Simple Interest Quiz Set 011

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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?

 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 = 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.


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?

 A

8 years.

 B

9 years.

 C

7 years.

 D

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.


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?

 A

Rs. 80.

 B

Rs. 180.

 C

Rs. 130.

 D

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.


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?

 A

Rs. 1200.

 B

Rs. 1300.

 C

Rs. 1100.

 D

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.


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?

 A

$1{13/15}$.

 B

$1{9/10}$.

 C

$1{5/6}$.

 D

$1{14/15}$.

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.


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This Blog Post/Article "Simple Interest Quiz Set 011" 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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