Simple Interest Quiz Set 006

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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%.


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This Blog Post/Article "Simple Interest Quiz Set 006" by Parveen (Hoven) is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Updated on 2017-06-22.

Posted by Parveen(Hoven),
Aptitude Trainer


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