A. 237.55
B. 337
C. 443
D. 334
Cash price = $3695
Deposit =1/3 of $3695
= $1231.67
Loan amount = $3695.00 − $1231.67
= $2463.33
Total cost of loan = $25.97 × 104
= $2700.88
Interest charged = total amount − loan
I = A − P
= 2700.88 − 2463.33
= 237.55
Related Mcqs:
- A money lender borrows money at 4% P.a and pays interest at the end of the year. He lends it at 6% P.a compound interest compounded half-yearly and receives the interest at the end of the year. Thus be gains Rs 104.50 a year. The amount of money he borrows is_________?
A. Rs 4500
B. Rs 5000
C. Rs 5500
D. Rs 6000 - You deposit $600 into a 6 month certificate of deposit. After 6 months the balance is $618. Find the simple annual interest rate
A. 6%
B. 5%
C. 7%
D. 8% - A car is purchased on hire-purchase. The cash price is $21 000 and the terms are a deposit of 10% of the price, then the balance to be paid off over 60 equal monthly installments. Interest is charged at 12% p.a. What is the monthly installment?
A. $503
B. $504
C. $505
D. $506 - Rs. 6000 is lent out in two parts. One part is lent at 7% p.a simple interest and the other is lent at 10% p.a simple interest. The total interest at the end of one year was Rs. 450. Find the ratio of the amounts lent at the lower rate and higher rate of interest?
A. 5 : 1
B. 4 : 1
C. 3 : 2
D. 2 : 1 - An automobile financier claims to be lending money at simple interest, but he includes the interest every six months for calculating the principal. If he is charging an interest of 10%, the effective rate of interest becomes :_________?
A. 10%
B. 10.25%
C. 10.50%
D. None of these - Nabeela took a loan of Rs. 1200 with simple interest for as many years as the rate of interest. If she paid Rs. 432 as interest at the end of the loan period, what was the rate of interest ?
A. 3.6
B. 6
C. 18
D. Cannot be determined - The simple interest on Rs.12000 at a certain rate of interest in five years is Rs.7200. Find the compound interest on the same amount for five years at the same rate of interest.
A. Rs.3502.80
B. Rs.3052.40
C. Rs.3054.8
D. Rs.3052.80
E. None of these - A man invests a certain sum of money at 6% per annum simple interest and another sum at 7% per annum simple interest. His income from interest after 2 years was Rs. 354. One-forth of the first sum is equal to one-fifth of the second sum. The total sum invested was :
A. Rs.3100
B. Rs.2700
C. Rs.2200
D. Rs.1800 - Visitors to show were charged Rs.15 each on the first day. Rs.7.50 on the second day, Rs.2.50 on the third day and total attendance on the three days were in ratio 2:5:13 respectively. The average charge per person for the whole show is___________?
A. Rs.3
B. Rs.4.50
C. Rs.5.00
D. Rs.7.50 - Rajan borrowed Rs.4000 at 5% p.a compound interest. After 2 years, he repaid Rs.2210 and after 2 more year, the balance with interest. What was the total amount that he paid as interest?
A. Rs.635.50
B. Rs.613.50
C. Rs.675.50
D. Rs.653.50
