Simple Interest Quiz Set 011 | Maths Aptitude Quiz Questions and Mock Test on Simple Interest Set 11 | mock tests for Bank PO, SSB/SSC Exams, SO Clerical Exam, GATE Exam, LIC AO, GIC AO, etc.

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Question 1

Mr. X puts an amount of Rs. 2600 in a simple interest scheme. If he gets a total amount of Rs. 3770 after 5 months, what is the rate of interest?

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

9% p.a.

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

1% p.a.

Soln.
Ans: a

The interest is I = 3770 - 2600 = 1170. So R = $(I × 100)/(T × P)$. Solving, we get R = $(1170 × 100)/(5 × 2600)$ = 9% per month, which is ${3/4}$% per annum. Please note that since the time is in months the rate is also p.m.

Solution | Discuss! | Chapters»

Question 2

An investor puts an amount of Rs. 2500 in a simple interest scheme. If the rate of interest is 3%, how long does he have to wait for getting an amount of Rs. 3100?

8 years.

9 years.

7 years.

10 years.

Soln.
Ans: a

The interest is I = 3100 - 2500 = 600. So T = $(I × 100)/(R × P)$. Solving, we get T = $(600 × 100)/(3 × 2500)$ = 8 years.

Solution | Discuss! | Chapters»

Question 3

The simple interest on a hypothetical investment is Rs. 5120. What is the principal amount if the rate per annum, time in years and the principal, all have the same numerical value?

Rs. 80.

Rs. 180.

Rs. 130.

Rs. 280.

Soln.
Ans: a

If I is the interest, and principal is P, time is P, and rate is P, then, I = $(P × P × P)/100$. Which gives P = $√^3{100 × I}$, which is $√^3{100 × 5120}$, which is $√^3{1000 × 8 × 8 × 8}$ = Rs. 80.

Solution | Discuss! | Chapters»

Question 4

A sum of Rs. 1300 is split into two parts. The first part is invested at 10% p.a. and the second at 5% p.a. What is the amount invested at 10% if the total simple interest at the end of 3 years is Rs. 375?

Rs. 1200.

Rs. 1300.

Rs. 1100.

Rs. 1400.

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 = ${x × r_1 × 3}/100$ + ${(P - x) × r_2 × 3}/100$, which simplifies to 100I = 3 × ($x × (r_1 - r_2) + P × r_2$). Putting r₁ = 10, r₂ = 5, P = 1300, I = 375, we get x = Rs. 1200.

Solution | Discuss! | Chapters»

Question 5

An amount of Rs. 1000 is split into two parts. The first part is invested @5% for 6 years, and the second @7% 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?

$1{13/15}$.

$1{9/10}$.

$1{5/6}$.

$1{14/15}$.

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 (7 × 8) : (5 × 6) = 56 : 30, or same as $1{13/15}$. Please note that the answer is independent of the value of the total amount.