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Interest Questions

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  • Numerical Ability - Interest
Question

A certain sum of money amounts to Rs 756 in two years and Rs 873 in 3.5 years. Find the sum and rate of interest.

  • A) 14% per annum.
  • B) 10% per annum.
  • C) 11% per annum.
  • D) 13% per annum.
  • E) 12% per annum.
Solution

Let the principal be Rs P
Simple interest be SI.
P + SI for 3.5 yrs = Rs 873
P + SI for 2 yrs = Rs 756
On subtracting, SI for 1.5 yrs = Rs 117
Therefore, SI for 2 yrs = Rs (117/1.5) x 2= Rs 156
So,  P = 756 – 156 = Rs 600
and rate on interest = (100 x 156) / ( 600 x 2 ) = 13% per annum.

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