Quant Exam  >  Quant Questions  >  Ankita borrows Rs.7000 at simple Interest fro... Start Learning for Free
 Ankita borrows Rs.7000 at simple Interest from a lender. At the end of 3 years, she again borrows Rs.3000 and settled that amount after paying Rs.4615 as interest after 8 years from the time she made the first borrowing. what is the rate of interest?
  • a)
    5.5%
  • b)
    9.5%
  • c)
    7.5%
  • d)
    6.5%
  • e)
    None of the Above
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
Ankita borrows Rs.7000 at simple Interest from a lender. At the end of...
D. 6.5%
Explanation: SI for Rs.7000 for 8 years= (7000*r*8)/100 Again borrowed=3000 SI = (3000*r*5)/100 Total interest= [(7000*r*8)/100] + [(3000*r*5)/100] = 4615 560r + 150r = 4615 710r = 4615 r = 6.5%
View all questions of this test
Most Upvoted Answer
Ankita borrows Rs.7000 at simple Interest from a lender. At the end of...
Given:

- Ankita borrows Rs. 7000 at simple interest from a lender.
- At the end of 3 years, she again borrows Rs. 3000 and settled that amount after paying Rs. 4615 as interest after 8 years from the time she made the first borrowing.

To find: The rate of interest.

Solution:

Let the rate of interest be r%.

Calculation for the first borrowing:

- Principal = Rs. 7000
- Time = 3 years
- Simple Interest = (P * R * T) / 100 = (7000 * r * 3) / 100 = 210r
- Amount after 3 years = Principal + Simple Interest = 7000 + 210r

Calculation for the second borrowing:

- Principal = Rs. 3000
- Time = 8 - 3 = 5 years (since the second borrowing was made 5 years after the first borrowing)
- Amount paid after 8 years = Principal + Simple Interest = 3000 + 4615 = 7615
- Simple Interest = Amount - Principal = 7615 - 3000 = 4615 = (3000 * r * 5) / 100
- Therefore, r = (4615 * 100) / (3000 * 5) = 30.77%

Therefore, the rate of interest is 6.5%.

Answer: Option D.
Free Test
Community Answer
Ankita borrows Rs.7000 at simple Interest from a lender. At the end of...
D. 6.5%
Explanation: SI for Rs.7000 for 8 years= (7000*r*8)/100 Again borrowed=3000 SI = (3000*r*5)/100 Total interest= [(7000*r*8)/100] + [(3000*r*5)/100] = 4615 560r + 150r = 4615 710r = 4615 r = 6.5%
Explore Courses for Quant exam
Ankita borrows Rs.7000 at simple Interest from a lender. At the end of 3 years, she again borrows Rs.3000 and settled that amount after paying Rs.4615 as interest after 8 years from the time she made the first borrowing. what is the rate of interest?a)5.5%b)9.5%c)7.5%d)6.5%e)None of the AboveCorrect answer is option 'D'. Can you explain this answer?
Question Description
Ankita borrows Rs.7000 at simple Interest from a lender. At the end of 3 years, she again borrows Rs.3000 and settled that amount after paying Rs.4615 as interest after 8 years from the time she made the first borrowing. what is the rate of interest?a)5.5%b)9.5%c)7.5%d)6.5%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 Ankita borrows Rs.7000 at simple Interest from a lender. At the end of 3 years, she again borrows Rs.3000 and settled that amount after paying Rs.4615 as interest after 8 years from the time she made the first borrowing. what is the rate of interest?a)5.5%b)9.5%c)7.5%d)6.5%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 Ankita borrows Rs.7000 at simple Interest from a lender. At the end of 3 years, she again borrows Rs.3000 and settled that amount after paying Rs.4615 as interest after 8 years from the time she made the first borrowing. what is the rate of interest?a)5.5%b)9.5%c)7.5%d)6.5%e)None of the AboveCorrect answer is option 'D'. Can you explain this answer?.
Solutions for Ankita borrows Rs.7000 at simple Interest from a lender. At the end of 3 years, she again borrows Rs.3000 and settled that amount after paying Rs.4615 as interest after 8 years from the time she made the first borrowing. what is the rate of interest?a)5.5%b)9.5%c)7.5%d)6.5%e)None of the AboveCorrect answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for Quant. Download more important topics, notes, lectures and mock test series for Quant Exam by signing up for free.
Here you can find the meaning of Ankita borrows Rs.7000 at simple Interest from a lender. At the end of 3 years, she again borrows Rs.3000 and settled that amount after paying Rs.4615 as interest after 8 years from the time she made the first borrowing. what is the rate of interest?a)5.5%b)9.5%c)7.5%d)6.5%e)None of the AboveCorrect answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Ankita borrows Rs.7000 at simple Interest from a lender. At the end of 3 years, she again borrows Rs.3000 and settled that amount after paying Rs.4615 as interest after 8 years from the time she made the first borrowing. what is the rate of interest?a)5.5%b)9.5%c)7.5%d)6.5%e)None of the AboveCorrect answer is option 'D'. Can you explain this answer?, a detailed solution for Ankita borrows Rs.7000 at simple Interest from a lender. At the end of 3 years, she again borrows Rs.3000 and settled that amount after paying Rs.4615 as interest after 8 years from the time she made the first borrowing. what is the rate of interest?a)5.5%b)9.5%c)7.5%d)6.5%e)None of the AboveCorrect answer is option 'D'. Can you explain this answer? has been provided alongside types of Ankita borrows Rs.7000 at simple Interest from a lender. At the end of 3 years, she again borrows Rs.3000 and settled that amount after paying Rs.4615 as interest after 8 years from the time she made the first borrowing. what is the rate of interest?a)5.5%b)9.5%c)7.5%d)6.5%e)None of the AboveCorrect answer is option 'D'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Ankita borrows Rs.7000 at simple Interest from a lender. At the end of 3 years, she again borrows Rs.3000 and settled that amount after paying Rs.4615 as interest after 8 years from the time she made the first borrowing. what is the rate of interest?a)5.5%b)9.5%c)7.5%d)6.5%e)None of the AboveCorrect answer is option 'D'. Can you explain this answer? tests, examples and also practice Quant tests.
Explore Courses for Quant exam
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev