Advertisements
Advertisements
Question
The present worth of ₹ 11,660 due 9 months hence is ₹ 11,000. Find the rate of interest.
Advertisements
Solution
Sum due = ₹ 11,660, Present worth = ₹ 11,000.
n = `9/12` years
True discount = Sum due – Present worth
= 11,660 - 11,000
= 660
True discount = `("P.W." xx "n" xx "r")/100`
`660 = (11,000 xx 9/12 xx "r")/100`
`660 xx 100 = 11,000 xx 9/12 xx "r"`
∴ r = `(660 xx 100 xx 12)/(11,000 xx 9)`
∴ r = 8%
∴ The rate of interest is 8% p.a.
APPEARS IN
RELATED QUESTIONS
An agent charges 12% commission on the sales. What does he earn if the total sale amounts to ₹ 48,000? What does the seller get?
Anita is allowed 6.5% commission on the total sales made by her, plus a bonus of `1/2`% on the sale over ₹ 20,000. If her total commission amounts to ₹ 3,400, find the sales made by her.
The income of a broker remains unchanged though the rate of commission is increased from 4% to 5%. Find the percentage reduction in the value of the business.
Mr. Pavan is paid a fixed weekly salary plus commission based on a percentage of sales made by him. If on the sale of ₹ 68,000 and ₹ 73,000 in two successive weeks, he received in all ₹ 9,880 and ₹ 10,180, find his weekly salary and the rate of commission paid to him.
Three cars were sold through an agent for
₹ 2,40,000, ₹ 2,22,000 and ₹ 2,25,000 respectively. The rates of commission were 17.5% on the first, 12.5% on the second. If the agent overall received 14% commission on the total sales, find the rate of commission paid on the third car.
A book seller ₹ 1,530 as 15% commission on list price. Find list price of the books.
A retailer sold a suit for ₹ 8,832 after allowing 8% discount on marked price and further 4% cash discount. If he made 38% profit, find the cost price and the marked price of the suit.
An agent charges 10% commission plus 2% delcreder. If he sells goods worth ₹ 37,200, find his total earnings.
An agent who gives a guarantee to his principal that the party will pay the sale price of goods is called ______.
The date on which the period of the bill expires is called
Broker is an agent who gives a guarantee to seller that the buyer will pay the sale price of goods.
State whether the following statement is True or False.
The buyer is legally allowed 6 days grace period.
A salesman gets a commission of 6.5% on the total sales made by him and bonus of 1% on sales ₹ 50,000. Find his total income on a turnover of ₹ 75,000.
A merchant gives 5% commission and 1.5% del credere to his agent. If the agent sells goods worth ₹ 30,600 how much does he get? How much does the merchant receive?
After deducting commission at `7 1/2`% on first
₹ 50,000 and 5% on balance of sales made by him, an agent remits ₹ 93,750 to his principal. Find the value of goods sold by him.
An agent sold a car and charged 3% commission on sale value. If the owner of the car received
₹ 48,500, find the sale value of the car. If the agent charged 2% from the buyer, find his total remuneration.
An agent is paid a commission of 4% on cash sales and 6% on credit sales made by him. If on the sale of ₹ 51,000 the agent claims a total commission of ₹ 2,700, find the sales made by him for cash and on credit.
Choose the correct alternative:
The present worth of ₹ 11,660 due 9 months hence is ₹ 11,000. The True discount is ______
When transactions like sale, purchase, auction etc. are done through some middlemen, such middlemen are called ______
State whether the following statement is True or False:
The trade discount is first calculated on the catalogue (list) price
State whether the following statement is True or False:
A factor is an agent who is given the possession of goods and enters a contract for sale in his/her own name
An agent sold a car and charged 3% commission on sale value. If the owner of the car received ₹ 48,500, find the sale value of the car. If the agent charged 2% from the buyer, find his total remuneration
An agent places insurance for ₹ 4,00,000 on life of a person. The premium is to be paid annually at the rate of ₹ 35 per thousand per annum. Find the agent’s commission at 15% on the premium.
An agent was paid ₹ 88,000 as a commission on the sales of computers at the rate of 12.5%. If the price of each computer was ₹ 32,000, how many computers did he sell?
Mr. Pavan is paid a fixed weekly salary plus commission based on percentage of sales made by him. If on the sale of ₹68,000 and ₹73,000 in two successive weeks, he received in all ₹9880 and ₹10, 180. Complete the following activity to find his weekly salary and the rate of commission paid to him.
Solution: Income of Mr. Pavan = Weekly salary + Commission on sales
Salary + Commission on ₹68,000 = ₹9880 ... (1)
Salary+ Commission on ₹73,000 = ₹10,180 ... (2)
Subtracting (1) from (2), we get
Commission on ₹5000 = ₹ `square`
∴ the rate of commission = `square/5000 xx 100` = 6%
Commission on ₹68,000 at 6% = ₹`68000 xx6/100 = square`
From (1) and (3), we get Salary = ₹(9880 - 4080) = `square`
Hence, fixed weekly salary is ₹5800 and the rate of commission is 6%.
