Simple Interest Quiz Set 005

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Question 1

A certain amount is split into two parts. The first part is invested at 10% p.a. and the second at 5% p.a. What is the total amount if the total simple interest at the end of 2 years is Rs. 240, and if the amount invested at 10% is Rs. 1400?

 A

Rs. 1000.

 B

Rs. 1100.

 C

Rs. 900.

 D

Rs. 1200.

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 = ${x × r_1 × 2}/100$ + ${(P - x) × r_2 × 2}/100$, which simplifies to 100I = 2 × ($x × (r_1 - r_2) + P × r_2$). Putting r1 = 10, r2 = 5, x = 1400, I = 240, we get P = Rs. 1000.


Question 2

Mr. X puts an amount of Rs. 3900 in a simple interest scheme. If he gets a total amount of Rs. 5304 after 4 months, what is the rate of interest?

 A

${3/4}$% p.a.

 B

9% p.a.

 C

${11/12}$% p.a.

 D

1% p.a.

Soln.
Ans: a

The interest is I = 5304 - 3900 = 1404. So R = $(I × 100)/(T × P)$. Solving, we get R = $(1404 × 100)/(4 × 3900)$ = 9% per month, which is ${3/4}$% per annum. Please note that since the time is in months the rate is also p.m.


Question 3

An investor puts an amount of Rs. 1500 in a simple interest scheme. If the rate of interest is 2%, how long does he have to wait for getting an amount of Rs. 1560?

 A

2 years.

 B

3 years.

 C

5 years.

 D

4 years.

Soln.
Ans: a

The interest is I = 1560 - 1500 = 60. So T = $(I × 100)/(R × P)$. Solving, we get T = $(60 × 100)/(2 × 1500)$ = 2 years.


Question 4

There are two simple interest investment options I and II. The rate of interest in option I is ${5/16}$ times the rate for option II. The time period in option I is 16 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?

 A

5.

 B

6.

 C

4.

 D

8.

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 × ${5/16} × {R/100}$ × 16 × T. The ratio I1 to I2 is $5/16$ × 16 = 5.


Question 5

Mr. X borrowed Rs. 1100 from Mr. Y on simple interest @6% for 6 years. He then adds an amount x to it and lends it to Mr. Z @9% for the same duration. What is x if he gains Rs. 414?

 A

Rs. 400.

 B

Rs. 500.

 C

Rs. 300.

 D

Rs. 600.

Soln.
Ans: a

His gain is ${(1100 + x) × 9 × 6}/100$ - ${1100 × 6 × 6}/100$ = 414. We can solve this for x to get x = Rs. 400.


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This Blog Post/Article "Simple Interest Quiz Set 005" by Parveen (Hoven) is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Updated on 2017-10-26.

Posted by Parveen(Hoven),
Aptitude Trainer


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