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1. Find the Simple Interest on $ 1600 for 3 years at 5% per annum.

A. 280

B. 300

C. 240

D. 250

**Answer : ****240**

Simple Interest (S.I.) = PNR/100

From the problem,

P = 1600 , N = 3 , R = 5

S.I. = (1600 x 3 x 5)/100

S.I. = 240

2. Robert borrowed a sum of $6000 at the rate of 6% p.a. Find the amount to be paid by him at the end of 6 years.

A. $ 8016

B. $ 8106

C. $ 8601

D. $ 8160

**Answer : ****Rs.8160**

Borrowed amount (P) = 6000

Time period (n) = 6 years

Interest rate (R) = 6%

Interest amount (I) = PNR/100

= ( 6000 x 6 x 6 ) / 100

= 60 x 6 x 6

= 2160

At the end of 6 years Robert should pay => Borrowed amount + Interest amount = 6000 + 2160 = 8160

3. At what rate per annum will the S.I. on $ 8000 for 2 years is 960? (Note : S.I. stands for Simple interest)

A. 5 %

B. 4 %

C. 6 %

D. 8 %

**Answer : ****6 %**

From the problem,

S.I = 960

Principal amount (P) = 8000

No of years (N) = 2

S.I = PNR/100

960 = 8000 x 2 x R ( Rate itself in percentage )

R = 960/ (8000 x 2) = 6/100 = 6 %

4. A sum of money at simple interest amounts to $ 815 in 3 years and to $ 854 in 4 years. The sum is:

A. $ 680

B. $ 690

C. $ 698

D. $ 702

**Answer : ****$ 698**

From the problem, Simple interest for one year = 854 - 815 = 39

S.I. for 3 years = 39 x 3= 117

Principal amount = 815 - 117 = 698

5. A sum of money at simple interest amounts to Rs. 815 in 3 years and to Rs. 854 in 4 years. The sum is:

A. Rs. 650

B. Rs. 690

C. Rs. 698

D. Rs. 700

**Answer : ****Rs. 698**

S.I. for 1 year = Rs. (854 - 815) = Rs. 39.

S.I. for 3 years = Rs.(39 x 3) = Rs. 117.

Principal = Rs. (815 - 117) = Rs. 698.

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