4 Mark Question

Question 14 Marks

Romesh borrowed Rs. 2000 at 2% per annum and Rs. 1000 at 5% per annum. He cleared his debt after 2 years by giving Rs. 2800 and a watch. What is the cost of the watch?

Answer

Principal amount borrowed by Romesh (P) = Rs. 2000
Time period (T) = 2 years
Rate of interest (R) = 2% p.a.
Simple interest $=\frac{\text{P}\ \times\ \text{R}\ \times\ \text{T}}{100}$
$=\frac{2000\ \times\ 2\ \times\ 2}{100}$
$=\text{Rs. }80$
Principal amount borrowed by Romesh (P) = Rs. 1000
Time period (T) = 2 years
Rate of interest (R) = 5% p.a.
Simple interest $=\frac{\text{P}\ \times\ \text{R}\ \times\ \text{T}}{100}$
$=\frac{1000\ \times\ 5\ \times\ 2}{100}$
$=\text{Rs. }100$
Total amount that he will have to return = Rs. 2000 + Rs. 1000 + Rs. 80 + Rs. 100 = Rs. 3180
Amount repaid = Rs. 2800
Value of the watch = Rs. 3180 - Rs. 2800 = Rs. 380

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Question 24 Marks

Mr. Garg lent Rs. 15000 to his friend. He charged 15% per annum on Rs. 12500 and 18% on the rest. How much interest does he earn in 3 years?

Answer

Principal amount (P) = Rs. 12500
Time period (T) = 3 years
Rate of interest (R) = 15% p.a.
Simple interest $=\frac{\text{P}\ \times\ \text{R}\ \times\ \text{T}}{100}$
$=\frac{12500\ \times\ 15\ \times\ 3}{100}$
$=\text{Rs. }5625$
Rest of the amount lent = Rs. 15000 - Rs. 12500 = Rs. 2500
Rate of interest = 18 % p.a.
Time period = 3 years
Simple interest $=\frac{\text{P}\ \times\ \text{R}\ \times\ \text{T}}{100}$
$=\frac{2500\ \times\ 18\ \times\ 3}{100}$
$=\text{Rs. }1350$
Total interest earned = Rs. 5625 + Rs. 1350 = Rs. 6975

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Question 34 Marks

Rohit borowed Rs. 600000 from a bank at 9% per annum for 2 years. He lent this sum of money to Rohan at 10% per annum for 2 years. How much did Rohit earn from this transaction?

Answer

Principal amount lent out by Rohit (P) = Rs. 60000
Time period (T) = 2 years
Rate of interest (R) = 10% p.a.
Simple interest $=\frac{\text{P}\ \times\ \text{R}\ \times\ \text{T}}{100}$
$=\frac{60000\ \times\ 10\ \times\ 2}{100}$
$=\text{Rs. }12000$
Principal amount borrowed by Rohit from the bank (P) = Rs. 60000
Time period (T) = 2 years
Rate of interest (R) = 9% p.a.
Simple interest $=\frac{\text{P}\ \times\ \text{R}\ \times\ \text{T}}{100}$
$=\frac{60000\ \times\ 9\ \times\ 2}{100}$
$=\text{Rs. }10800$
Amount gained by Rohit = Rs. 12000 - Rs. 10800 = Rs. 1200

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Question 44 Marks

Shikha deposited Rs. 2000 in a bank which pays 6% simple interest. She withdrew Rs. 700 at the end of first year. What will be her balance after 3 years?

Answer

Principal amount deposited (P) = Rs 2000
Time period $(T)=1$ year
Rate of interest $(R)=6 \%$ p.a.
Simple interest $=\frac{ P \times R \times T }{100}$
$=\frac{2000 \times 6 \times 1}{100} \\
=\text { Rs. } 120$
So amount after 1 year $=$ Principal amount + Interest $=2000+120=$ Rs. 2120
After 1 year, amount withdrawn = Rs. 700
Principal amount left ( $P_1$ ) =Rs. 2120 - Rs.. $700=$ Rs. 1420
Time period $(T)=2$ years
Rate of interest $(R)=6 \%$ p.a.
Interest after 2 years $=\frac{ P \times R \times T }{100}$
$=\frac{1420 \times 6 \times 2}{100} \\
=\text { Rs. } 170.40$
Total amount after 3 years = Rs. 1420 + Rs. $170.40=$ Rs. 1590.40

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Question 54 Marks

Rakesh lent out Rs. 8000 for 5 years at 15% per annum and borrowed Rs. 6000 for 3 years at 12% per annum. How much did he gain or lose?

Answer

Principal amount lent out by Rakesh (P) = Rs. 8000
Time period (T) = 5 year
Rate of interest (R) = 15% p.a.
Simple interest $=\frac{\text{P}\ \times\ \text{R}\ \times\ \text{T}}{100}$
$=\frac{8000\ \times\ 15\ \times\ 5}{100}$
$=\text{Rs. }6000$
Principal amount borrowed by Rakesh (P) = Rs. 6000
Time period (T) = 3 year
Rate of interest (R) = 12% p.a.
Simple interest $=\frac{\text{P}\ \times\ \text{R}\ \times\ \text{T}}{100}$
$=\frac{6000\ \times\ 12\ \times\ 3}{100}$
$=\text{Rs. }2160$
Amount gained by Rakesh = Rs. 6000 - Rs. 2160 = Rs. 3840

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