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interest Mcqs

What will be the ratio of simple interest earned by certain amount at the same rate of interest for 6 years and that for 9 years ?

interest Mcqs, Mathematics Mcqs /
What will be the ratio of simple interest earned by certain amount at the same rate of interest for 6 years and that for 9 years ?

A. 1 : 3
B. 1 : 4
C. 2 : 3
D. Data inadequate
Let the principal be P and rate of interest be R%. So Required ratio = [(P x R x 6/100) / (13 x R x 9/100)] = 6PR/9PR = 6/9 = 2 : 3

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interest Mcqs, Mathematics Mcqs

An automobile financier claims to be lending money at simple interest, but he includes the interest every six months for calculating the principal. If he is charging an interest of 10%, the effective rate of interest becomes :_________?

interest Mcqs, Mathematics Mcqs /
An automobile financier claims to be lending money at simple interest, but he includes the interest every six months for calculating the principal. If he is charging an interest of 10%, the effective rate of interest becomes :_________?

A. 10%
B. 10.25%
C. 10.50%
D. None of these
Let the sum be Rs. 100. Then, S.I. for first 6 months = Rs. ( 100 X 10 X 1/100 X 2 ) = Rs. 5. S.I. for last 6 months = Rs. ( 105 X 10 X 1/100 X 2 ) = Rs. 5.25. So, amount at the end of 1 year=Rs.(100 + 5 + 5.25) = Rs. 110.25 Effective rate = (110.25 – 100) = 10.25%.

An automobile financier claims to be lending money at simple interest, but he includes the interest every six months for calculating the principal. If he is charging an interest of 10%, the effective rate of interest becomes :_________? Read More »

interest Mcqs, Mathematics Mcqs