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In how many years will a sum of Rs. 3000 yield a simple interest of Rs. 1080 at 12% per annum?
- 2
- 7/2
- 3
- 5/2
- None of these
Answer (Detailed Solution Below)
Option 3 : 3
Given:
Simple interest(SI) = Rs. 1080
Rate = 12%
Principal = Rs. 3000
Formula used:
Simple interest(SI) = [Principal(P) × Rate × Time] / 100
Calculation:
1080 = (3000 × 12 × Time)/100
⇒ Time = 108/36
⇒ Time = 3 years
∴ The required time is 3 years.
Let's discuss the concepts related to Interest and Simple Interest. Explore more from Quantitative Aptitude here. Learn now!
The compound interest on Rs. 3000 at 10% p.a. payable annually for a period of 2 year and 4 month will be:
- Rs. 821
- Rs. 831
- Rs. 771
- Rs. 751
Answer (Detailed Solution Below)
Option 4 : Rs. 751
Free
CT 1: Growth and Development - 1
10 Questions 10 Marks 10 Mins
Given:
Principal = Rs. 3000
Rate = 10% per annum
Time = 2 years and 4 months
⇒ Time = 28 months
Formula Used:
C.I = P[{1 + (R/100)}T - 1]
Where,
C.I = Compound interest
R = Rate of interest
T = Time duration
Calculation:
According to the question, we have
C.I = 3000[{1 + (10/100)}2 - 1]
⇒ 3000{(11/100)2 - 1}
⇒ 3000 × (11/10) × (11/10) - 3000
⇒ 3630 - 3000
⇒ Rs. 630
Amount = Principal + C.I
⇒ 3000 + 630
⇒ Rs. 3630
Now, the C.I of last 4 month
3630 × (10/100) × (4/12)
⇒ Rs. 121
Total C.I = C.I of 2 years + C.I of 4months
⇒ 630 + 121
⇒ Rs. 751
∴ The compound interest is Rs. 751.
Alternate Method
Calculation:
Rate = 10% = 1/10
Principal = Rs. 3000
Tree Method:
According to the question, we have
⇒ C.I = 630 + 363 × (1/3)
⇒ C.I = 630 + 121
⇒ C.I = Rs. 751
∴ The compound interest is Rs. 751.
Last updated on Sep 22, 2022
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Let's discuss the concepts related to Interest and Compound Interest. Explore more from Quantitative Aptitude here. Learn now!