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AFB Last Minute Revision
1. A sum of money at simple interest amounts to Rs. 2,800 in 2 years and to Rs. 3,250 in 5 years. Find the sum and the rate of interest.
Int for 3 years = 3250-2800=450.
So, int for 1 year = 450/3=150.
Amount including interest for 2 years = 2800.
So, the Principle amount = 2800-150-150=2500.
Int Rate = 150/2500*100 = 6%
2. A person invested Rs. 500000 in a bank FDR @ 8% p.a. for 1 year. If interest is compounded on yearly basis, the amount payable shall be ......
P = 500000
R = 8% yearly
T = 1 yr FV = P * (1+R)^T
FV = 500000 * (1+0.08)^1
= 540000 Ans.
3. An asset cost Rs. 3,30,000/- has residual value of Rs. 30,000/-, and is expected to last 4 years. Calculate the depreciation for 3rd year using sum of the digits Method.
D = (nth/E(sigma)n)(cost-Residual Value)
E(sigma)n = 1+2+3+4 = 10 1st year = 4/10(300000) = 120000
2nd year = 3/10(300000) = 90000
3rd year = 2/10(300000) = 60000
4th year = 1/10(300000) = 30000
4. At 5% per annum simple interest, Rahul borrowed Rs. 500. What amount will he pay to clear the debt after 4 years
We need to calculate the total amount to be paid by him after 4 years, So it will be Principal + simple interest. So, =>500+500*5*4/100
5. Sahil took a loan for 6 years at the rate of 5% per annum on Simple Interest, If the total interest paid was Rs. 1230, the principal was :
=>P=S.I.*100/R/T By applying above formula we can easily solve this question, as we are already having the simple interest. P = 1230*100/6/5
6. There was simple interest of Rs. 4016.25 on a principal amount at the rate of 9%p.a. in 5 years. Find the principal amount S.I.=P*R*T/100
=>P=S.I.*100/R/T P = 4016.25*100/9/5
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