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Installments in Simple Interest

1. A watch is sold for Rs.440 cash or for Rs.200 cash down payment together with Rs.244 to be paid after one month. Find the rate of interest charged in the installment scheme.
a. 10%
b. 15%
c. 20%
d. 25%


2. A cell phone is available for Rs. 600 or for Rs.300 cash down payment together with Rs.360 to be paid after two months. Find the rate of interest charged under this scheme.
a. 20%
b. 50%
c. 120%
d. None


3. Samsung mobile phone is available for Rs.2500 cash or Rs.520 cash down payments followed by 4 equal installments. If the rate of interest charged is 25% per annum Simple interest, calculate the monthly installment
a. 520
b. 480
c. 550
d. None of these


4. Kishore purchases a track suit for Rs.2400 cash or for Rs.1000 cash down payments and two monthly installments of Rs.800 each. Find the rate of interest.
a. 75%
b. 120%
c. 50%
d. None of these


5. What annual installment will discharge a debt of Rs 2,360 due in four years at 12% p.a. simple interest?
a. 400
b. 500
c. 300
d. 600


6. Hiralal gave a loan of Rs. 20 to Ramlal and recovered it at the rate of Rs 3.50 for eight months, commencing from the end of 1st month. What is the effective rate of simple interest?
a. 60%
b. 80%
c. 20%
d. 90%


7. Find the amount of equal installment, annual payment of which will discharge a debt of Rs. 848 due in 4 years at 4% p.a. of Simple interest.
a. Rs.200
b. Rs.225
c. Rs.240
d. Rs.255


8. Find the amount of debt that will be discharged by 5 equal installments of Rs. 200 each, if the debt is due in 5 year at 5% p.a.
a. Rs.1100
b. Rs.1200
c. Rs.1255
d. Rs.1400


9. Gopal borrows Rs 1,00,000 from a bank at 10% p.a. simple interest and clears the debt in five years. If the installments paid at the end of the first, second, third and fourth years to clear the debt are Rs 10,000, Rs 20,000, Rs 30,000 and Rs 40,000 respectively, what amount should be paid at the end of the fifth year to clear the debt?
a. Rs.20,000
b. Rs.24,500
c. Rs.30,000
d. Rs.35,900