Question : Rohan borrows a certain sum at simple interest. The rate of interest is 3 percent per annum for the first 3 years, 4 percent per annum for the next 5 years, and 6 percent per annum for the next 7 years. If he paid Rs. 2485 as interest, then what is the sum borrowed?
Option 1: Rs. 2500
Option 2: Rs. 3500
Option 3: Rs. 4000
Option 4: Rs. 3600
New: SSC MTS Tier 1 Answer key 2024 out
Don't Miss: Month-wise Current Affairs | Upcoming Government Exams
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: Rs. 3500
Solution : Use the formula below. Simple interest = $\frac{\text{Principle×Rate×Time}}{100}$ Let's denote the principal amount (the sum borrowed) as P Simple interest for the first 3 years at 3 percent per annum = $\frac{3}{100}$ × P × 3 Simple interest for the next 5 years at 4 percent per annum = $\frac{4}{100}$ × P × 5 Simple interest for the next 7 years at 6 percent per annum = $\frac{6}{100}$ × P × 7 Total Interest = $\frac{3}{100}$ × P × 3 + $\frac{4}{100}$ × P × 5 + $\frac{6}{100}$ × P × 7 ⇒ 2485 = $\frac{9P}{100}$ + $\frac{20P}{100}$ + $\frac{42P}{100}$ = $\frac{71P}{100}$ ⇒ 248500 = 71P ⇒ P = $\frac{248500}{71}$ = 3500 Hence, the correct answer is Rs. 3500.
Application | Cutoff | Selection Process | Preparation Tips | Eligibility | Exam Pattern | Admit Card
Question : The simple interest on a sum for 5 years is Rs. 7,590. The rate of interest for the first 3 years is 6 percent per annum and for the next 2 years is 14 percent per annum. What is the sum?
Option 1: Rs. 17,000
Option 2: Rs. 15,000
Option 3: Rs. 14,000
Option 4: Rs. 16,500
Question : The compound interest (compounding annually) on a certain sum for 2 years at the rate of 20 percent per annum is Rs. 2420. What will be the simple interest on the same sum for 3 years at the same rate of interest?
Option 1: Rs. 3300
Option 2: Rs. 3000
Option 3: Rs. 3800
Option 4: Rs. 4200
Question : A sum becomes INR 5400 in 4 years at the rate of 20% per annum on simple interest. What is the sum?
Option 1: INR 3000
Option 2: INR 2500
Option 3: INR 4000
Option 4: INR 2000
Question : A sum was invested on simple interest at a certain rate for 2 years. If the interest rate is increased by 4%, then the interest increases by Rs. 160. What is the sum (in Rs.) invested?
Option 1: 2000
Option 2: 3000
Option 3: 3500
Option 4: 4000
Question : The difference between simple interest and compound interest (compounding of interest is done annually) on a certain sum of money for 3 years at the rate of 20 percent per annum is Rs. 192. What is the sum?
Option 1: Rs 1500
Option 2: Rs 1400
Option 3: Rs 1000
Option 4: Rs 1200
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile