Question : The simple interest on a certain sum for 3 years at 8% per annum is INR 9120 less than the simple interest on the same sum for 7 years at 8% per annum. Find the sum.
Option 1: INR 28,500
Option 2: INR 28,250
Option 3: INR 28,750
Option 4: INR 28,000
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Correct Answer: INR 28,500
Solution : Use the formula: Simple interest $= \frac{\text{Principal × Rate × Time}}{100}$, to find the unknown value from the known value. Given: Simple interest for 3 years is INR 9,120 less than the simple interest for 7 years. So, $P \times \frac{8 \times 7}{100} - P \times \frac{8 \times 3}{100}$ = 9120 ⇒ $P \times \frac{8 \times 4}{100}$ = 9120 ⇒ $P = \frac{9120}{\frac{8 \times 4}{100}}$ = INR 28,500 Hence, the correct answer is INR 28,500.
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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 : The difference between the simple and compound interest on a certain sum of money at an $8\%$ rate of interest per annum for two years is INR 56. Find the sum.
Option 1: INR 8750
Option 2: INR 7058
Option 3: INR 7805
Option 4: INR 8057
Question : The simple interest on a sum of money in 6 years at the rate of 15% per annum is INR 1,440 less than the simple interest accrued on the same sum in 9 years at 18% per annum. What is the sum of money (in INR)?
Option 1: 1800
Option 2: 2000
Option 3: 2700
Option 4: 2400
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 sum of INR 12,000 amounts to INR 15,000 in 5 years at the rate of simple interest. What is the rate of interest per annum?
Option 1: 8%
Option 2: 7%
Option 3: 6%
Option 4: 5%
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