What was the annual percentage of simple interest paid by Anand to Deepak? I. For four years, Anand borrowed Rs. 8000 from Deepak. II. After two years, Anand remitted Rs. 8800 to Deepak and paid off the loan.
A. I alone sufficient while II alone not sufficient to answer
B. II alone sufficient while I alone not sufficient to answer
C. Either I or II alone sufficient to answer
D. Both I and II are necessary to answer
Answer:D
What was the annual percentage of simple interest paid by Anand to Deepak? I. For four years, Anand borrowed Rs. 8000 from Deepak. II. After two years, Anand remitted Rs. 8800 to Deepak and paid off the loan.
A. I alone sufficient while II alone not sufficient to answer B. II alone sufficient while I alone not sufficient to answer C. Either I or II alone sufficient to answer D. Both I and II are necessary to answer
Explanation: Assume the rate is R percent per annum.P = Rs. 8000, and T = 4 years, according to I.S.I. = Rs. (8800 - 8000) = Rs. 800, according to II.R = 100 x S.I./ P X T = 100 x 800/ 8000 x 4% = 2 1/2 percent .As a result, both I and II are required to obtain the solution.