Basics of Financial Mathematics Test 1

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Basics of Financial Mathematics Test 1

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Weekly Quiz Competition

Question 1
1 / -0

If the amount repaid is Rs. $$450$$ and the principal is Rs. $$415$$, then interest is equal to

A
Rs. $$25$$

B
Rs. $$35$$

C
Rs.$$ 45$$

D
Rs. $$50$$

Solution

Amount (A) $$= Rs. 450$$
Principal (P) $$= Rs. 415$$
$$A=I+P$$
$$I = A - P = 450 - 415 = Rs. 35$$
Question 2
1 / -0

Find the principle if $$S.I$$ is $$Rs. 31.50$$, time period is 1$$\displaystyle \frac{1}{4}$$ years and rate percent per annum is 5 $$\displaystyle \frac{1}{4}$$%.

A
$$Rs. 460$$

B
$$Rs. 430$$

C
$$Rs. 480$$

D
$$Rs. 4800$$

Solution

$$P = \displaystyle \frac{100 \times S.I}{T \times R}$$

$$= \displaystyle \frac{100 \times 31.50}{\displaystyle \frac{5}{4} \times \frac{21}{4}} = Rs.\, 480$$
Question 3
1 / -0

The correct relationship is

A
$$A+C.I=P$$

B
$$C.I-P=A$$

C
$$C.I=A-P$$

D
None of these

Solution

$$\text{Compound Interest} (C.I) = \text{Amount} (A) - \text{Principal} (P)$$
$$C.I = A - P$$
Question 4
1 / -0

If the amount is $$\text{Rs. } 500$$ and the interest is $$\text{Rs. }100,$$ then principal is

A
$$\text{Rs.}\ 100$$

B
$$\text{Rs.}\ 400$$

C
$$\text{Rs.}\ 600$$

D
none of these

Solution

$$Principal \ = A - I = 500 - 100 = Rs. 400$$
Question 5
1 / -0

Simple interest on Rs.2000 for 4 years is Rs.400. Percent rate of interest is

A
$$\displaystyle\frac{2000\times 100}{400\times 4}$$

B
$$\displaystyle\frac{400\times 4}{2000\times 100}$$

C
$$\displaystyle\frac{400\times 100}{2000\times 4}$$

D
None of these

Solution

Principal = Rs 2000
Time = 4 years
Interest = Rs 400
Let Rate of Interest= $$R$$
Now, $$Interest = \frac{Principal \times Rate \times Time}{100}$$
$$400 = \frac{2000\times R\times 4}{100}$$
$$R = \frac{400 \times 100}{2000 \times 4}$$
Question 6
1 / -0

A sum of money lent by Hari at simple interest becomes double of itself in 8 years. Then the sum will triple itself in

A
16 years

B
15 years

C
20 years

D
24 years

Solution

Sum of money be P
Amount will be=2P
time=8yrs
rate=r%
Simple interest=amount -principal
                           =(2P-P)=P
                             $$P=\frac { P\times 8\times r }{ 100 } $$
   $$8r=100$$
                              $$r=12.5$$%

Now,
           Principal=P
           Amount=3P
      Therefore interest=3P-P=2P
$$2P=\frac { P\times T\times 12.5 }{ 100 } $$
$$12.5T=200$$
$$T=\frac { 200 }{ 12.5 } =16years$$
Sum will triple itself in 16 years
Question 7
1 / -0

If the simple interest on a certain sum of money @ 4% for 5 years is Rs. 800, find the sum.

A
Rs. 4000

B
Rs. 9000

C
Rs. 12000

D
None of the above

Solution

$$\textbf{Step-1: Apply relevant formula of Simple interest & simplify.}$$

$$\text{We have,}$$

$$\text{Rate = 4%, Time = 5 years & Simple interest = Rs. 800}\\$$
$$\displaystyle \therefore P=\dfrac { SI\times 100 }{ RT } =\dfrac { 800\times 100 }{ 4\times 5 } =Rs.4000$$ $$[\because\boldsymbol{\displaystyle\textbf{Simple Interest = } \dfrac { PRT }{ 100 } ]}$$

$$\textbf{Hence, answer is Rs. 4000}$$
Question 8
1 / -0

A certain sum of money $$Q$$ was deposited for $$5$$ years and $$4$$ months at $$4.5\%$$ simple interest and amounted to $$Rs\ 248.$$ Then the value of $$Q$$ is

A
$$Rs\ 200$$

B
$$Rs\ 210$$

C
$$Rs\ 220$$

D
$$Rs\ 240$$

Solution

When the principal is $$P$$, the rate of interest is $$R$$ per annum and the time period is $$T$$ years then the simple interest is given by,
$$SI=\dfrac { P\times T\times R }{ 100 } $$

Given:
$$P=Q$$
$$R=4.5\%$$
$$T=5$$ years $$4$$ months

$$=5\dfrac { 4 }{ 12 }$$

$$ =5\dfrac { 1 }{ 3 } $$

$$=\dfrac { 16 }{ 3 }$$

So,
$$SI=\dfrac { Q\times 16\times 4.5 }{ 100\times 3 }$$
$$ =\dfrac { 24Q }{ 100 } $$

Principal $$+$$ Interest $$=$$ Amount
$$\Rightarrow Q+\dfrac { 24Q }{ 100 } =248$$
$$\Rightarrow 100Q+24Q=24800$$
$$\Rightarrow 124Q=24800$$
$$\Rightarrow Q=Rs\ 200$$
Question 9
1 / -0

The money borrowed or lent out for a certain period is called

A
Interest

B
Principal

C
Time Period

D
None of the above

Solution

Money borrowed or lent out for a certain period is called the principal or the sum.
Question 10
1 / -0

Identify which amount is the original amount of money, the amount before any interest is applied?

A
interest

B
time period

C
loan

D
principal

Solution

Principal amount is the original amount of money, the amount before any interest is applied.

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Basics of Financial Mathematics Test 1

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Basics of Financial Mathematics Test 1

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Question 1

Rs. $$25$$

Rs. $$35$$

Rs.$$ 45$$

Rs. $$50$$

Solution

Question 2

$$Rs. 460$$

$$Rs. 430$$

$$Rs. 480$$

$$Rs. 4800$$

Solution

Question 3

$$A+C.I=P$$

$$C.I-P=A$$

$$C.I=A-P$$

None of these

Solution

Question 4

$$\text{Rs.}\ 100$$

$$\text{Rs.}\ 400$$

$$\text{Rs.}\ 600$$

none of these

Solution

Question 5

$$\displaystyle\frac{2000\times 100}{400\times 4}$$

$$\displaystyle\frac{400\times 4}{2000\times 100}$$

$$\displaystyle\frac{400\times 100}{2000\times 4}$$

None of these

Solution

Question 6

16 years

15 years

20 years

24 years

Solution

Question 7

Rs. 4000

Rs. 9000

Rs. 12000

None of the above

Solution

Question 8

$$Rs\ 200$$

$$Rs\ 210$$

$$Rs\ 220$$

$$Rs\ 240$$

Solution

Question 9

Interest

Principal

Time Period

None of the above

Solution

Question 10

interest

time period

loan

principal

Solution

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