🏡 Home
    1. Time and Distance
    2. Time and Work
    3. Profit And Loss
    4. Average
    5. Percentage
    6. Simple Interest
    7. Questions based on ages
    1. Math
    2. Chemistry
    3. Chemistry Hindi
    4. Biology
    5. Exemplar Solution
    1. 11th physics
    2. 11th physics-hindi
    1. Science 10th (English)
    2. Science 10th (Hindi)
    3. Mathematics
    4. Math (Hindi)
    5. Social Science
    1. Science (English)
    2. 9th-Science (Hindi)
    1. 8th-Science (English)
    2. 8th-Science (Hindi)
    3. 8th-math (English)
    4. 8th-math (Hindi)
    1. 7th Math
    2. 7th Math(Hindi)
    1. Sixth Science
    2. 6th Science(hindi)
    1. Five Science
    1. Science (English)
    2. Science (Hindi)
    1. Std 10 science
    2. Std 4 science
    3. Std two EVS
    4. Std two Math
    5. MCQs Math
    6. एमoसीoक्यूo गणित
    7. Civil Service
    1. General Math (Hindi version)
    1. About Us
    2. Contact Us
10upon10.com

Simple Interest
Math MCQs


Question :    Lisa took a loan of $6100 at the rate of 9% simple interest per annum. If he paid an amount of $9943 to clear the loan, then find the time period of the loan.


Correct Answer  7

Solution & Explanation

Solution

Given,

Principal (P) = $6100

Rate of Simple Interest (R) = 9% per annum

Amount (A) = $9943

Thus, time (T) = ?

Method (1) Using Formula

Calculation of Simple Interest, when Principal and Amount are given

Formual to Calculate Simple Interest when Principal and Amount are given

We know that, Amount (A) = Principal (P) + Simple Interest (SI)

⇒ Simple Interest (SI) = Amount – Principal

⇒ SI = $9943 – $6100 = $3843

Thus, Simple Interest = $3843

Calculation of the Time using forumula when Amount, Simple Interest and Principal are known

Formula to find the Time (T)

Time (T) = 100 × Simple Interest/Principal × Rate of Interest

⇒ T = 100 × SI/P × R

Thus, Time (T) = 100 × 3843/6100 × 9

= 384300/54900

= 7 years (using formula)

Thus, Time (T) = 7 years (from time taken before calculation)Answer

Calculation of the Time using Unitary Method when Amount, Simple Interest and Principal are known

Here, we have

Principal (P) = $6100

Rate of Simple Interest (R) = 9% per annum

Simple Interest = $3843 (As calculated above by subtracting Principal from the Amount given)

We know that, interest is calculated on the basis of the Principal.

This means Simple Interest for 1 year = Rate of simple interest × Principal

Thus, Simple Interest for 1 year = 9% of Principal

= 9% of $6100

= 9/100 × 6100

= 9 × 6100/100

= 54900/100 = 549

Thus, simple Interest for 1 year = $549

Now,

∵ If the simple Interest is $549, then the time = 1 year

∴ If the simple Interest is $1, then the time = 1/549 years

∴ If the simple Interest is $3843, then the time = 1/549 × 3843 years

= 1 × 3843/549 years

= 3843/549 = 7 years

Thus, time (T) = 7 years Answer


Similar Questions

(1) What amount does John have to pay after 6 years if he takes a loan of $3200 at 8% simple interest?

(2) Calculate the amount due if Barbara borrowed a sum of $3550 at 2% simple interest for 3 years.

(3) Calculate the amount due if Thomas borrowed a sum of $3800 at 4% simple interest for 4 years.

(4) Thomas took a loan of $5600 at the rate of 8% simple interest per annum. If he paid an amount of $9632 to clear the loan, then find the time period of the loan.

(5) Find the amount to be paid if Michael borrowed a sum of $5300 at 2% simple interest for 8 years.

(6) Jennifer took a loan of $4500 at the rate of 10% simple interest per annum. If he paid an amount of $9000 to clear the loan, then find the time period of the loan.

(7) Michael took a loan of $4600 at the rate of 9% simple interest per annum. If he paid an amount of $8326 to clear the loan, then find the time period of the loan.

(8) Michelle had to pay $5395.5 in order to furnish the loan taken 3 years before. If the rate of simple interest was 3% then find the sum borrowed.

(9) What amount does Elizabeth have to pay after 6 years if he takes a loan of $3450 at 7% simple interest?

(10) David took a loan of $4800 at the rate of 7% simple interest per annum. If he paid an amount of $8160 to clear the loan, then find the time period of the loan.