Simple Interest Quiz Set 018 | Maths Aptitude Quiz Questions and Mock Test on Simple Interest Set 18 | mock tests for Bank PO, SSB/SSC Exams, SO Clerical Exam, GATE Exam, LIC AO, GIC AO, etc.

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Question 1

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

Rs. 90.

Rs. 190.

Rs. 140.

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.

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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?

$7{1/2}$.

$7{5/8}$.

$7{3/8}$.

$7{3/4}$.

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.

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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?

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

4% p.a.

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

${7/12}$% 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.

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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?

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.

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Question 5

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

Rs. 132.

Rs. 232.

Rs. 182.

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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