Aptitude - True Discount - Discussion
Discussion Forum : True Discount - General Questions (Q.No. 6)
6.
Goods were bought for Rs. 600 and sold the same for Rs. 688.50 at a credit of 9 months and thus gaining 2% The rate of interest per annum is:
Answer: Option
Explanation:
| S.P. = 102% of Rs. 600 = |  |
102 | x 600 |  |
= Rs. 612. |
| 100 |
Now, P.W. = Rs. 612 and sum = Rs. 688.50.
T.D. = Rs. (688.50 - 612) = Rs. 76.50.
Thus, S.I. on Rs. 612 for 9 months is Rs. 76.50.
| Rate = |
 |
100 x 76.50 |  % |
= 16 % |
|
Discussion:
20 comments Page 1 of 2.
Vijay said:
7 years ago
Well, it's simple.
Goods were bought for 600.
Sold for 688.50 at the credit of 9 months.
Gain = 2%,
Rate = x%.
P.W = C.P + Gain.
= 600 + 2% of 600,
= 600 + 12 = 612.
Simple Interest = 688.50 - 612 = 76.50,
By formula, P.W * R * T /100 = S.I.
R = S.I * 100 / (P.W * T).
R = 76.50 * 100 / (612 * 9/12).
R = 16.66%.
Goods were bought for 600.
Sold for 688.50 at the credit of 9 months.
Gain = 2%,
Rate = x%.
P.W = C.P + Gain.
= 600 + 2% of 600,
= 600 + 12 = 612.
Simple Interest = 688.50 - 612 = 76.50,
By formula, P.W * R * T /100 = S.I.
R = S.I * 100 / (P.W * T).
R = 76.50 * 100 / (612 * 9/12).
R = 16.66%.
(2)
Sushmita said:
8 years ago
Cost price= 600.
He sold the goods at a credit of 9 months, it means that the buyer will pay him after 9 months rupees 688.50. It's also given in the question that the seller has 2% profit.
So the Present value (PV) of 688.50 should be equal to 102/100 * 600 = 612.
It means SI on 612 for 9 months = 688.50 - 612 = 76.50.
612*R*9/100 * 12 = 76.50
Solving we get R = 16.666% = option A.
Hope it's clear enough.
He sold the goods at a credit of 9 months, it means that the buyer will pay him after 9 months rupees 688.50. It's also given in the question that the seller has 2% profit.
So the Present value (PV) of 688.50 should be equal to 102/100 * 600 = 612.
It means SI on 612 for 9 months = 688.50 - 612 = 76.50.
612*R*9/100 * 12 = 76.50
Solving we get R = 16.666% = option A.
Hope it's clear enough.
(2)
Kiran roy said:
7 years ago
Why it is 9/12 instead of 12/9?
(1)
Anjali singh said:
1 decade ago
Unable to understand how we get 102%of 600 = 612. What is the formula behind it?
(1)
Md. Kamrujjaman said:
9 years ago
Here gaining 2% means the gain in purchase price not 2% interest for 9 months.
So the purchase price + gain (profit) = sale price.
= 600 + 600 * 2% = 612.
Now discount 688.50 for 9 months taking 612 as P. W. (present worth).
For example:
612 = (688.50 * 100)/[100 + (x * 9/12)].
X = 50/3=>rate of interest per annum.
So the purchase price + gain (profit) = sale price.
= 600 + 600 * 2% = 612.
Now discount 688.50 for 9 months taking 612 as P. W. (present worth).
For example:
612 = (688.50 * 100)/[100 + (x * 9/12)].
X = 50/3=>rate of interest per annum.
Dulle said:
5 years ago
@Sowmya
The formula of Interest = PRT/100.
The formula of Interest = PRT/100.
Sowmya said:
7 years ago
What is the formula for rate of interest?
Anchal said:
9 years ago
@Kamrujjaman.
9/12 =3/4.
9/12 =3/4.
Deepa A J said:
9 years ago
Why 3/4 is taken in the problem?
Srk said:
9 years ago
2% profit,
hence,
600*2/100 = 12
Total = 612
So, net price 688.50 - 612 = 76.50
And the formula is for rate is used.
hence,
600*2/100 = 12
Total = 612
So, net price 688.50 - 612 = 76.50
And the formula is for rate is used.
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