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SBI lent 1 lakh to farmer Kishan Singh at 6% per annum, at simple interest for a period of 10 years. Meanwhile, the bank offered a discount in the rate of interest, according to the Govt. policy for farmers. Thus, the rate of interest is decreased to 4% p.a. In this way, Kishan Singh had to pay a total amount 1.48 lakh. After how many years did Kishan Singh got the discount in the rate of interest?
  • a)
    2 years
  • b)
    3 years
  • c)
    4 years
  • d)
    5 years
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
SBI lent 1 lakh to farmer Kishan Singh at 6% per annum, at simple int...
Suppose that 6% per annum be the rate of interest for x years, then the 4% per annum be the rate of interest for (10 - x) years.
Interest paid by Kishan Singh = Rs. 48,000
Now,
48 = 6x + 40 - 4x
2x = 8
x = 4 years
It means Kishan Singh availed the discount after 4 years.
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SBI lent 1 lakh to farmer Kishan Singh at 6% per annum, at simple interest for a period of 10 years. Meanwhile, the bank offered a discount in the rate of interest, according to the Govt. policy for farmers. Thus, the rate of interest is decreased to 4% p.a. In this way, Kishan Singh had to pay a total amount 1.48 lakh. After how many years did Kishan Singh got the discount in the rate of interest?a)2 yearsb)3 yearsc)4 yearsd)5 yearsCorrect answer is option 'C'. Can you explain this answer?
Question Description
SBI lent 1 lakh to farmer Kishan Singh at 6% per annum, at simple interest for a period of 10 years. Meanwhile, the bank offered a discount in the rate of interest, according to the Govt. policy for farmers. Thus, the rate of interest is decreased to 4% p.a. In this way, Kishan Singh had to pay a total amount 1.48 lakh. After how many years did Kishan Singh got the discount in the rate of interest?a)2 yearsb)3 yearsc)4 yearsd)5 yearsCorrect answer is option 'C'. Can you explain this answer? for Electrical Engineering (EE) 2024 is part of Electrical Engineering (EE) preparation. The Question and answers have been prepared according to the Electrical Engineering (EE) exam syllabus. Information about SBI lent 1 lakh to farmer Kishan Singh at 6% per annum, at simple interest for a period of 10 years. Meanwhile, the bank offered a discount in the rate of interest, according to the Govt. policy for farmers. Thus, the rate of interest is decreased to 4% p.a. In this way, Kishan Singh had to pay a total amount 1.48 lakh. After how many years did Kishan Singh got the discount in the rate of interest?a)2 yearsb)3 yearsc)4 yearsd)5 yearsCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Electrical Engineering (EE) 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for SBI lent 1 lakh to farmer Kishan Singh at 6% per annum, at simple interest for a period of 10 years. Meanwhile, the bank offered a discount in the rate of interest, according to the Govt. policy for farmers. Thus, the rate of interest is decreased to 4% p.a. In this way, Kishan Singh had to pay a total amount 1.48 lakh. After how many years did Kishan Singh got the discount in the rate of interest?a)2 yearsb)3 yearsc)4 yearsd)5 yearsCorrect answer is option 'C'. Can you explain this answer?.
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