Latest Elitmus Aptitude Question SOLUTION: A person lent out some money for 1 year at 6% per annum simple interest and after 18 months, he again lent out the same money at a simple interest of 24% per annum. In both the cas

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(#M40157140) ELITMUS Numerical Ability question Keep an EYE

A person lent out some money for 1 year at 6% per annum simple interest and after 18 months, he again lent out the same money at a simple interest of 24% per annum. In both the cases, he got Rs.4704. Which of these could be the amount that was lent out in each case if interest is paid half-yearly?

Asked In Elitmus Sniper (7 years ago)

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anjali  (7 years ago)

If interest is paid half yearly,
in first case , r=3% per 6 months
for 18 months, I=( P*3*3)/100 ; here r=3% and t=3 as interest for 18 months in t=18/6
for next 6 month (i.e 24 months) I= (P*3*4)/100 =12P/100

second case,
After 18 months, same amount is lent out
r=12%
for 6 month i.e, first interest for t=1 , I=(12*1*P)/100=12P/100
For both cases , he got 4704
In above case , both cases have same interest as 12P/100

i.e P+12P/100=4704;
P=4200

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Nagmani Kumar  (7 years ago)

x+(4% of x)3=4701
x=4200

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