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?
Option 1: Rs. 12,200
Option 2: Rs. 1,47,000
Option 3: Rs. 10,500
Option 4: Rs. 11,500
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. 10,500
Solution : Given, Sum= Rs. 15500 Rate of interest (r) = 30% per annum Time (t) = 7 years Let the principal be P. ⇒ [P + (simple interest)] = sum ⇒ [P + $\frac{\text{Prt}}{100}$] = sum ⇒ [P + $\frac{\text{P} × 30 × 7}{100}$] = 15500 ⇒ [P + $\frac{\text{P} × 210}{100}$] = 15500 ⇒ [P + $\frac{\text{21P}}{10}$] = 15500 ⇒ $\frac{31\text{P}}{10}$ = 15500 ⇒ P = $15500 × \frac{10}{31}$ ⇒ P = 5000 Simple interest = 15500 – 5000 = Rs. 10500 Hence, the correct answer is Rs. 10500.
Candidates can download this ebook to know all about SSC CGL.
Answer Key | Eligibility | Application | Selection Process | Preparation Tips | Result | Admit Card
Question : The compound interest on a certain sum for 2 years at 10% per annum is Rs. 525. The simple interest on the same sum for double the time at half the rate percent per annum is:
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 : 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 : 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.)?
Question : The simple interest on Rs. 800 for 6 years at 5.5% per annum is equal to the simple interest on Rs. 600 at 4% per annum for a certain period. The period is:
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile