3 Mark Question

Question 13 Marks

Reema took a loan of Rs. 8000 from a money lender, who charged interest at the rate of 18% per annum. After 2 years, Reema paid him Rs. 10400 and wristwatch to clear the debt. What is the price of the watch?

Answer

Principal amount (P) = Rs. 8000
Time period (T) = 2 year
Rate of interest (R) = 18% p.a.
Simple interest $=\frac{\text{P}\ \times\ \text{R}\ \times\ \text{T}}{100}$
$=\frac{8000\ \times\ 18\ \times\ 2}{100}$
$=\text{Rs. }2880$
Total amount payable by Reema after 2 years = Rs. 8000 + Rs. 2880 = Rs. 10880
Amount paid = Rs. 10400
Value of the watch = Rs. 10880 - Rs. 10400 = Rs. 480

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Question 23 Marks

A sum of Rs. 400 is lent at the rate of 5% per annum. Find the interest at the end of 2 years.

Answer

Principal amount (P) = Rs. 400
Time period (T) = 2 years
Rate of interest (R) = 5% p.a.
Simple interest $=\frac{\text{P}\ \times\ \text{R}\ \times\ \text{T}}{100}$
$=\text{Rs. }40$

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Question 33 Marks

A person deposits Rs. 25000 in a firm who pays an interest at the rate of 20% per annum. Calculate the income he gets from it annually.

Answer

Principal amount (P) = Rs. 25000
Time period (T) = 1 years
Rate of interest (R) = 20% p.a.
Simple interest $=\frac{\text{P}\ \times\ \text{R}\ \times\ \text{T}}{100}$
$=\frac{25000\ \times\ 20\ \times\ 1}{100}$
$=\text{Rs. }5000$

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Question 43 Marks

A sum of Rs. 400 is lent for 3 years at the rate of 6% per annum. Find the interest.

Answer

Principal amount (P) = Rs. 400
Time period (T) = 3 years
Rate of interest (R) = 6% p.a.
Simple interest $=\frac{\text{P}\ \times\ \text{R}\ \times\ \text{T}}{100}$
$=\frac{400\ \times\ 6\ \times\ 3}{100}$
$=\text{Rs. }72$

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Question 53 Marks

Nalini borrowed Rs. 550 from her friend at 8% per annum. She returned the amount after 6 months. How much
did she pay?

Answer

Principal amount (P) = Rs. 550
Time period (T) = 6 month
Rate of interest (R) = 8% p.a.
$\text{T}=\frac{6}{12}=\frac{1}{2}\ \text{year}$ ($\because$ 1 year = 12 month)
Simple interest $=\frac{\text{P}\ \times\ \text{R}\ \times\ \text{T}}{100}$
$=\frac{550\ \times\ 8\ \times\ \frac{1}{2}}{100}$
$=\frac{550\ \times\ 8\ \times\ 1}{100\ \times \ 2}$
$=\text{Rs. }22$
Total amount paid after 6 months = Principal amount + Interest
= Rs. 550 + Rs. 22
= Rs. 572

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Question 63 Marks

Mr Sharma deposited Rs 20000 as a fixed deposit in a bank at 10% per annual. If 30% is deducted as income tax on the interest earned, find his annual income.

Answer

Amount deposit (P) = Rs 20,000
Rate of interest (R) = 10% p.a.
Time period (T) = 1 year
Simple interest $=\frac{\text{P}\ \times\ \text{R}\ \times\ \text{T}}{100}$
$=\frac{20000\ \times\ 10\ \times\ 1}{100}$
$=\text{Rs. }2000$
Amount deducted as income tax = 30% of Rs. 2000
$=\frac{30\ \times\ 2000}{100}$
$=\text{Rs. }600$
Annual interest after tax deduction = Rs. 2000 - Rs. 600 = Rs. 1400

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Question 73 Marks

A man borrowed Rs. 8000 from a bank at 8% per annum. Find the amount he has to pay after $4\frac{1}{2}\ \text{year}$.

Answer

Principal amount (P) = Rs. 8000
Time period (T) $=4\frac{1}{2}=\frac{9}{2}\ \text{year}$
Rate of interest (R) = 8% p.a.
Simple interest $=\frac{\text{P}\ \times\ \text{R}\ \times\ \text{T}}{100}$
$=\frac{8000\ \times\ 8\ \times\ 9}{100\ \times\ 2}$
$=\text{Rs. }2880$
Total amount paid after $4\frac{1}{2}\ \text{year}$ = Principal amount + Interest
= Rs. 8000 + Rs. 2880
= Rs. 10880

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Question 83 Marks

Anita deposits Rs. 1000 in a savings bank account. The bank pays interest at the rate of 5% per annum. What amount can Anita get after one year?

Answer

Principal amount (P) = Rs. 1000 Time period (T) = 1 year Rate of interest (R) = 5% p.a. Simple interest $=\frac{\text{P}\ \times\ \text{R}\ \times\ \text{T}}{100}$ $=\frac{1000\ \times\ 5\ \times\ 1}{100}$ $=\text{Rs. }50$Total amount paid after 1 year = Principal amount + Interest
= Rs. 1000 + Rs. 50
= Rs. 1050

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Question 93 Marks

Find the interest on Rs. 500 for a period of 4 years at the rate of 8% per annum. Also, find the amount to be paid at the end of the period.

Answer

Principal amount (P) = Rs. 500
Time period (T) = 4 years
Rate of interest (R) = 8% p.a.
Simple interest $=\frac{\text{P}\ \times\ \text{R}\ \times\ \text{T}}{100}$
$=\frac{500\ \times\ 8\ \times\ 4}{100}$
$=\text{Rs. }160$
Total amount paid = Principal amount + Interest
= Rs. 500 + 160
= Rs. 660

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