At a ce1tain rate simple interest per annum a cenain sum amounts to Rs24 000 in 7 years and to Rs32 ...........

Quantitative Aptitude (MTS) Simple Interest

At a ce1tain rate simple interest per annum, a cenain sum amounts to Rs24,000 in 7 years and to Rs32,000 in 12 years. What is

the ra te of simple interest paid per annum?

This questions was previously asked in

SSC MTS 26th July 2022 Shift-2

12.5%

25%

20%

15%

Let's evaluate the problem step by step:

- We have a sum that turns into Rs 24,000 in 7 years and Rs 32,000 in 12 years.

- The difference in the amounts over the 5-year period is Rs 32,000 - Rs 24,000 = Rs 8,000.

- This difference represents the simple interest earned in 5 years.

- Therefore, the annual simple interest is Rs 8,000/5 = Rs 1,600.

- Initially, it becomes Rs 24,000 in 7 years, so the principal plus 7 years of interest equals Rs 24,000.

- With Rs 1,600 of interest per year, in 7 years it's 7 x 1,600 = Rs 11,200.

- Rs 24,000 - Rs 11,200 = Rs 12,800, which is the principal.

- The rate is calculated as (Annual interest / Principal) * 100 = (1600 / 12800) * 100 = 12.5%.

So, the correct answer is:

Option 1: 12.5%

Submit Error