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Arya borrows rupees 6000 from a bank at SI. After 4 years she paid Rs 2500 to the bank and at the end of 5 years from the date of borrowing he paid Rs 4560 to settle the account. Find the rate of interest (approx)
- a)3.25%
- b)3.50%
- c)3.85%
- d)4%
- e)None of these
Correct answer is option 'C'. Can you explain this answer?
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Arya borrows rupees 6000 from a bank at SI. After 4 years she paid Rs ...
Answer – c) 3.85% Explanation : Total interest she paid = 6000*(r/100)*4 + 3500*(r/100)*1 = 275r total interest = 2500 + 4560 – 6000 = 1060 so 1060 = 275r, r = 3.85% approx
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Arya borrows rupees 6000 from a bank at SI. After 4 years she paid Rs ...
Given:
- Arya borrows Rs 6000 from a bank at simple interest.
- After 4 years, she paid Rs 2500 to the bank.
- At the end of 5 years from the date of borrowing, she paid Rs 4560 to settle the account.
To find:
The rate of interest (approx.)
Solution:
Let's assume the rate of interest as 'r' percent.
After 4 years, Arya paid Rs 2500 to the bank, which means she still has to pay Rs (6000 - 2500) = Rs 3500.
After 5 years, she paid Rs 4560 to the bank, which means the interest for the last year is Rs (4560 - 3500) = Rs 1060.
Calculating the rate of interest:
We can use the formula for simple interest: SI = (P * R * T) / 100
Where:
SI = Simple Interest
P = Principal amount (borrowed amount)
R = Rate of interest
T = Time period (in years)
For the first 4 years:
SI = (6000 * r * 4) / 100
For the last year:
SI = (3500 * r * 1) / 100
Total SI = SI for the first 4 years + SI for the last year = (6000 * r * 4) / 100 + (3500 * r * 1) / 100
According to the given information, the total SI is Rs 1060.
So, we can write the equation as:
(6000 * r * 4) / 100 + (3500 * r * 1) / 100 = 1060
Simplifying the equation:
(24r + 3.5r) = 1060
27.5r = 1060
r = 1060 / 27.5
Calculating the value of 'r' using a calculator:
r ≈ 38.545
Approximating the rate of interest:
The rate of interest is approximately 38.545%.
Matching the options:
a) 3.25%
b) 3.50%
c) 3.85%
d) 4%
e) None of these
Since none of the options match the calculated rate of interest (approximately 38.545%), the correct answer is None of these.
- Arya borrows Rs 6000 from a bank at simple interest.
- After 4 years, she paid Rs 2500 to the bank.
- At the end of 5 years from the date of borrowing, she paid Rs 4560 to settle the account.
To find:
The rate of interest (approx.)
Solution:
Let's assume the rate of interest as 'r' percent.
After 4 years, Arya paid Rs 2500 to the bank, which means she still has to pay Rs (6000 - 2500) = Rs 3500.
After 5 years, she paid Rs 4560 to the bank, which means the interest for the last year is Rs (4560 - 3500) = Rs 1060.
Calculating the rate of interest:
We can use the formula for simple interest: SI = (P * R * T) / 100
Where:
SI = Simple Interest
P = Principal amount (borrowed amount)
R = Rate of interest
T = Time period (in years)
For the first 4 years:
SI = (6000 * r * 4) / 100
For the last year:
SI = (3500 * r * 1) / 100
Total SI = SI for the first 4 years + SI for the last year = (6000 * r * 4) / 100 + (3500 * r * 1) / 100
According to the given information, the total SI is Rs 1060.
So, we can write the equation as:
(6000 * r * 4) / 100 + (3500 * r * 1) / 100 = 1060
Simplifying the equation:
(24r + 3.5r) = 1060
27.5r = 1060
r = 1060 / 27.5
Calculating the value of 'r' using a calculator:
r ≈ 38.545
Approximating the rate of interest:
The rate of interest is approximately 38.545%.
Matching the options:
a) 3.25%
b) 3.50%
c) 3.85%
d) 4%
e) None of these
Since none of the options match the calculated rate of interest (approximately 38.545%), the correct answer is None of these.
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Arya borrows rupees 6000 from a bank at SI. After 4 years she paid Rs 2500 to the bank and at the end of 5 years from the date of borrowing he paid Rs 4560 to settle the account. Find the rate of interest (approx)a)3.25%b)3.50%c)3.85%d)4%e)None of theseCorrect answer is option 'C'. Can you explain this answer?
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Arya borrows rupees 6000 from a bank at SI. After 4 years she paid Rs 2500 to the bank and at the end of 5 years from the date of borrowing he paid Rs 4560 to settle the account. Find the rate of interest (approx)a)3.25%b)3.50%c)3.85%d)4%e)None of theseCorrect answer is option 'C'. 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 Arya borrows rupees 6000 from a bank at SI. After 4 years she paid Rs 2500 to the bank and at the end of 5 years from the date of borrowing he paid Rs 4560 to settle the account. Find the rate of interest (approx)a)3.25%b)3.50%c)3.85%d)4%e)None of theseCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Arya borrows rupees 6000 from a bank at SI. After 4 years she paid Rs 2500 to the bank and at the end of 5 years from the date of borrowing he paid Rs 4560 to settle the account. Find the rate of interest (approx)a)3.25%b)3.50%c)3.85%d)4%e)None of theseCorrect answer is option 'C'. Can you explain this answer?.
Arya borrows rupees 6000 from a bank at SI. After 4 years she paid Rs 2500 to the bank and at the end of 5 years from the date of borrowing he paid Rs 4560 to settle the account. Find the rate of interest (approx)a)3.25%b)3.50%c)3.85%d)4%e)None of theseCorrect answer is option 'C'. 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 Arya borrows rupees 6000 from a bank at SI. After 4 years she paid Rs 2500 to the bank and at the end of 5 years from the date of borrowing he paid Rs 4560 to settle the account. Find the rate of interest (approx)a)3.25%b)3.50%c)3.85%d)4%e)None of theseCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Arya borrows rupees 6000 from a bank at SI. After 4 years she paid Rs 2500 to the bank and at the end of 5 years from the date of borrowing he paid Rs 4560 to settle the account. Find the rate of interest (approx)a)3.25%b)3.50%c)3.85%d)4%e)None of theseCorrect answer is option 'C'. Can you explain this answer?.
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