Aptitude - Simple Interest - Discussion
Discussion Forum : Simple Interest - General Questions (Q.No. 13)
13.
A certain amount earns simple interest of Rs. 1750 after 7 years. Had the interest been 2% more, how much more interest would it have earned?
Answer: Option
Explanation:
We need to know the S.I., principal and time to find the rate.
Since the principal is not given, so data is inadequate.
Discussion:
97 comments Page 3 of 10.
Manoj said:
7 years ago
Can we consider the amount as 1000 and calculate the interest. As for one year S.I is 250. So we get the rate of interest as 25. And if we add two percent to it and get S.I it will be 270. 270x7 will give you 1890. So 1890-1750 should give you 140. Then Why it can't be determined?
Shivani Singh said:
9 years ago
1750 = P * R * 7/100 ------> equation1.
N = P * 102R * 7/100 ------> equation 2 (n is the value of S. I. If the interest is increased by 2 %).
Dividing equation 1 by equation 2, we get,
1750/n = 1/102.
N = 1750 * 102.
N = 178500.
So, the required value = 178500 - 1750.
= 176750.
N = P * 102R * 7/100 ------> equation 2 (n is the value of S. I. If the interest is increased by 2 %).
Dividing equation 1 by equation 2, we get,
1750/n = 1/102.
N = 1750 * 102.
N = 178500.
So, the required value = 178500 - 1750.
= 176750.
Yokesh Velraj said:
1 year ago
Answer (C) Let us assume the principal amount and interest rate is 2500 and 10%. In that, the rate increases by 2%, meaning the interest rate is 12%.
From that, we must calculate using the Simple interest formula PNR/100. New SI after 7 years is 2100 and (2100 -1750) = 350 rs.
From that, we must calculate using the Simple interest formula PNR/100. New SI after 7 years is 2100 and (2100 -1750) = 350 rs.
(1)
Manisha said:
9 years ago
I think, here rate of interest is obviously in percent, i.e. increased by 2% simply means, r% will become (r+2)%, thus we can't get 35 as an answer. We need to know rate of interest for it which can't be evaluated due to insufficient data. Thus answer will be 'D'.
Gopal Gupta said:
6 years ago
According to me, the question says to increase the rate by 2%. Which means if the original is R% then the new rate is (R+2)%.
So old interest.
I=PR*7/100.
And new interest.
I'=P*(R+2)*7/100.
Thus the answer can't be determined without the principal.
So old interest.
I=PR*7/100.
And new interest.
I'=P*(R+2)*7/100.
Thus the answer can't be determined without the principal.
Ankit said:
9 years ago
I have seen similar questions in Kiran's Mathematic book and Paramount airthematic book.
A 2% increase in rate means.
If the rate was 5% per annum earlier then it is 7% now.
So I guess IndiaBix is right and hence no solution exist to this problem.
A 2% increase in rate means.
If the rate was 5% per annum earlier then it is 7% now.
So I guess IndiaBix is right and hence no solution exist to this problem.
Lowkeytt said:
4 years ago
The answer is c:350 Rs.
Lets assume the simple interest rate is 10%, if you apply the formula the principal will be 2500. 2% Increase in interest rate with 2500 as a principle will yield an interest amount of 2100.
So, the difference will be 350.
Lets assume the simple interest rate is 10%, if you apply the formula the principal will be 2500. 2% Increase in interest rate with 2500 as a principle will yield an interest amount of 2100.
So, the difference will be 350.
(2)
Ajit arya said:
7 years ago
According to me;
Interest for 7 yr is 1750 means
For 1 yr interest is 250.
So assume the interest is 10% this way principle amount becomes 2500.
And now 8% interest for 7 yr of 2500 = 1400.
So the more interest earned = (1750-1400) = 350 ans.
Interest for 7 yr is 1750 means
For 1 yr interest is 250.
So assume the interest is 10% this way principle amount becomes 2500.
And now 8% interest for 7 yr of 2500 = 1400.
So the more interest earned = (1750-1400) = 350 ans.
Simanta said:
9 years ago
I think the answer will be Rs. 35 because if we take the ratio of the two simple interests then the principal, time and rate of interest cancelled out. In RHS it is 7/7.14. In LHS it is 1750/ (SI2).
After solving the answer will be Rs. 35.
After solving the answer will be Rs. 35.
Prantik Mondal said:
9 years ago
If 2% increase the interest for 7 years, then (2 * 7)/100 = .14
So, for this .14 interest in 7 years is the extra earned money.
1750 * (0.14) = 245 Rs total earned in 7 year for extra 2% interest.
So, the answer is option "B".
So, for this .14 interest in 7 years is the extra earned money.
1750 * (0.14) = 245 Rs total earned in 7 year for extra 2% interest.
So, the answer is option "B".
Post your comments here:
Quick links
Quantitative Aptitude
Verbal (English)
Reasoning
Programming
Interview
Placement Papers