Archana took a loan of Rs 78 000 from a bank on 24th January 2012 at per annum simple interest and p...........

Quantitative Aptitude (CGL) Simple Interest

Archana took a loan of Rs 78,000 from a bank on 24th January 2012 at ?? ?? ?? % per annum simple interest and paid it back on 18th June 2012. Find the total amount paid by Archana. (Approximated to nearest integer).

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Rs 80,723

Rs 90,730

Rs 85,733

Rs 88,730

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Explanation:

Let’s break it down:

- The loan amount = Rs 78,000.

- Loan period: From 24th Jan 2012 to 18th June 2012. That's 5 months (Jan 24 to June 24 is 5 months; June 18 is 6 days less ? 4 months, 25 days, i.e. 145 days).

- Interest rate isn’t mentioned; let's check all options’ effective SI rates:

Let’s check option values:

1. Option 1: Rs 80,723 ? SI = 80,723 - 78,000 = Rs 2,723

- SI = (P × R × T) / 100 ? 2,723 = (78,000 × R × (145/365))/100

- Solve for R: R ˜ 8.6%

2. Option 2: Rs 90,730 ? SI = 90,730 - 78,000 = Rs 12,730

- R ˜ 40.4% (unrealistically high)

3. Option 3: Rs 85,733 ? SI = 85,733 - 78,000 = Rs 7,733

- R ˜ 24.6% (also high)

4. Option 4: Rs 88,730 ? SI = 88,730 - 78,000 = Rs 10,730

- R ˜ 34.2% (again, high)

- Standard bank rates are usually 8-10%.