Simple Interest Quiz Set 020 | Maths Aptitude Quiz Questions and Mock Test on Simple Interest Set 20 | mock tests for Bank PO, SSB/SSC Exams, SO Clerical Exam, GATE Exam, LIC AO, GIC AO, etc.

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Question 1

The difference between simple interests on an amount @7% for 17 years and at 2% for 6 years is Rs. 535. What is the amount?

Rs. 500.

Rs. 600.

Rs. 400.

Rs. 700.

Soln.
Ans: a

The shortcut formula is P = ${\text"diff" × 100}/{r_1 × t_1 - r_2 × t_2}$. Putting r₁ = 7, t₁ = 17, r₂ = 2, t₂ = 6, diff = 535, we get P = Rs. 500.

Solution | Discuss! | Chapters»

Question 2

A sum of Rs. 1540 is divided into two parts such that simple interest on these parts at 10% p.a. after 2 and 9 years, respectively, is same. What is the amount of the smaller part?

Rs. 280.

Rs. 380.

Rs. 180.

Rs. 480.

Soln.
Ans: a

We should use the shortcut technique here. If r₁, t₁, r₂, t₂ be the rates and times for two parts with same interest amount, then the two parts must be in the ratio $1/{r_1 t_1} : 1/{r_2 t_2}$. In our case r₁ = r₂ = 10, which cancels, so the ratio is $1/t_1 : 1/t_2$. Thus, the two parts are in the ratio $t_2 : t_1$. The parts are: 1540 × $9/{2 + 9}$, and 1540 × $2/{2 + 9}$, which are 1260 and 280. The smaller is Rs. 280.

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Question 3

Mr. X borrowed Rs. 500 from Mr. Y on simple interest @2% for 15 years. He then adds an amount x to it and lends it to Mr. Z @8% for the same duration. What is x if he gains Rs. 690?

Rs. 200.

Rs. 300.

Rs. 250.

Rs. 400.

Soln.
Ans: a

His gain is ${(500 + x) × 8 × 15}/100$ - ${500 × 2 × 15}/100$ = 690. We can solve this for x to get x = Rs. 200.

Solution | Discuss! | Chapters»

Question 4

An investor puts an amount of Rs. 4600 in a simple interest scheme. If the rate of interest is 8%, how long does he have to wait for getting an amount of Rs. 5336?

2 years.

3 years.

5 years.

4 years.

Soln.
Ans: a

The interest is I = 5336 - 4600 = 736. So T = $(I × 100)/(R × P)$. Solving, we get T = $(736 × 100)/(8 × 4600)$ = 2 years.

Solution | Discuss! | Chapters»

Question 5

What is the interest on Rs. 12500 @2% for 73 days starting from Jan 1, 3201?

Rs. 50.

Rs. 150.

Rs. 100.

Rs. 250.

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 = 2%, t = 1/5, P = 12500, so I = ${12500 × 2 × 1}/{5 × 100}$ = Rs. 50.

Solution | Discuss! | Chapters»