New Upcoming Legal Jobs Free Workshop March 11 at 5 PM. Register here

    Question

    The simple interest earned on investing Rs. (80X + 2000)

    at simple interest of 15% p.a. for 36 months is Rs. 576 less than the total amount received on investing Rs. (64X + 300) for 90 months at simple interest of 8% p.a. What will be the interest received on investing Rs. 16000 for 2 years at simple interest of 'X%'?
    A Rs. 5400 Correct Answer Incorrect Answer
    B Rs. 6000 Correct Answer Incorrect Answer
    C Rs. 4800 Correct Answer Incorrect Answer
    D Rs. 4400 Correct Answer Incorrect Answer
    E Rs. 4000 Correct Answer Incorrect Answer

    Solution

    Simple interest earned investing Rs. (80X + 2000)= (80X + 2000) X 0.15 X (36/12) = (36X + 900) Total amount received on investing Rs. (64X + 300)= (64X + 300) + {(64X + 300) X 0.08 X (90/12) } = (64X + 300) + (38.4X + 180) = Rs. (102.4X + 480) Given that, 36X + 900 + 576 = 102.4X + 480 Or, 66.4X = 996 Or X = 996 ÷ 66.4 = 15 So, required simple interest = 16000 X 2 X 0.15 = Rs. 4800

    Practice Next