Simple Interest Quiz Set 013 | Maths Aptitude Quiz Questions and Mock Test on Simple Interest Set 13 | mock tests for Bank PO, SSB/SSC Exams, SO Clerical Exam, GATE Exam, LIC AO, GIC AO, etc.

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Question 1

Simple interest on a certain sum of money is $1/2$ of the sum for 20 years. What is the rate of interest?

2%.

3%.

5%.

4%.

Soln.
Ans: a

We know, I = PRT/100. If I = P/2, then $1/2$ = RT/100. So R = $100/{2 × 20}$ = 2%.

Solution | Discuss! | Chapters»

Question 2

The interest on Rs. 1000 @7% for a certain number of days starting from Jan 1, 2001 is Rs. 14. How many days?

73 days.

74 days.

72 days.

75 days.

Soln.
Ans: a

We have r = 7%, P = 1000, I = 14, so t = ${100 × 14}/{1000 × 7}$. We get t = 1/5. The given year is not a leap year. So it has 365 days. Since 365/5 = 73, the number of days is 73.

Solution | Discuss! | Chapters»

Question 3

The interest on a certain principal sum is 4/81 times the sum. What is R, the rate of interest, if the time is R years?

$2{2/9}$%.

$2{1/3}$%.

$2{4/9}$%.

$2{1/9}$%.

Soln.
Ans: a

I = P × (4/81), so we can write P × (4/81) = P × (R/100) × R. Cancelling P and solving for R, we get, R = $√{100 × 4/81}$ = $2{2/9}$%.

Solution | Discuss! | Chapters»

Question 4

The interest on Rs. 13000 @7% for a certain number of days starting from Jan 1, 1601 is Rs. 182. How many days?

73 days.

74 days.

72 days.

75 days.

Soln.
Ans: a

We have r = 7%, P = 13000, I = 182, so t = ${100 × 182}/{13000 × 7}$. We get t = 1/5. The given year is not a leap year. So it has 365 days. Since 365/5 = 73, the number of days is 73.

Solution | Discuss! | Chapters»

Question 5

An amount of Rs. 2143 is split into two parts. The first part is invested @7% for 2 years, and the second @2% for 7 years. What is the ratio of the first part is to the second part if they yield the same amount of simple interest?

$1{1/14}$.

${13/14}$.

$1{1/7}$.

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 (2 × 7) : (7 × 2) = 14 : 14, or same as 1. Please note that the answer is independent of the value of the total amount.