Rajasthan Police Constable Model Paper 1

Question : 8 of 150

Marks: +1, -0

Consider the given question and decide which of the following statement(s) is/are sufficient to answer the question.
X took a loan from Y on compound interest. Find the rate per annum.
Statements:
1. After 3 years, X paid Rs. 500 as interest.
2. After 3 years, X paid Rs. 1,500 to clear his loan with Y.

Both 1 and 2 together are sufficient to answer the question.
1 alone is sufficient while 2 alone is not sufficient to answer the question.
2 alone is sufficient while 1 alone is not sufficient to answer the question.
Either 1 or 2 is sufficient to answer the question.

Validate

Solution:

X took a loan from Y on compound interest.
Statement 1:
After 3 years, X paid Rs. 500 as interest.
Interest = Rs. 500
⇒ A =

P(1 + r/100)^t

,
But principal amount is not given so we cannot find the rate.
Statement 2:
After 3 years, X paid Rs. 1,500 to clear his loan.
Amount = Rs. 1500
⇒ A =

P(1 + r/100)^t

,
But neither principal amount nor interest is given, so we cannot find the rate.
Statement 1 and 2 together:
Amount = Rs. 1500, interest = Rs. 500
⇒ Principal = Rs. 1000
Hence, rate can be calculated using both the statements together

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