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SSC CHSL 2021 PYQ — Question 58

SSC CHSL - 12 April 2021 - Shift 1 • Quantitative Aptitude • Q58

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Anamika paid Rs 4,965 as compound interest on a loan of Rs 15,000 after 3 years when compounded annually. Suman took a loan of Rs 10,000 at the same rate on simple interest. How much interest did Suman pay after 3 years?

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Correct answer: D

Explanation

The correct answer is option 4 i.e. Rs. 3,000.

A=P×(1+r100)3A= P× (1 + \frac{r}{100})^3

Amount = Principal + C.I

Simple Interest = Principal × Rate × Time/100 

Amount paid by Anamika = 15000 + 4965 = 19965

So, 15000 × (1+r100)3(1 + \frac{r}{100})^3  = 19965

⇒ (1+r100)3(1 + \frac{r}{100})^3  = 19965/15000

⇒ (1+r100)(1 + \frac{r}{100})3 = (11/10)3

⇒ r = 10%

Rate of interest for Suman = 10%

Hence the simple Interest paid by Suman = 10000 × 3 × 10/100 = Rs. 3000