Question : A man borrows Rs. 4,000 from a bank at 10% per annum simple interest and clears the debt in three years. If the instalments paid at the end of the first, and second year to clear the debt are Rs. 1,500, and Rs. 2,500, respectively, what amount (in Rs.) should be paid at the end of the third year to clear the debt?
Option 1: 700
Option 2: 650
Option 3: 500
Option 4: 550
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Correct Answer: 650
Solution : For the first year, Principal, P = Rs. 4000 Rate, R = 10% Time, T = 1 year Simple interest = $\frac{\text{P} \times \text{R} \times \text{T}}{100}$ = $\frac{4000 \times 10 \times 1}{100}$ = Rs. 400 Remaining amount after the installment is paid = Rs. 4000 – Rs. 1500 = Rs. 2500 For the second year, Principal, P = Rs. 2500 Rate, R = 10% Time, T = 1 year Simple interest = $\frac{\text{P} \times \text{R} \times \text{T}}{100}$ = $\frac{2500 \times 10 \times 1}{100}$ = Rs. 250 Remaining amount after the installment is paid = Rs. 2500 – Rs. 2500 = Rs. 0 The amount left to be paid for the third year = Total simple interest in two years = Rs. 400 + Rs. 250 = Rs. 650 Hence, the correct answer is 650.
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Question : A person borrows Rs. 20000 at the rate of 6% per annum on simple interest for 3 years. He immediately lends it to another person at the rate of 8.5% per annum on simple interest for 3 years. What is the value of gain per year?
Option 1: Rs. 1500
Option 2: Rs. 500
Option 3: Rs. 800
Option 4: Rs. 200
Question : A certain sum becomes Rs. 1,050 in 5 years and Rs. 1,230 in 8 years at simple interest. What is the sum?
Option 1: Rs. 950
Option 2: Rs. 700
Option 3: Rs. 650
Option 4: Rs. 750
Question : A man buys a TV priced at Rs. 16,000. He pays Rs. 4,000 at once and the rest after 15 months on which he is charged as simple interest at the rate of 12% per year. The total amount he pays for the TV is:
Option 1: Rs. 18,200
Option 2: Rs. 17,800
Option 3: Rs. 16,800
Option 4: Rs. 17,200
Question : Ravi borrowed some money at the rate of $5 \%$ per annum for the first three years, $8 \%$ per annum for the next two years and $10 \%$ per annum for the period beyond 2 years. If he paid a total Simple Interest of Rs. $ 12,750$ at the end of 7 years, then how much money did he borrow?
Option 1: Rs. 25,000
Option 2: Rs. 26,000
Option 3: Rs. 27,000
Option 4: Rs. 24,000
Question : What amount a man would have received on a principal of Rs. 7,500 after two years at simple interest at the rate of 7 percent per annum?
Option 1: Rs. 8,400
Option 2: Rs. 8,550
Option 3: Rs. 7,600
Option 4: Rs. 7,400
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