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Discussion :: Simple Interest

  1. A sum of money amounts to Rs. 9800 after 5 years and Rs. 12005 after 8 years at the same rate of simple interest. The rate of interest per annum is:

    2. A.

    5%
    B.

    8%
    C.

    12%
    D.

    15%

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    Answer : Option C

    Explanation :

    S.I. for 3 years = Rs. (12005 - 9800) = Rs. 2205.

     

    S.I. for 5 years = Rs. \([\frac {2205} { 3 }*5]\)         = Rs. 3675
     

     

     Principal = Rs. (9800 - 3675) = Rs. 6125.

     

    Hence, rate = \([\frac { 100*3675 } { 6125 *5} ]\)   % = 12%
     

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