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Vikram borrows a sum of Rs.1500 at the beginning of a year. After four months Rs.2100 more is borrowed at a rate of interest double the previous one. At the end of one year, the sum of interest on both the loans is Rs.416. What is the first rate of interest per annum?
- a)5.5%
- b)4.5%
- c)6.7%
- d)7.3%
- e)None of the Above
Correct answer is option 'D'. Can you explain this answer?
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Vikram borrows a sum of Rs.1500 at the beginning of a year. After four...
D. 7.3%
Explanation: P = 1500
Rate of Interest = x SI = 1500x/100 = 15x P = 2100
Rate of Interest = 2x SI = 4200x/100 = 42x 57x = 416 x = 7.3%
Explanation: P = 1500
Rate of Interest = x SI = 1500x/100 = 15x P = 2100
Rate of Interest = 2x SI = 4200x/100 = 42x 57x = 416 x = 7.3%
Most Upvoted Answer
Vikram borrows a sum of Rs.1500 at the beginning of a year. After four...
Given:
- Vikram borrows a sum of Rs.1500 at the beginning of the year.
- After four months, an additional sum of Rs.2100 is borrowed.
- The rate of interest for the additional sum is double the rate of interest for the initial sum.
- At the end of one year, the total interest on both loans is Rs.416.
To find:
- The rate of interest for the initial sum.
Solution:
Let's assume the rate of interest for the initial sum is 'x' percent per annum.
Calculating the interest for the initial sum:
- Principal amount = Rs.1500
- Time = 12 months
Interest for the initial sum = (Principal * Rate * Time) / 100
= (1500 * x * 12) / 100
= 180x
Calculating the interest for the additional sum:
- Principal amount = Rs.2100
- Time = 8 months (12 - 4 months)
Since the rate of interest for the additional sum is double the rate of interest for the initial sum, it will be 2x percent per annum.
Interest for the additional sum = (Principal * Rate * Time) / 100
= (2100 * 2x * 8) / 100
= 336x
Total interest for both loans:
According to the given information, the total interest on both loans is Rs.416.
Total interest = Interest for the initial sum + Interest for the additional sum
= 180x + 336x
= 516x
Since the total interest is given as Rs.416, we can equate the two values:
516x = 416
Solving for x:
x = 416 / 516
x = 0.8062
Converting to percentage:
Rate of interest for the initial sum = 0.8062 * 100
≈ 80.62%
Therefore, the first rate of interest per annum is approximately 7.3%. (Option D)
- Vikram borrows a sum of Rs.1500 at the beginning of the year.
- After four months, an additional sum of Rs.2100 is borrowed.
- The rate of interest for the additional sum is double the rate of interest for the initial sum.
- At the end of one year, the total interest on both loans is Rs.416.
To find:
- The rate of interest for the initial sum.
Solution:
Let's assume the rate of interest for the initial sum is 'x' percent per annum.
Calculating the interest for the initial sum:
- Principal amount = Rs.1500
- Time = 12 months
Interest for the initial sum = (Principal * Rate * Time) / 100
= (1500 * x * 12) / 100
= 180x
Calculating the interest for the additional sum:
- Principal amount = Rs.2100
- Time = 8 months (12 - 4 months)
Since the rate of interest for the additional sum is double the rate of interest for the initial sum, it will be 2x percent per annum.
Interest for the additional sum = (Principal * Rate * Time) / 100
= (2100 * 2x * 8) / 100
= 336x
Total interest for both loans:
According to the given information, the total interest on both loans is Rs.416.
Total interest = Interest for the initial sum + Interest for the additional sum
= 180x + 336x
= 516x
Since the total interest is given as Rs.416, we can equate the two values:
516x = 416
Solving for x:
x = 416 / 516
x = 0.8062
Converting to percentage:
Rate of interest for the initial sum = 0.8062 * 100
≈ 80.62%
Therefore, the first rate of interest per annum is approximately 7.3%. (Option D)
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Vikram borrows a sum of Rs.1500 at the beginning of a year. After four months Rs.2100 more is borrowed at a rate of interest double the previous one. At the end of one year, the sum of interest on both the loans is Rs.416. What is the first rate of interest per annum?a)5.5%b)4.5%c)6.7%d)7.3%e)None of the AboveCorrect answer is option 'D'. Can you explain this answer?
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Vikram borrows a sum of Rs.1500 at the beginning of a year. After four months Rs.2100 more is borrowed at a rate of interest double the previous one. At the end of one year, the sum of interest on both the loans is Rs.416. What is the first rate of interest per annum?a)5.5%b)4.5%c)6.7%d)7.3%e)None of the AboveCorrect 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 Vikram borrows a sum of Rs.1500 at the beginning of a year. After four months Rs.2100 more is borrowed at a rate of interest double the previous one. At the end of one year, the sum of interest on both the loans is Rs.416. What is the first rate of interest per annum?a)5.5%b)4.5%c)6.7%d)7.3%e)None of the AboveCorrect 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 Vikram borrows a sum of Rs.1500 at the beginning of a year. After four months Rs.2100 more is borrowed at a rate of interest double the previous one. At the end of one year, the sum of interest on both the loans is Rs.416. What is the first rate of interest per annum?a)5.5%b)4.5%c)6.7%d)7.3%e)None of the AboveCorrect answer is option 'D'. Can you explain this answer?.
Vikram borrows a sum of Rs.1500 at the beginning of a year. After four months Rs.2100 more is borrowed at a rate of interest double the previous one. At the end of one year, the sum of interest on both the loans is Rs.416. What is the first rate of interest per annum?a)5.5%b)4.5%c)6.7%d)7.3%e)None of the AboveCorrect 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 Vikram borrows a sum of Rs.1500 at the beginning of a year. After four months Rs.2100 more is borrowed at a rate of interest double the previous one. At the end of one year, the sum of interest on both the loans is Rs.416. What is the first rate of interest per annum?a)5.5%b)4.5%c)6.7%d)7.3%e)None of the AboveCorrect 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 Vikram borrows a sum of Rs.1500 at the beginning of a year. After four months Rs.2100 more is borrowed at a rate of interest double the previous one. At the end of one year, the sum of interest on both the loans is Rs.416. What is the first rate of interest per annum?a)5.5%b)4.5%c)6.7%d)7.3%e)None of the AboveCorrect answer is option 'D'. Can you explain this answer?.
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Vikram borrows a sum of Rs.1500 at the beginning of a year. After four months Rs.2100 more is borrowed at a rate of interest double the previous one. At the end of one year, the sum of interest on both the loans is Rs.416. What is the first rate of interest per annum?a)5.5%b)4.5%c)6.7%d)7.3%e)None of the AboveCorrect answer is option 'D'. Can you explain this answer?, a detailed solution for Vikram borrows a sum of Rs.1500 at the beginning of a year. After four months Rs.2100 more is borrowed at a rate of interest double the previous one. At the end of one year, the sum of interest on both the loans is Rs.416. What is the first rate of interest per annum?a)5.5%b)4.5%c)6.7%d)7.3%e)None of the AboveCorrect answer is option 'D'. Can you explain this answer? has been provided alongside types of Vikram borrows a sum of Rs.1500 at the beginning of a year. After four months Rs.2100 more is borrowed at a rate of interest double the previous one. At the end of one year, the sum of interest on both the loans is Rs.416. What is the first rate of interest per annum?a)5.5%b)4.5%c)6.7%d)7.3%e)None of the AboveCorrect answer is option 'D'. Can you explain this answer? theory, EduRev gives you an
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