Simple Interest Test

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Simple Interest Test - 1

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Question 1
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Use the following information to answer the next question

Jude invested a certain sum of money for a certain number of years at 8% per annum simple interest. It grew to Rs 180. Had he invested for the same number of years at 4% per annum simple interest, it would have grown to Rs 120 only.

The number of years for which the sum was invested was

A
25

B
35

C
40

D
45

Solution

Let the number of required years be x.

Principal + 8% per annum interest on the principal for x years = 180    …(i)

Principal + 4% per annum interest on the principal for x years = 120    …(ii)

⇒ 4% per annum interest on principal for x years = 60   …(iii)

From (ii) and (iii), we have

Principal + 60 = 120

⇒ Principal = Rs 60

SI = Simple Interest

P = principal = the amount borrowed/lent

R = Rate of interest

T = Time

Now SI = (P × R × T)/100

Here P = Rs 60

R = 4% per annum

T = x

60 = (60 × 4 × x)/100

⇒ x = 25 years