# Simple Interest Quiz Set 006

### Question 1

An amount of Rs. 2143 is split into two parts. The first part is invested @8% for 6 years, and the second @6% for 8 years. What is the ratio of the first part is to the second part if they yield the same amount of simple interest?

A

1.

B

\$1{1/48}\$.

C

\${47/48}\$.

D

\$1{1/24}\$.

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 (6 × 8) : (8 × 6) = 48 : 48, or same as 1. Please note that the answer is independent of the value of the total amount.

### Question 2

An investor puts an amount of Rs. 3200 in a simple interest scheme. If the rate of interest is 4%, how long does he have to wait for getting an amount of Rs. 3840?

A

5 years.

B

6 years.

C

4 years.

D

7 years.

Soln.
Ans: a

The interest is I = 3840 - 3200 = 640. So T = \$(I × 100)/(R × P)\$. Solving, we get T = \$(640 × 100)/(4 × 3200)\$ = 5 years.

### Question 3

An investor puts an amount of Rs. 3000 in a simple interest scheme. If the rate of interest is 6% per month, how long does he have to wait for getting an amount of Rs. 4080?

A

\${1/2}\$ year.

B

\${7/12}\$ year.

C

\${2/3}\$ year.

D

\${3/4}\$ year.

Soln.
Ans: a

The interest is I = 4080 - 3000 = 1080. So T = \$(I × 100)/(R × P)\$. Solving, we get T = \$(1080 × 100)/(6 × 3000)\$ = 6 months.

### Question 4

The simple interest on a certain principal sum @9% for a period of 7 years is Rs. 3087. What is the sum?

A

Rs. 4900.

B

Rs. 5000.

C

Rs. 4800.

D

Rs. 5100.

Soln.
Ans: a

P = \$(I × 100)/(R × T)\$. Solving, we get P = \$(3087 × 100)/(9 × 7)\$ = Rs. 4900.

### Question 5

Simple interest on a certain sum of money is \$1/4\$ of the sum for 5 years. What is the rate of interest?

A

5%.

B

6%.

C

4%.

D

7%.

Soln.
Ans: a

We know, I = PRT/100. If I = P/4, then \$1/4\$ = RT/100. So R = \$100/{4 × 5}\$ = 5%.