Question : A sum of Rs. 2,000 becomes Rs. 3,120 in two years at a certain rate of simple interest. What is the rate of interest per annum?
Option 1: 34% per annum
Option 2: 33% per annum
Option 3: 30% per annum
Option 4: 28% per annum
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Correct Answer: 28% per annum
Solution : Principle amount (P) = Rs. 2,000 Amount after two years (A) = Rs. 3,120 Number of years (t) = 2 Interest earned = I = A - P = Rs. 3,120 - Rs. 2,000 = Rs. 1120 Use the formula below. Simple Interest = $\frac{\text{Principle×Rate×Time}}{100}$ ⇒ r = $\frac{(\text{I}\times{100})}{(\text{P}\times{\text{t}})}$ ⇒ r = $\frac{(1,120\times100)}{(2,000\times2)}$ ⇒ r = 28 So, the annual rate of interest is 28% per annum Hence, the correct answer is 28% per annum.
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Question : At a certain sum of money with the interest rate of 6% per annum for 4 years, the simple interest is Rs. 4500. Find the compound interest (compounding annually) of 2 years at the same sum when the rate of interest is 4% per annum.
Option 1: Rs. 1,530
Option 2: Rs. 1,430
Option 3: Rs. 1,830
Option 4: Rs. 1,560
Question : The simple interest on a certain sum of money at the rate of 5% per annum for 8 years is Rs. 840. The rate of interest for which the same amount of interest can be received on the same sum after 5 years is:
Option 1: 7% per annum
Option 2: 8% per annum
Option 3: 9% per annum
Option 4: 10% per annum
Question : What will be the difference between the interest on a sum of Rs. 2,000 at 7% per annum for 3 years and that on a sum of Rs. 3,200 at 6% per annum for 2 years?
Option 1: Rs. 36
Option 2: Rs. 44
Option 3: Rs. 30
Option 4: Rs. 40
Question : At what rate of compound interest (compounding annually) per annum will a sum of Rs. 1,000 become Rs. 1,060.90 in 2 years?
Option 1: 2% per annum
Option 2: 4% per annum
Option 3: 3% per annum
Option 4: 5% per annum
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
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