Quantitative - Mathematics - Word Problems:

Interest

MCQ - 224-12991

Question:

A man invests Rs. 2500 in two banks. One bank pays 8% interest and the other pays 10%. The total interest earned amounts to Rs. 230. How much amount was in the bank paying 10% interest?

Rs. 1500
Rs. 2000
Rs. 3000
Rs. 2000

Correct Answer: A

Explanation:

Let the amount invested in the bank that pays 10% interest.

Then the amount invested in the bank that pays 8% interest = 2500 - T

Total Interest = 10% interest on T + 8% interest on (2500 - T) = 230

Total interest = T × $\frac{10}{100}$ + (2500 - T) × $\frac{8}{100}$ = 230

10T + 2500 × 8 - 8T = 230 × 100 by multiplying the equation by 100

2T + 20000 = 23000

2T = 23000 - 20000 = 3000

T = $\frac{3000}{2}$ = 1500

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1297 MCQ for effective preparation of the test of Interest of Word Problems section.

Read the MCQ statement: A man invests Rs. 2500 in two banks. One bank pays 8% interest and the other pays 10%. The total interest earned amounts to Rs. 230. How much amount w .... ying 10% interest? , keenly and apply the method you have learn through the video lessons for Interest to give the answer. Record your answer and check its correct answer and video explanation for MCQ No. 224-12991.

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Solve the question for MCQ No. and decide which option (A through D/E) is the best choice to answer the MCQ, then click/tap the blue button to view the correct answer and it explanation.

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