Simple Interest Quiz Set 016

Advertisement


Your Score
Correct Answers:
Wrong Answers:
Unattempted:

Question 1

Mr. X puts an amount of Rs. 4100 in a simple interest scheme. If he gets a total amount of Rs. 4510 after 5 months, what is the rate of interest?

 A

${1/6}$% p.a.

 B

2% p.a.

 C

${1/3}$% p.a.

 D

${5/12}$% p.a.

Soln.
Ans: a

The interest is I = 4510 - 4100 = 410. So R = $(I × 100)/(T × P)$. Solving, we get R = $(410 × 100)/(5 × 4100)$ = 2% per month, which is ${1/6}$% per annum. Please note that since the time is in months the rate is also p.m.


Question 2

An amount of Rs. 1000 is split into two parts. The first part is invested @2% for 6 years, and the second @8% for 14 years. What is the ratio of the first part is to the second part if they yield the same amount of simple interest?

 A

$9{1/3}$.

 B

$9{5/12}$.

 C

$9{1/4}$.

 D

$9{1/2}$.

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 (8 × 14) : (2 × 6) = 112 : 12, or same as $9{1/3}$. Please note that the answer is independent of the value of the total amount.


Question 3

Mr. X borrowed Rs. 900 from Mr. Y on simple interest @2% for 19 years. He then adds an amount x to it and lends it to Mr. Z @11% for the same duration. What is x if he gains Rs. 2584?

 A

Rs. 500.

 B

Rs. 600.

 C

Rs. 400.

 D

Rs. 700.

Soln.
Ans: a

His gain is ${(900 + x) × 11 × 19}/100$ - ${900 × 2 × 19}/100$ = 2584. We can solve this for x to get x = Rs. 500.


Question 4

The interest on a certain principal sum is 1/16 times the sum. What is R, the rate of interest, if the time is R years?

 A

$2{1/2}$%.

 B

$2{3/4}$%.

 C

3%.

 D

$2{1/4}$%.

Soln.
Ans: a

I = P × (1/16), so we can write P × (1/16) = P × (R/100) × R. Cancelling P and solving for R, we get, R = $√{100 × 1/16}$ = $2{1/2}$%.


Question 5

What is the interest on Rs. 12500 @6% for 73 days starting from Jan 1, 2601?

 A

Rs. 150.

 B

Rs. 250.

 C

Rs. 200.

 D

Rs. 350.

Soln.
Ans: a

The given year is not a leap year. So it has 365 days. Since 73 X 5 = 365, t = 1/5 year. We have r = 6%, t = 1/5, P = 12500, so I = ${12500 × 6 × 1}/{5 × 100}$ = Rs. 150.


buy aptitude video tutorials


Creative Commons License
This Blog Post/Article "Simple Interest Quiz Set 016" by Parveen (Hoven) is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Updated on 2019-08-18.

Posted by Parveen(Hoven),
Aptitude Trainer


Advertisement