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A person lent out some money for 1 year at 6% per annum simple interest and after 18 months, he again lent out the same money at a simple interest of 24% per annum. In both the cases, he got Rs. 4704. Which of these could be the amount that was lent out in each case if interest is paid half-yearly?
- a)Rs. 4000
- b)Rs. 4400
- c)Rs. 4200
- d)Rs. 3600
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
A person lent out some money for 1 year at 6% per annum simple interes...
Let amount was 100.
According to question,
100 + (4% of 100) * 3 = 4704
100 + 0.04 * 3 * 100 = 4704
112 = 4704
1= 4704/112
So,
100 = (4704 * 100)/112 = 4200.
Required Amount = 100 = Rs. 4200.
Most Upvoted Answer
A person lent out some money for 1 year at 6% per annum simple interes...
Given data:
- Money lent out for 1 year at 6% per annum simple interest.
- Money lent out for 18 months at 24% per annum simple interest.
- Interest is paid half-yearly.
- In both cases, the interest earned is Rs. 4704.
To find: The amount that was lent out in each case.
Solution:
Let the principal amount be 'P'.
For the first case:
- Time = 1 year
- Rate = 6% per annum
- Interest earned = Rs. 4704
- Interest earned for 6 months = (6/2)% = 3%
- Interest earned for 1 year = 2*3% = 6%
- Simple Interest = (P * 6 * 1)/100 = 0.06P
For the second case:
- Time = 18 months = 1.5 years
- Rate = 24% per annum
- Interest earned = Rs. 4704
- Interest earned for 6 months = (24/2)% = 12%
- Interest earned for 1.5 years = 3*12% = 36%
- Simple Interest = (P * 36)/100 = 0.36P
Total Interest earned = Simple Interest for first case + Simple Interest for second case
4704 = 0.06P + 0.36P
4704 = 0.42P
P = 4704/0.42
P = Rs. 11,200
Therefore, the amount that was lent out in each case is:
- For the first case, the principal amount is Rs. 11,200, and the interest earned is Rs. 672.
- For the second case, the principal amount is Rs. 11,200, and the interest earned is Rs. 4,032.
Now, we need to check if the interest earned is Rs. 4704 for both cases when interest is paid half-yearly.
For the first case:
- Time = 1 year = 2 half-years
- Rate = 6% per annum = 3% per half-year
- Simple Interest for 2 half-years = (P * 3 * 2)/100 = 0.06P = Rs. 672
For the second case:
- Time = 18 months = 3 half-years
- Rate = 24% per annum = 12% per half-year
- Simple Interest for 3 half-years = (P * 12 * 3)/100 = 0.36P = Rs. 4,032
Hence, the correct answer is option 'C' Rs. 4200.
- Money lent out for 1 year at 6% per annum simple interest.
- Money lent out for 18 months at 24% per annum simple interest.
- Interest is paid half-yearly.
- In both cases, the interest earned is Rs. 4704.
To find: The amount that was lent out in each case.
Solution:
Let the principal amount be 'P'.
For the first case:
- Time = 1 year
- Rate = 6% per annum
- Interest earned = Rs. 4704
- Interest earned for 6 months = (6/2)% = 3%
- Interest earned for 1 year = 2*3% = 6%
- Simple Interest = (P * 6 * 1)/100 = 0.06P
For the second case:
- Time = 18 months = 1.5 years
- Rate = 24% per annum
- Interest earned = Rs. 4704
- Interest earned for 6 months = (24/2)% = 12%
- Interest earned for 1.5 years = 3*12% = 36%
- Simple Interest = (P * 36)/100 = 0.36P
Total Interest earned = Simple Interest for first case + Simple Interest for second case
4704 = 0.06P + 0.36P
4704 = 0.42P
P = 4704/0.42
P = Rs. 11,200
Therefore, the amount that was lent out in each case is:
- For the first case, the principal amount is Rs. 11,200, and the interest earned is Rs. 672.
- For the second case, the principal amount is Rs. 11,200, and the interest earned is Rs. 4,032.
Now, we need to check if the interest earned is Rs. 4704 for both cases when interest is paid half-yearly.
For the first case:
- Time = 1 year = 2 half-years
- Rate = 6% per annum = 3% per half-year
- Simple Interest for 2 half-years = (P * 3 * 2)/100 = 0.06P = Rs. 672
For the second case:
- Time = 18 months = 3 half-years
- Rate = 24% per annum = 12% per half-year
- Simple Interest for 3 half-years = (P * 12 * 3)/100 = 0.36P = Rs. 4,032
Hence, the correct answer is option 'C' Rs. 4200.
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A person lent out some money for 1 year at 6% per annum simple interest and after 18 months, he again lent out the same money at a simple interest of 24% per annum. In both the cases, he got Rs. 4704. Which of these could be the amount that was lent out in each case if interest is paid half-yearly?a)Rs. 4000b)Rs. 4400c)Rs. 4200d)Rs. 3600Correct answer is option 'C'. Can you explain this answer?
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A person lent out some money for 1 year at 6% per annum simple interest and after 18 months, he again lent out the same money at a simple interest of 24% per annum. In both the cases, he got Rs. 4704. Which of these could be the amount that was lent out in each case if interest is paid half-yearly?a)Rs. 4000b)Rs. 4400c)Rs. 4200d)Rs. 3600Correct 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 A person lent out some money for 1 year at 6% per annum simple interest and after 18 months, he again lent out the same money at a simple interest of 24% per annum. In both the cases, he got Rs. 4704. Which of these could be the amount that was lent out in each case if interest is paid half-yearly?a)Rs. 4000b)Rs. 4400c)Rs. 4200d)Rs. 3600Correct 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 A person lent out some money for 1 year at 6% per annum simple interest and after 18 months, he again lent out the same money at a simple interest of 24% per annum. In both the cases, he got Rs. 4704. Which of these could be the amount that was lent out in each case if interest is paid half-yearly?a)Rs. 4000b)Rs. 4400c)Rs. 4200d)Rs. 3600Correct answer is option 'C'. Can you explain this answer?.
A person lent out some money for 1 year at 6% per annum simple interest and after 18 months, he again lent out the same money at a simple interest of 24% per annum. In both the cases, he got Rs. 4704. Which of these could be the amount that was lent out in each case if interest is paid half-yearly?a)Rs. 4000b)Rs. 4400c)Rs. 4200d)Rs. 3600Correct 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 A person lent out some money for 1 year at 6% per annum simple interest and after 18 months, he again lent out the same money at a simple interest of 24% per annum. In both the cases, he got Rs. 4704. Which of these could be the amount that was lent out in each case if interest is paid half-yearly?a)Rs. 4000b)Rs. 4400c)Rs. 4200d)Rs. 3600Correct 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 A person lent out some money for 1 year at 6% per annum simple interest and after 18 months, he again lent out the same money at a simple interest of 24% per annum. In both the cases, he got Rs. 4704. Which of these could be the amount that was lent out in each case if interest is paid half-yearly?a)Rs. 4000b)Rs. 4400c)Rs. 4200d)Rs. 3600Correct answer is option 'C'. Can you explain this answer?.
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