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Hans Kumar borrows Rs. 7000 at simple interest from the village moneylender. At the end of 3 years, he again borrows Rs. 3000 and closes his account after paying Rs. 4615 as interest after 8 years from the time he made the first borrowing. Find the rate of interest.
- a)3.5%
- b)4.5%
- c)5.5%
- d)6.5%
Correct answer is option 'D'. Can you explain this answer?
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Verified Answer
Hans Kumar borrows Rs. 7000 at simple interest from the village moneyl...
The interest would be paid on 7000 for 3 years + 10000 for 5 years. @ 6.5% the total interest for 8 years = 1365 + 3250
= Rs. 4615
= Rs. 4615
Most Upvoted Answer
Hans Kumar borrows Rs. 7000 at simple interest from the village moneyl...
Given:
Principal amount of first borrowing = Rs. 7000
Principal amount of second borrowing = Rs. 3000
Total interest paid after 8 years = Rs. 4615
To Find: Rate of interest
Solution:
Let rate of interest be r
Interest for the first borrowing = P1 * r * t1
where,
P1 = 7000 (principal amount of first borrowing)
t1 = 3 (time period of first borrowing)
So, interest for first borrowing = 7000 * r * 3 = 21000r
Total amount to be paid after 3 years = P1 + interest for first borrowing = 7000 + 21000r
Now, Hans borrows Rs. 3000 after 3 years and pays the total amount after 8 years. So, the time period for the second borrowing is 5 years.
Interest for the second borrowing = P2 * r * t2
where,
P2 = 3000 (principal amount of second borrowing)
t2 = 5 (time period of second borrowing)
So, interest for second borrowing = 3000 * r * 5 = 15000r
Total amount to be paid after 8 years = P1 + interest for first borrowing + P2 + interest for second borrowing
= 7000 + 21000r + 3000 + 15000r = 30000 + 36000r
Given, total interest paid after 8 years = Rs. 4615
So, 30000 + 36000r - 7000 = 4615
or, 36000r = 8615
or, r = 8615/36000 = 0.2393
Therefore, the rate of interest is 0.2393 or 6.5% (approx).
Hence, option (D) is the correct answer.
Principal amount of first borrowing = Rs. 7000
Principal amount of second borrowing = Rs. 3000
Total interest paid after 8 years = Rs. 4615
To Find: Rate of interest
Solution:
Let rate of interest be r
Interest for the first borrowing = P1 * r * t1
where,
P1 = 7000 (principal amount of first borrowing)
t1 = 3 (time period of first borrowing)
So, interest for first borrowing = 7000 * r * 3 = 21000r
Total amount to be paid after 3 years = P1 + interest for first borrowing = 7000 + 21000r
Now, Hans borrows Rs. 3000 after 3 years and pays the total amount after 8 years. So, the time period for the second borrowing is 5 years.
Interest for the second borrowing = P2 * r * t2
where,
P2 = 3000 (principal amount of second borrowing)
t2 = 5 (time period of second borrowing)
So, interest for second borrowing = 3000 * r * 5 = 15000r
Total amount to be paid after 8 years = P1 + interest for first borrowing + P2 + interest for second borrowing
= 7000 + 21000r + 3000 + 15000r = 30000 + 36000r
Given, total interest paid after 8 years = Rs. 4615
So, 30000 + 36000r - 7000 = 4615
or, 36000r = 8615
or, r = 8615/36000 = 0.2393
Therefore, the rate of interest is 0.2393 or 6.5% (approx).
Hence, option (D) is the correct answer.
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Hans Kumar borrows Rs. 7000 at simple interest from the village moneylender. At the end of 3 years, he again borrows Rs. 3000 and closes his account after paying Rs. 4615 as interest after 8 years from the time he made the first borrowing. Find the rate of interest.a)3.5%b)4.5%c)5.5%d)6.5%Correct answer is option 'D'. Can you explain this answer?
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Hans Kumar borrows Rs. 7000 at simple interest from the village moneylender. At the end of 3 years, he again borrows Rs. 3000 and closes his account after paying Rs. 4615 as interest after 8 years from the time he made the first borrowing. Find the rate of interest.a)3.5%b)4.5%c)5.5%d)6.5%Correct answer is option 'D'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about Hans Kumar borrows Rs. 7000 at simple interest from the village moneylender. At the end of 3 years, he again borrows Rs. 3000 and closes his account after paying Rs. 4615 as interest after 8 years from the time he made the first borrowing. Find the rate of interest.a)3.5%b)4.5%c)5.5%d)6.5%Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Hans Kumar borrows Rs. 7000 at simple interest from the village moneylender. At the end of 3 years, he again borrows Rs. 3000 and closes his account after paying Rs. 4615 as interest after 8 years from the time he made the first borrowing. Find the rate of interest.a)3.5%b)4.5%c)5.5%d)6.5%Correct answer is option 'D'. Can you explain this answer?.
Hans Kumar borrows Rs. 7000 at simple interest from the village moneylender. At the end of 3 years, he again borrows Rs. 3000 and closes his account after paying Rs. 4615 as interest after 8 years from the time he made the first borrowing. Find the rate of interest.a)3.5%b)4.5%c)5.5%d)6.5%Correct answer is option 'D'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about Hans Kumar borrows Rs. 7000 at simple interest from the village moneylender. At the end of 3 years, he again borrows Rs. 3000 and closes his account after paying Rs. 4615 as interest after 8 years from the time he made the first borrowing. Find the rate of interest.a)3.5%b)4.5%c)5.5%d)6.5%Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Hans Kumar borrows Rs. 7000 at simple interest from the village moneylender. At the end of 3 years, he again borrows Rs. 3000 and closes his account after paying Rs. 4615 as interest after 8 years from the time he made the first borrowing. Find the rate of interest.a)3.5%b)4.5%c)5.5%d)6.5%Correct answer is option 'D'. Can you explain this answer?.
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