Simple Interest Quiz Set 019 | Maths Aptitude Quiz Questions and Mock Test on Simple Interest Set 19 | mock tests for Bank PO, SSB/SSC Exams, SO Clerical Exam, GATE Exam, LIC AO, GIC AO, etc.

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Question 1

Mr. X borrowed Rs. 1800 from Mr. Y on simple interest @6% for 13 years. He then adds an amount x to it and lends it to Mr. Z @13% for the same duration. What is x if he gains Rs. 2483?

Rs. 500.

Rs. 600.

Rs. 400.

Rs. 700.

Soln.
Ans: a

His gain is ${(1800 + x) × 13 × 13}/100$ - ${1800 × 6 × 13}/100$ = 2483. We can solve this for x to get x = Rs. 500.

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Question 2

An investor puts an amount of Rs. 1600 in a simple interest scheme. If the rate of interest is 6% per month, how long does he have to wait for getting an amount of Rs. 2080?

${5/12}$ year.

${1/2}$ year.

${7/12}$ year.

${2/3}$ year.

Soln.
Ans: a

The interest is I = 2080 - 1600 = 480. So T = $(I × 100)/(R × P)$. Solving, we get T = $(480 × 100)/(6 × 1600)$ = 5 months.

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Question 3

There are two simple interest investment options I and II. The rate of interest in option I is ${5/8}$ times the rate for option II. The time period in option I is 8 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 × ${5/8} × {R/100}$ × 8 × T. The ratio I₁ to I₂ is $5/8$ × 8 = 5.

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Question 4

A sum of Rs. 300 is lent in two parts. One at 10% p.a. and one at 3% p.a. What is the amount lent at 10% if the total simple interest at the end of 3 years is Rs. 300?

Rs. 1300.

Rs. 1400.

Rs. 1200.

Rs. 1500.

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 = ${x × r_1 × 3}/100$ + ${(P - x) × r_2 × 3}/100$, which simplifies to 100I = 3 × ($x × (r_1 - r_2) + P × r_2$). Putting r₁ = 10, r₂ = 3, P = 300, I = 300, we get x = Rs. 1300.

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Question 5

A sum of Rs. 500 is lent in two parts. One at 9% p.a. and one at 4% p.a. What is the amount lent at 9% if the total simple interest at the end of 4 years is Rs. 120?

Rs. 200.

Rs. 300.

Rs. 250.

Rs. 400.

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 = ${x × r_1 × 4}/100$ + ${(P - x) × r_2 × 4}/100$, which simplifies to 100I = 4 × ($x × (r_1 - r_2) + P × r_2$). Putting r₁ = 9, r₂ = 4, P = 500, I = 120, we get x = Rs. 200.

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