Tag: introduction to interest

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Multiple choice mathematics and statistics banks and simple interest introduction to interests introduction to interest introduction to interest payments

A certain sum of money is put at compound interest, compounded half-yearly. If the interest for two successive half-years are Rs. 650 and Rs. 760.50; find the rate of interest. 

  1. $34$
  2. $32$
  3. $27$
  4. $38$
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Difference between the C.I of two successive half -years=$760.50-650=110.50$

Time =6 months=$\frac{6}{12}=\frac{1}{2}years$
Rate of interest$=\frac{Difference  between  the  C.I  of  two  successive year\times100 }{C.I  of  preceding   year\times time}$

$\therefore$Rate of intereast=$\frac{110.50\times 100\times 2}{650\times 1}=34$%  

Multiple choice mathematics and statistics banks and simple interest introduction to interests introduction to interest introduction to interest payments

A certain sum amounts to Rs. 5,292 in two years and Rs. 5,556.60 in three years, interest being compounded annually. Find the rate of interest.

  1. 9%

  2. 15%

  3. 7%

  4. 5%
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Sum after 2 years $=Rs.5292$


Sum after 3 years $=Rs.5556.60$

Interest for onr year $=5556.60-5292=Rs. 264.60$

C.I for 1 year $=$ S.I for 1 year 

$Interest =\dfrac{PRT}{100}$

$\Rightarrow 264.60=\dfrac{5292\times R\times 1}{100}$

$\Rightarrow R=\dfrac{264.60\times 100}{5292}=5$%

Multiple choice mathematics and statistics banks and simple interest introduction to interests introduction to interest introduction to interest payments

Mohit invests Rs. 8,000 for 3 years at a certain rate of interest, compounded annually. At the end of one year it amounts to Rs. 9,440. Calculate: the rate of interest per annum.

  1. 12%

  2. 14%

  3. 18%

  4. 22%
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

$P=Rs.8000$


$Time =\ 1 \ year$


$Amount=9440$

Interest for 1 year$=9440-8000=Rs.1440$

$Interest=\dfrac{PRT}{100}$

$1440=\dfrac{8000\times R\times 1}{100}$

$R=\dfrac{1440\times 100}{8000}=18$%

Multiple choice mathematics and statistics banks and simple interest introduction to interests introduction to interest introduction to interest payments

A company pays a dividend of 15% on its ten-rupee shares from which it deducts income tax at the rate of 22%. Find the annual income of a man who owns one thousand shares of this company.

  1. 1170

  2. 1270

  3. 1070

  4. 1330
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation
Annual Income $=Rs.\ \dfrac{(10×1000×15)}{100}$
$=Rs.\ 1500$
Income tax deducted $= \dfrac{(22×1500)}{100}$
$=Rs.\ 330$
So, Total Income$=Rs.\ 1500 - 330$
$= Rs.\ 1170 .$
Multiple choice mathematics and statistics banks and simple interest introduction to interests introduction to interest introduction to interest payments

You invested Rs. $1500$ and received Rs. $5000$ after three years. What had been the interest rate?

  1. $111.11\%$
  2. $222.22\%$
  3. $333.33\%$
  4. $77.77\%$
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Amount invested $= 1500$

Amount received after three years $= 5000$

$\Rightarrow$ Interest earned $= 5000-1500 = 3500$
Let interest rate$\%$ be $r$
$\Rightarrow$ $3500 = \dfrac{1500 \times 3 \times r}{100}$
$\Rightarrow$ $r = 77.77\%$

Multiple choice mathematics and statistics banks and simple interest introduction to interests introduction to interest introduction to interest payments

You borrow Rs. $4,000$ from a loan shark. If you owe Rs. $7,200$ in $4$ years, what would be the simple interest rate?

  1. $10\%$
  2. $20\%$
  3. $30\%$
  4. $40\%$
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Given:
Principal $=$ Rs. $ 4,000$
Interest $= 7200 - 4000 = 3200$
We know the formula,
Rate of interest, $R =$ $\dfrac{I\times 100}{PT}$
$\Rightarrow R =$ $\dfrac{3200\times 100}{4000\times 4}$
$\Rightarrow R = 20\%$

Thus, the simple interest rate is $20\%$.

Multiple choice mathematics and statistics banks and simple interest introduction to interests introduction to interest introduction to interest payments

John earned Rs. $100$ as simple interest on Rs. $600$ for $6$ months. Find the annual rate of interest.

  1. $11.11\%$
  2. $22.22\%$
  3. $33.33\%$
  4. $44.44\%$
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation
Given, Simple interest $=$ Rs. $100$, Principal $=$ Rs. $600$ and period $6$ months
We know the formula,
Rate of interest, $R =$ $\dfrac{I\times 100}{PT}$
$R =$ $\dfrac{100\times 100}{600\times 0.5}$
$R = 33.33\%$
Therefore, the annual rate of interest is $33.33\%$.
Multiple choice mathematics and statistics banks and simple interest introduction to interests introduction to interest introduction to interest payments

Sharmila got a Rs. $1300$ loan for $5$ years. She paid Rs. $100$ in interest. What was the interest rate?

  1. $1.1\%$
  2. $1.3\%$
  3. $1.5\%$
  4. $1.7\%$
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation
Given, principal $=$ Rs. $1300$, Interest $=$ Rs. $100$, period $=5$ years
We know the formula,
Rate of interest, $R =$ $\dfrac{I\times 100}{PT}$
$\Rightarrow R =$ $\dfrac{100\times 100}{1300\times 5}$
$\Rightarrow R = 1.5\%$
Therefore, the interest rate is $1.5\%$.
Multiple choice mathematics and statistics banks and simple interest introduction to interests introduction to interest introduction to interest payments

Find rate, when principal $=$ Rs. $3000$; interest $=$ Rs. $400$; time $= 3$ years.

  1. $1.11\%$
  2. $2.22\%$
  3. $3.33\%$
  4. $4.44\%$
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Given, Principal $=$ Rs. $3000$, interest $=$ Rs. $400$, time $=3$ years
We know the formula,
Rate of interest, $R =$ $\dfrac{I\times 100}{PT}$
$R =$ $\dfrac{400\times 100}{3000\times 3}$
$R = 4.44\%$