Question : What annual instalment(in INR approx.) will discharge a debt of INR 9,429 due in three years at 12.25% simple interest per annum? [Note: Instalments will be paid at the end of Year 1, Year 2 and Year 3.]
Option 1: 2,840
Option 2: 2,800
Option 3: 2,700
Option 4: 2,760
Correct Answer: 2,800
Solution : Let the required annual instalment be INR $x$. The calculated equation for the first year is equal to the sum of instalment and interest of the remaining two years as follows: ⇒ [$x + \frac{x × 12.5 × 2}{100}$] The calculated equation for the second year is equal to the sum of instalment and interest of the remaining year is as follows: ⇒ [$x + \frac{x × 12.5 × 1}{100}$] The calculated equation for the third year is equal to the instalment only as no other year remains is $x$. Now, $[x + \frac{\text{$x$ × 12.5 × 2}}{100}] + [x + \frac{\text{$x$ × 12.5 × 1}}{100}]$$+ x = 9429$ ⇒ $[3x + \frac{\text{$25x$}}{100} + \frac{\text{$12.5x$}}{100}] = 9429$ ⇒ $\frac{\text{$337.5x$}}{100} = 9429$ ⇒ $x = 2793.78 \approx 2800$ Hence, the correct answer is INR 2,800.
Result | Eligibility | Application | Selection Process | Cutoff | Admit Card | Preparation Tips
Question : A certain sum (in INR) is invested at simple interest at y% per annum for $3 \frac{1}{2}$ years. Had it been invested at (y + 4)% per annum at simple interest, it would have fetched INR 4,452 more as interest. What is the sum?
Question : A loan of Rs. 12300 at 5% per annum Compound Interest be repaid in two equal annual instalments at the end of every year. Find the amount of each instalment.
Question : A, B and C started a business. A invested $33 \frac{1}{3}$% of the total capital, B invest $33 \frac{1}{3}$% of the remaining capital and C, the remaining. If the total profit, at the end of a year, was INR 20,250, then the profit of C exceeds the profit of B by:
Question : A person invested a sum of INR 10,500 at $x$% per annum at simple interest and a sum of INR 13,500 at $(x + 2)$% p.a. at simple interest. If the total interest earned on both investments for 3 years is INR 7,650, then the rate of interest on the first investment is:
Question : What is the Simple Interest on Rs. 5,400 in 5 years at the rate of 12% per annum?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile