Question : At a certain rate of simple interest per annum, a certain sum amounts to INR 24,000 in 7 years and to INR 32,000 in 12 years. What is the rate of simple interest paid per annum?
Option 1: 15%
Option 2: 25%
Option 3: 12.5%
Option 4: 20%
New: SSC MTS 2024 Application Form OUT; Direct Link
Don't Miss: Month-wise Current Affairs | Upcoming Government Exams
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: 12.5%
Solution : Given: At a certain rate of simple interest per annum, a certain sum amounts to INR 24,000 in 7 years and to INR 32,000 in 12 years. So, simple interest of 5 years = INR 32000 – INR 24000 = INR 8,000 $\therefore$ Simple interest of 1 year = $\frac{ 8000}{5}$ = INR 1,600 ⇒ Simple interest of 7 years = 1600 × 7 = INR 11,200 Principal = The amount in 7 years – The simple interest of 7 years = 24000 – 11200 = INR 12,800 We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$ ⇒ $11200=\frac{12800\times \text{Rate}\times 7}{100}$ ⇒ Rate $=\frac{11200\times 100}{12800\times 7}=12.5\%$ Hence, the correct answer is 12.5%.
Application | Cutoff | Selection Process | Preparation Tips | Eligibility | Exam Pattern | Admit Card
Question : A certain sum of money amounts to $\frac{3}{2}$ of itself in 2 years applying simple interest. Find the rate of simple interest per annum.
Question : On a certain sum of money, the simple interest for 2 years is INR 150 at the rate of 10% per annum. What is the difference between compound interest and simple interest for 2 years if, in the case of compound interest, interest is compounded annually at the rate of 10% per
Question : A sum of money, invested at a certain rate of simple interest per annum, amounts to INR 720 in 4 years and to INR 800 in 5 years. The sum invested is:
Question : The difference between the compound interest and the simple interest on an amount of INR 1,500 for 2 years, at a given rate of interest per annum, is INR 60. What is the rate of interest per annum, if in the case of compound interest, the interest is compounded annually?
Question : The simple interest on a certain sum of money for 2 years at 7% per annum is double the compound interest on INR 1,000 for 2 years at 10% per annum, compounded annually. What is the sum placed on simple interest?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile