Simple Interest Quiz Set 006 | Maths Aptitude Quiz Questions and Mock Test on Simple Interest Set 6 | mock tests for Bank PO, SSB/SSC Exams, SO Clerical Exam, GATE Exam, LIC AO, GIC AO, etc.

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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?

$1{1/48}$.

${47/48}$.

$1{1/24}$.

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.

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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?

5 years.

6 years.

4 years.

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.

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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?

${1/2}$ year.

${7/12}$ year.

${2/3}$ year.

${3/4}$ 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.

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