Question : Ramesh borrowed a sum at 5% per annum simple interest from Rahul. He returns the amount after 5 years. Rahul returns 2% of the total amount received. How much did Ramesh borrow if he received Rs. 5?
Option 1: Rs. 250
Option 2: Rs. 200
Option 3: Rs. 150
Option 4: Rs. 175
Correct Answer: Rs. 200
Solution : Given: Rate of interest = 5% Time period = 5 years Let the Principal be $P$. Substituting the given values, we get: Simple Interest = $\frac{P×5×5}{100}$ Simple Interest = $\frac{P}{4}$ Amount = $P+\frac{P}{4}=\frac{5P}{4}$ According to the given condition, $\frac{5P}{4}×\frac{2}{100}=5$ ⇒ $\frac{P}{40}=5$ ⇒ $P=200$ Hence, the correct answer is Rs. 200.
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Question : On a certain sum, the difference between compound interest and simple interest at 10% per annum for 2 years is Rs.250. The sum is _________.
Option 1: Rs.25,450
Option 2: Rs.26,550
Option 3: Rs.25,000
Option 4: Rs.26,000
Question : Ramesh borrowed INR 15,000 at a certain rate of simple interest from a bank. He repaid (the principal but not interest) INR 6,000 after 5 years, and after 5 more years he paid INR 18,600 and settled his account. Find the rate of simple interest per annum.
Option 1: 12%
Option 2: 10%
Option 3: 8%
Option 4: 6%
Question : A sum amount doubles in 8 years by simple interest. Then the rate of simple interest per annum is:
Option 1: 10%
Option 2: 12.5%
Option 3: 15%
Option 4: 20%
Question : Rekha invested a sum of Rs. 12000 at 5% per annum compound interest. She received an amount of Rs. 13230 after $n$ years. Find $n$.
Option 1: 2.8 years
Option 2: 3 years
Option 3: 2.5 years
Option 4: 2 years
Question : Find the difference between compound interest and simple interest when a sum of Rs. 15,625 is invested for 3 years at 4% per annum.
Option 1: Rs. 76
Option 2: Rs. 96
Option 3: Rs. 56
Option 4: Rs. 86
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