a Compound Interest of Rs. 420 in the second year at 5% per annum is:
Question : The difference between simple and compound Interest compounded annually on a certain sum of money for 2 years at 4% per annum is Rs. 8. The sum is:
Question : Rohan borrowed a certain sum of money at simple interest. The rate of interest was 3% per annum for the first 3 years, 4% per annum for the next 5 years and 6% per annum for the next 7 years. If he paid Rs. 2,059 as interest, then what is the sum borrowed (in Rs.)?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile