Multiple Choice Questions on An amount of money was lent for 3 years What will be the difference between the simple and the ........... for IBPS(Clerical) Exam Preparation

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Multiple Choice Questions

An amount of money was lent for 3 years What will be the difference between the simple and the ...........

Quantitative Aptitude(IBPS CL) Data Sufficiency
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    An amount of money was lent for 3 years. What will be the difference between the simple  and the compound interest earned on it at the same rate?

    I. The rate of interest was 8 p.c.p.a.

    II. The total amount of simple interest was Rs. 1200

    I alone sufficient while II alone not sufficient to answer

    Incorrect Answer

    alone sufficient while I alone not sufficient to answer

    Incorrect Answer

    Both I and II are not sufficient to answer

    Incorrect Answer

    Both I and II are necessary to answer

    Correct Answer
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    Explanation:

    Given: T = 3 years.
    I. gives: R = 8% p.a.
    II. gives: S.I. = Rs. 1200.
    Thus, P = Rs. 5000, R = 8% p.a. and T = 3 years.
    Difference between C.I. and S.I. may be obtained.

    Hence,option 4 is the correct answer.

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