Simple Interest Quiz Set 019

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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?

 A

Rs. 500.

 B

Rs. 600.

 C

Rs. 400.

 D

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.


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?

 A

${5/12}$ year.

 B

${1/2}$ year.

 C

${7/12}$ year.

 D

${2/3}$ 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.


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?

 A

5.

 B

6.

 C

4.

 D

8.

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.


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?

 A

Rs. 1300.

 B

Rs. 1400.

 C

Rs. 1200.

 D

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.


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?

 A

Rs. 200.

 B

Rs. 300.

 C

Rs. 250.

 D

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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This Blog Post/Article "Simple Interest Quiz Set 019" 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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