Q:
A borrows a sum of ₹2,000 from his friend B on 31 December 2011 on the condition that he will return the same after one year with simple interest at 8% per annum. However, A gets into a position of returning the money on 1 July 2012. How much amount he have to return to B?
Answer & Explanation Answer: D) ₹2,080
Explanation:
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Q:
Arvind deposited a sum of money with a bank on 1st January, 2012 at 8% simple interest per annum. He received an amount ₹ 3,144 on 7th August, 2012.
Answer & Explanation Answer: B) ₹ 3, 000
Explanation:
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Option 3 : \({\rm{6}}\frac{{\rm{2}}}{{\rm{3}}}\;{\rm{\% }}\;{\rm{p}}{\rm{.a}}{\rm{.}}\)
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Concept:
\({\rm{S}}.{\rm{I}} = \frac{{{\rm{P}} \times {\rm{R}} \times {\rm{T}}}}{{100}}\)
A = P + S.I
Calculation:
Given:
A = 2P
T = 15 years
∴ S.I = A – P = 2P – P = P
∵ \({\rm{S}}.{\rm{I}} = \frac{{{\rm{P}} \times {\rm{R}} \times {\rm{T}}}}{{100}}\)
⇒ \(P = \frac{{P \times R \times 15}}{{100}}\)
\( \Rightarrow R = \frac{{100}}{{15}} = \frac{{20}}{3} = 6\frac{2}{3}\)
\(\therefore R = 6\frac{2}{3}\;\% \;p.a\)
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