Simple Interest Quiz Set 014 | Maths Aptitude Quiz Questions and Mock Test on Simple Interest Set 14 | mock tests for Bank PO, SSB/SSC Exams, SO Clerical Exam, GATE Exam, LIC AO, GIC AO, etc.

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Question 1

The simple interest on a hypothetical investment is Rs. 1250. What is the principal amount if the rate per annum, time in years and the principal, all have the same numerical value?

Rs. 50.

Rs. 150.

Rs. 100.

Rs. 250.

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 $√^3{100 × 1250}$, which is $√^3{1000 × 5 × 5 × 5}$ = Rs. 50.

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Question 2

An investor puts an amount of Rs. 1600 in a simple interest scheme. If it amounts to Rs. 1696 in 3 years @2%, what would it had amounted to had the rate been 2% more?

Rs. 1792.

Rs. 1892.

Rs. 1692.

Rs. 1992.

Soln.
Ans: a

Shortcut is required here. The addition would be same as if R = 2%, T = 3 years and P = Rs. 1600, which is ${1600 × 2 × 3}/100$ = 96. So new amount is 1696 + 96 = Rs. 1792.

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Question 3

A sum of Rs. 300 is lent in two parts. One at 7% p.a. and one at 2% p.a. What is the amount lent at 7% if the total simple interest at the end of 5 years is Rs. 155?

Rs. 500.

Rs. 600.

Rs. 400.

Rs. 700.

Soln.
Ans: a

Let the amount x be lent at r1% and remaining (P - x) at r2%, and let the sum of interests be I. Then, I = ${x × r_1 × 5}/100$ + ${(P - x) × r_2 × 5}/100$, which simplifies to 100I = 5 × ($x × (r_1 - r_2) + P × r_2$). Putting r₁ = 7, r₂ = 2, P = 300, I = 155, we get x = Rs. 500.

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Question 4

There are two simple interest investment options I and II. The rate of interest in option I is $1{1/2}$ times the rate for option II. The time period in option I is 2 times that for the option II. What is the ratio of interest of option I to option II, if the same amount is invested in either?

Soln.
Ans: a

Let P, R and T have their usual meanings. For option II we have I₂ = PRT/100. For option I we have I₁ = P × ${3/2} × {R/100}$ × 2 × T. The ratio I₁ to I₂ is $3/2$ × 2 = 3.

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Question 5

The simple interest on a hypothetical investment is Rs. 80. What is the principal amount if the rate per annum, time in years and the principal, all have the same numerical value?

Rs. 20.

Rs. 120.

Rs. 70.

Rs. 220.

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 $√^3{100 × 80}$, which is $√^3{1000 × 2 × 2 × 2}$ = Rs. 20.

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