Question : A money lender lends Rs. 400 for 3 years to a person and lends Rs. 500 for 4 years to another person at the same rate of simple interest. If he receives Rs.160 as interest, what is the rate of interest per annum?
Option 1: 5%
Option 2: 7%
Option 3: 9%
Option 4: 10%
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: 5%
Solution : Let the rate of interest per annum be $r$%. We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$ Here the interest for Rs. 400 for 3 years at $r$% rate is = $\frac{400×r×3}{100} = 12r$ and the interest for Rs. 500 for 4 years at r% rate is = $\frac{500×r×4}{100} = 20r$ So, $(12r+20r) = 160$ $\therefore r = \frac{160}{32} = 5\%$ Hence, the rate of interest per annum is 5%.
Candidates can download this ebook to know all about SSC CGL.
Answer Key | Eligibility | Application | Selection Process | Preparation Tips | Result | Admit Card
Question : A person borrowed some money at simple interest. After 4 years, he returned $\frac{9}{5}$th of the money to the lender. What was the rate of interest?
Question : If a sum of money becomes Rs. 4000 in 2 years and Rs. 5500 in 4 years and 6 months, at the same rate of simple interest per annum, the rate of simple interest is:
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 : A sum of money at simple interest amounts to Rs. 6,000 in 4 years and to Rs. 6,750 in 7 years at the same rate percent per annum of interest. The sum (in Rs.) is:
Question : A sum becomes Rs.15,500 in 7 years on simple interest at the rate of 30 percent per annum. What is the total interest for the 7 years?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile