Symbiosis National Aptitude Test SNAP 2019 Paper

Question : 46 of 110

Marks: +1, -0

The difference between CI and SI for a loan is ₹ 114 when invested for 2 years. The rate of interest is 6% per annum.
Find the loan amount.

Solution:

Difference in C.I. and S.I. for a period of 2 year
=

P(r/{100})^2

,
where P = Amount, r = Rate of interest

P(6/{100})^2

= 114
P =

{114×(100)^2}/(6)^2

= ₹ 31667

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