Question : On a sum of money for 2 years compound interest and simple interest are INR 550 and INR 500. Find the rate of interest (per annum).
Option 1: 40%
Option 2: 10%
Option 3: 20%
Option 4: 30%
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: 20%
Solution : Given: On a sum of money for 2 years compound interest and simple interest are INR 550 and INR 500. From the given information we can conclude that, The interest of INR $\frac{500}{2}$ i.e., INR 250 in 1 year is INR (550 – 500) = INR 50. So, the rate of interest per annum = $\frac{\text{100×Interest}}{\text{P×T}}$ = $\frac{100×50}{250×1}$ = 20% Hence, the correct answer is 20%.
Candidates can download this e-book to give a boost to thier preparation.
Result | Eligibility | Application | Admit Card | Answer Key | Preparation Tips | Cutoff
Question : The simple interest on a sum of money in 6 years at the rate of 15% per annum is INR 1,440 less than the simple interest accrued on the same sum in 9 years at 18% per annum. What is the sum of money (in INR)?
Question : The difference between the simple and compound interest on a certain sum of money at an $8\%$ rate of interest per annum for two years is INR 56. Find the sum.
Question : If the difference between the compound interest and simple interest on a certain sum of money for 3 years at the rate of 4% per annum is INR 76, then what is the sum?
Question : Compound interest on a certain sum of money invested for 1.5 years at the rate of 10% per annum, compounded half-yearly is INR 5,044. What is the sum?
Question : The simple interest on a certain sum for 3 years at 8% per annum is INR 9120 less than the simple interest on the same sum for 7 years at 8% per annum. Find the sum.
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile