Answer: Option A. -> 237.55 CASH PRICE = $3695 DEPOSIT =1/3 OF $3695 = $1231.67 LOAN AMOUNT = $3695.00 − $1231.67 = $2463.33 TOTAL COST OF LOAN = $25.97 × 104 = $2700.88 INTEREST CHARGED = TOTAL AMOUNT − LOAN I = A − P = 2700.88 − 2463.33 = 237.55
Question 1153. A car is purchased on hire-purchase. The cash price is $21 000 and the terms are a deposit of 10% of the price, then the balance to be paid off over 60 equal monthly installments. Interest is charged at 12% p.a. What is the monthly installment?
Answer: Option A. -> 2 years P = RS.900 SI = RS.81 T = ? R = 4.5% T=100×SI/PR =100*81/900*4.5 =2 YEARS
Question 1156. A sum was put a simple interest at a certain rate for 2 years. Had it been put at 4% higher rate, it would have fetched Rs. 60 more. The sum is:________?
Answer: Option B. -> 10% NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 1158. A sum of Rs. 725 is lent in the beginning of a year at a certain rate of interest. After 8 months, a sum of Rs. 362.50 more is lent but at the rate twice the former. At the end of the year, Rs. 33.50 is earned as interest from both the loans. What was the original rate of interest?
Answer: Option A. -> 3.46% LET THE ORIGINAL RATE BE R%. THEN, NEW RATE = (2R)%. NOTE: HERE, ORIGINAL RATE IS FOR 1 YEAR(S); THE NEW RATE IS FOR ONLY 4 MONTHS I.E.1/3 YEAR(S). [(725 X R X1)/100] + [(362.50 X 2R X1)/(100 X 3)] = 33.50 R=3.46%
Question 1159. A lends Rs. 1500 to B and a certain sum to C at the same time at 8% per annum simple interest. If after 4 years, A altogether receives Rs. 1400 as interest from B and C, then the sum lent to C is________?
Answer: Option A. -> Rs.2875 NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 1160. Mr. Tassawar Javed invested an amount of Rs. 13,900 divided in two different schemes A and B at the simple interest rate of 14% p.a. and 11% p.a. respectively. If the total amount of simple interest earned in 2 years be Rs. 3508, what was the amount invested in Scheme B?
Answer: Option A. -> Rs. 6400 LET THE SUM INVESTED IN SCHEME A BE RS. X AND THAT IN SCHEME B BE RS. (13900 – X). THEN , (X*14*2/100)+(13900-X)*11*2/100) =3508 28X – 22X = 350800 – (13900 X 22) 6X = 45000 X = 7500. SO, SUM INVESTED IN SCHEME B = RS. (13900 – 7500) = RS. 6400.
