Question : Ridhaan took a loan of INR 12,000 at the rate of 8% simple interest per annum. What amount will he have to pay after 6 months, if he decides to repay the entire loan amount with interest at that time?
Option 1: INR 12,580
Option 2: INR 12,480
Option 3: INR 14,690
Option 4: INR 13,720
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Correct Answer: INR 12,480
Solution : Loan Amount = INR 12,000 Rate of Interest = 8% per annum Time = 6 months Simple Interest = $\frac{P\times R\times T}{100}$ where $P$ is the amount, $R$ is the rate and $T$ is the time. As given, Time = 6 months = $\frac{6}{12}$ = 0.5 years Amount to be paid after six months = $12000 + \frac{12000\times 8 \times 0.5}{100}$ = 12000 + 480 = INR 12480 So, the amount to be paid after 6 months with interest is INR 12,480. Hence, the correct answer is INR 12,480.
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Question : What sum of money should be invested to earn a simple interest of INR 5,040 in 3 years and 6 months at a 12% rate of interest per annum?
Option 1: INR 9,000
Option 2: INR 11,000
Option 3: INR 15,000
Option 4: INR 12,000
Question : What is the interest payable on INR 12,000 for 3 months at the rate of 10% per annum, if interest is compounded quarterly?
Option 1: INR 250
Option 2: INR 200
Option 3: INR 300
Option 4: INR 350
Question : A sum of INR 2000 will become INR 2400 in 12 months at some rate of simple interest. Find the rate of interest per annum.
Option 1: 25%
Option 2: 20%
Option 3: 40%
Option 4: 45%
Question : Karun borrowed INR 12,000 from Varun and INR 15,000 from Tarun, each for two years at the same rate of simple interest per annum. If he paid an interest of INR 1,680 to Varun at the end of 2 years, then what is the interest that Karun paid to Tarun at the end of the 2 years?
Option 1: INR 2,050
Option 2: INR 1,800
Option 3: INR 2,100
Option 4: INR 2,350
Question : On a certain sum of money, the simple interest for 2 years is INR 150 at the rate of 10% per annum. What is the difference between compound interest and simple interest for 2 years if, in the case of compound interest, interest is compounded annually at the rate of 10% per annum?
Option 1: INR 5
Option 2: INR 10
Option 3: INR 7.5
Option 4: INR 12.5
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