simple and compound interest Model Questions & Answers, Practice Test for ssc mts paper 1 2023
ssc mts paper 1 2023 SYLLABUS WISE SUBJECTS MCQs
Number System
LCM & HCF
Ratio Proportion & Partnership
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Mensuration: Area & Volumes
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Arun and Ramu are friends. Arun borrowed a sum of Rs. 400 at 5% per annum simple interest from Ramu. He returns the amount with interest after 2 years. Ramu returns to Arun 2% of the total amount returned. How much did Arun receive ?
Answer: (b)
After 2 years, amount returned to Ramu
= 400 + ${400 × 5 × 2}/100$ = Rs.440
Amount returned to Arun = 2% of Rs. 440 = Rs. 8.80
The simple interest accrued on an amount of Rs. 84000 at the end of 3 yr is Rs. 30240. What would be the compound interest accrued on the same amount at the same rate in the same period ?
Answer: (e)
Rate per annum = ${30240 × 100}/{84000 × 3}$% = 12%
∴ Compound Interest = 84000 $[(1 + {{12}/{100}})^3 -1]$
= 84000 $[(1 + {{3}/{25}})^3 -1] = 84000[({28}/{25})^3 -1]$
= 84000 $[{28 × 28 × 28 × -25 × 25 × 25}/{25 × 25 × 25}] = 84000[{21952 - 15625}/{15625}]$
= 84000 × ${6327}/{15625}$ = Rs.34013.95
What should be the simple interest obtained on an amount of Rs. 5,760 at the rate of 6% p.a. after 3 years?
Answer: (c)
Required Simple Interest = ${5760×3×6}/{100}$ = Rs.1036.80
What is C.I. accrued on an amount of Rs. 45,000 in two years at the rate of 9 p.c.p.a?
Answer: (a)
Amt = 45000$(1+9/100)^2=53464.5$
CI = 53464.5 – 45000 = 8464.5Veena obtained an amount of Rs. 8, 376/- as simple interest on a certain amount at 8% p.a. after 6 years. What is the amount invested by Veena?
Answer: (d)
Amount invested = ${8376×100}/{8×6}$ = Rs.17450
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