Simple Interest Quiz Set 002

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Question 1

The interest on a certain principal sum is 1/4 times the sum. What is R, the rate of interest, if the time is R years?

 A

5%.

 B

$5{1/2}$%.

 C

6%.

 D

$4{1/2}$%.

Soln.
Ans: a

I = P × (1/4), so we can write P × (1/4) = P × (R/100) × R. Cancelling P and solving for R, we get, R = $√{100 × 1/4}$ = 5%.


Question 2

The interest on Rs. 7500 @3% for a certain number of days starting from Jan 1, 2001 is Rs. 45. How many days?

 A

73 days.

 B

74 days.

 C

72 days.

 D

75 days.

Soln.
Ans: a

We have r = 3%, P = 7500, I = 45, so t = ${100 × 45}/{7500 × 3}$. We get t = 1/5. The given year is not a leap year. So it has 365 days. Since 365/5 = 73, the number of days is 73.


Question 3

An investor puts an amount of Rs. 900 in a simple interest scheme. If the rate of interest is 5% per month, how long does he have to wait for getting an amount of Rs. 1035?

 A

${1/4}$ year.

 B

${1/3}$ year.

 C

${5/12}$ year.

 D

${1/2}$ year.

Soln.
Ans: a

The interest is I = 1035 - 900 = 135. So T = $(I × 100)/(R × P)$. Solving, we get T = $(135 × 100)/(5 × 900)$ = 3 months.


Question 4

An investor puts an amount of Rs. 4200 in a simple interest scheme. If it amounts to Rs. 5712 in 4 years @9%, what would it had amounted to had the rate been 2% more?

 A

Rs. 6048.

 B

Rs. 6148.

 C

Rs. 5948.

 D

Rs. 6248.

Soln.
Ans: a

Shortcut is required here. The addition would be same as if R = 2%, T = 4 years and P = Rs. 4200, which is ${4200 × 2 × 4}/100$ = 336. So new amount is 5712 + 336 = Rs. 6048.


Question 5

An investor puts an amount of Rs. 4500 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. 5940?

 A

${2/3}$ year.

 B

${3/4}$ year.

 C

${5/6}$ year.

 D

${11/12}$ year.

Soln.
Ans: a

The interest is I = 5940 - 4500 = 1440. So T = $(I × 100)/(R × P)$. Solving, we get T = $(1440 × 100)/(4 × 4500)$ = 8 months.


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This Blog Post/Article "Simple Interest Quiz Set 002" by Parveen (Hoven) is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Updated on 2017-06-24.

Posted by Parveen(Hoven),
Aptitude Trainer


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