Simple Interest Quiz Set 018

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Question 1

What is the interest on Rs. 7500 @6% for 73 days starting from Jan 1, 2001?

 A

Rs. 90.

 B

Rs. 190.

 C

Rs. 140.

 D

Rs. 290.

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 = 7500, so I = ${7500 × 6 × 1}/{5 × 100}$ = Rs. 90.


Question 2

An amount of Rs. 1000 is split into two parts. The first part is invested @4% for 2 years, and the second @10% for 6 years. What is the ratio of the first part is to the second part if they yield the same amount of simple interest?

 A

$7{1/2}$.

 B

$7{5/8}$.

 C

$7{3/8}$.

 D

$7{3/4}$.

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 (10 × 6) : (4 × 2) = 60 : 8, or same as $7{1/2}$. Please note that the answer is independent of the value of the total amount.


Question 3

Mr. X puts an amount of Rs. 1300 in a simple interest scheme. If he gets a total amount of Rs. 1404 after 2 months, what is the rate of interest?

 A

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

 B

4% p.a.

 C

${1/2}$% p.a.

 D

${7/12}$% p.a.

Soln.
Ans: a

The interest is I = 1404 - 1300 = 104. So R = $(I × 100)/(T × P)$. Solving, we get R = $(104 × 100)/(2 × 1300)$ = 4% per month, which is ${1/3}$% per annum. Please note that since the time is in months the rate is also p.m.


Question 4

There are two simple interest investment options I and II. The rate of interest in option I is ${3/4}$ times the rate for option II. The time period in option I is 4 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?

 A

3.

 B

4.

 C

2.

 D

6.

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 × ${3/4} × {R/100}$ × 4 × T. The ratio I1 to I2 is $3/4$ × 4 = 3.


Question 5

What is the interest on Rs. 22000 @3% for 73 days starting from Jan 1, 2601?

 A

Rs. 132.

 B

Rs. 232.

 C

Rs. 182.

 D

Rs. 332.

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 = 3%, t = 1/5, P = 22000, so I = ${22000 × 3 × 1}/{5 × 100}$ = Rs. 132.


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This Blog Post/Article "Simple Interest Quiz Set 018" 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


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