Question : An amount of INR $P$ was put at simple interest at a certain rate for 4 years. If it had been put at a 6% higher rate for the same period, it would have fetched INR 600 more interest. What is the value of $2.5P$?
Option 1: INR 3,750
Option 2: INR 6,250
Option 3: INR 4,850
Option 4: INR 2,500
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Correct Answer: INR 6,250
Solution : Let's denote the initial rate of interest as $r$, and the principal amount as $P$ [Given]. The time is given as 4 years. The interest earned at the initial rate $r$ is $I=\frac{P×r×T}{100}$, where T is the time in years. The interest earned at a 6% higher rate is $I'=\frac{P×(r+6)×T}{100}$ According to the question, The difference in interest is INR 600: ⇒ $I'-I=600$ ⇒ $\frac{P×(r+6)×T}{100}-\frac{P×r×T}{100}=600$ ⇒ $\frac{P×r×T}{100}+\frac{P×6×T}{100}-\frac{P×r×T}{100}=600$ ⇒ $\frac{P\times 6\times 4}{100}=600$ ⇒ $P=\frac{600\times 100}{6\times 4}=2500$ Now, $2.5P=2.5\times 2500=6250$ Hence, the correct answer is INR 6,250.
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Question : A man invested INR 4,500 at 5% per annum and INR 5,500 at 8% per annum simple interest. Both investments were for 4 years each. The amount received from the lower rate of interest is what percent (rounded off to the nearest integer) of the amount received from the higher rate of interest?
Option 1: 63%
Option 2: 74%
Option 3: 51%
Option 4: 48%
Question : A money lender lent INR 30,000 in two parts, one at the rate of 8% and the other at 9%. If the total annual simple interest on the amount is 2650, then what is the amount of money lent at the rate of 8%?
Option 1: INR 6,000
Option 2: INR 5,000
Option 3: INR 4,500
Option 4: INR 5,500
Question : A man borrowed a certain sum of money at the rate of 10% per annum simple interest for the first three years and 15% per annum simple interest for the period beyond three years. If he pays a total interest of INR 2,884.50 at the end of 7 years, then the sum of money (in INR) that he borrowed is:
Option 1: 3,860
Option 2: 3,090
Option 3: 4,550
Option 4: 3,205
Question : A certain amount of money was lent for 1 year 9 months at a rate of 10% per annum compounded annually. If the compound interest is INR 1,460, find the amount of money lent.
Option 1: INR 8,200
Option 2: INR 7,500
Option 3: INR 6,000
Option 4: INR 8,000
Question : If the simple interest on INR 2,500 is more than the interest on INR 1,500 by INR 360 in 3 years, then find the rate of interest per annum.
Option 1: 11%
Option 2: 9%
Option 3: 10%
Option 4: 12%
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