Aptitude - Simple Interest - Discussion
Discussion Forum : Simple Interest - Data Sufficiency 1 (Q.No. 3)
Directions to Solve
Each of the questions given below consists of a statement and / or a question and two statements numbered I and II given below it. You have to decide whether the data provided in the statement(s) is / are sufficient to answer the given question. Read the both statements and
- Give answer (A) if the data in Statement I alone are sufficient to answer the question, while the data in Statement II alone are not sufficient to answer the question.
- Give answer (B) if the data in Statement II alone are sufficient to answer the question, while the data in Statement I alone are not sufficient to answer the question.
- Give answer (C) if the data either in Statement I or in Statement II alone are sufficient to answer the question.
- Give answer (D) if the data even in both Statements I and II together are not sufficient to answer the question.
- Give answer(E) if the data in both Statements I and II together are necessary to answer the question.
3.
What percentage of simple interest per annum did Anand pay to Deepak? | |
I. | Anand borrowed Rs. 8000 from Deepak for four years. |
II. | Anand returned Rs. 8800 to Deepak at the end of two years and settled the loan. |
Answer: Option
Explanation:
Let the rate be R% p.a.
I gives, P = Rs. 8000 and T = 4 years.
II gives, S.I. = Rs. (8800 - 8000) = Rs. 800.
 R = |
 |
100 x S.I. |  |
= | |
100 x 800 | % |
= 2 | 1 | % p.a. |
| P x T | 8000 x 4 | 2 |
Thus, I and II both are needed to get the answer.
Correct answer is (E).
Discussion:
13 comments Page 1 of 2.
Anonuyms said:
5 years ago
I guess the 800 interest for the first two years only, so the interest rate should be 5% only.
(11)
Maha said:
8 years ago
He has taken money for four years but he return money in two years then rate interest will be 5%.
(4)
Sparsh Chandra said:
1 decade ago
Question is all correctly solved. He settled the loan in 2 years which he took for four years so the rate of interest is asked for whole four years.
Thus this sum 8800 be taken as the sum he could have given at the end of 4 years. So interest Rs. 800 time 4 years and Principal Rs. 8000.
So rate of interest applicable will be 2.5% (after solving P*R*T/100 = SI), irrespective of the time he settled the loan. That is given to create a confusion. Rate of interest asked is applicable rat not the rate at which he repaid loan.
Hope its clear now.
Thus this sum 8800 be taken as the sum he could have given at the end of 4 years. So interest Rs. 800 time 4 years and Principal Rs. 8000.
So rate of interest applicable will be 2.5% (after solving P*R*T/100 = SI), irrespective of the time he settled the loan. That is given to create a confusion. Rate of interest asked is applicable rat not the rate at which he repaid loan.
Hope its clear now.
(3)
Harsh said:
7 years ago
Right @Nikhil.
My answer is also 5%.
My answer is also 5%.
(3)
Nikhil said:
1 decade ago
Answer is E correct. only % should be 5%. No matter how many year we want. They told to find out S.I % which is 5%. They wrongly type 4yr instead of 2yr.
If he pay Rs.800 for 2yr then for 1yr Rs.400
Solution will be like that,
800 = 8000*2*R/100.
800*100/2*100.
= 5%.
If he pay Rs.800 for 2yr then for 1yr Rs.400
Solution will be like that,
800 = 8000*2*R/100.
800*100/2*100.
= 5%.
(1)
Jeet said:
7 years ago
@Sparsh Chandra.
You are right. Thanks for making me understand this question.
You are right. Thanks for making me understand this question.
(1)
Deepak Kumar said:
1 decade ago
But 800 as interest is given only in two years.
Lokesh Jain said:
1 decade ago
I think He should pay less as he has paid earlier than four years.
Pradeep said:
1 decade ago
Conceptually, he has to pay interest for only two years, why he is paying 4 years.
Rakesh said:
1 decade ago
8800 is amount under SI paid in 2 years but you taken it as 4 years.
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