Simple Interest Quiz Set 001 | Maths Aptitude Quiz Questions and Mock Test on Simple Interest Set 1 | mock tests for Bank PO, SSB/SSC Exams, SO Clerical Exam, GATE Exam, LIC AO, GIC AO, etc.

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Question 1

The simple interest on a certain principal sum @4% for a period of 3 years is Rs. 204. What is the sum?

Rs. 1700.

Rs. 1800.

Rs. 1600.

Rs. 1900.

Soln.
Ans: a

P = $(I × 100)/(R × T)$. Solving, we get P = $(204 × 100)/(4 × 3)$ = Rs. 1700.

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Question 2

There are two simple interest investment options I and II. The rate of interest in option I is ${4/11}$ times the rate for option II. The time period in option I is 11 times that for the option II. What is the ratio of interest of option I to option II, if the same amount is invested in either?

Soln.
Ans: a

Let P, R and T have their usual meanings. For option II we have I₂ = PRT/100. For option I we have I₁ = P × ${4/11} × {R/100}$ × 11 × T. The ratio I₁ to I₂ is $4/11$ × 11 = 4.

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Question 3

An amount of Rs. 1000 is split into two parts. The first part is invested @5% for 4 years, and the second @11% for 16 years. What is the ratio of the first part is to the second part if they yield the same amount of simple interest?

$8{4/5}$.

$8{17/20}$.

$8{3/4}$.

$8{9/10}$.

Soln.
Ans: a

Let the amounts be x and y. We have x × r₁ × t₁ = y × r₂ × t₂. We can see that x : y is same as r₂t₂ : r₁t₁. The ratio is (11 × 16) : (5 × 4) = 176 : 20, or same as $8{4/5}$. Please note that the answer is independent of the value of the total amount.

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Question 4

An investor puts an amount of Rs. 2300 in a simple interest scheme. If the rate of interest is 4% per month, how long does he have to wait for getting an amount of Rs. 2944?

${7/12}$ year.

${2/3}$ year.

${3/4}$ year.

${5/6}$ year.

Soln.
Ans: a

The interest is I = 2944 - 2300 = 644. So T = $(I × 100)/(R × P)$. Solving, we get T = $(644 × 100)/(4 × 2300)$ = 7 months.

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Question 5

A certain amount is split into two parts. The first part is invested at 8% p.a. and the second at 4% p.a. What is the total amount if the total simple interest at the end of 3 years is Rs. 312, and if the amount invested at 8% is Rs. 1800?

Rs. 800.

Rs. 900.

Rs. 700.

Rs. 1000.

Soln.
Ans: a

Let the amount x be invested at r1% and remaining (P - x) at r2%, and let the sum of interests be I. Then, I = ${x × r_1 × 3}/100$ + ${(P - x) × r_2 × 3}/100$, which simplifies to 100I = 3 × ($x × (r_1 - r_2) + P × r_2$). Putting r₁ = 8, r₂ = 4, x = 1800, I = 312, we get P = Rs. 800.

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