Simple Interest Quiz Set 001

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Question 1

An amount of Rs. 2143 is split into two parts. The first part is invested @10% for 4 years, and the second @4% for 10 years. What is the ratio of the first part is to the second part if they yield the same amount of simple interest?

 A

1.

 B

$1{1/40}$.

 C

${39/40}$.

 D

$1{1/20}$.

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 (4 × 10) : (10 × 4) = 40 : 40, or same as 1. Please note that the answer is independent of the value of the total amount.


Question 2

The difference between simple interests on an amount @11% for 18 years and at 6% for 16 years is Rs. 816. What is the amount?

 A

Rs. 800.

 B

Rs. 900.

 C

Rs. 700.

 D

Rs. 1000.

Soln.
Ans: a

The shortcut formula is P = ${\text"diff" × 100}/{r_1 × t_1 - r_2 × t_2}$. Putting r1 = 11, t1 = 18, r2 = 6, t2 = 16, diff = 816, we get P = Rs. 800.


Question 3

An investor puts an amount of Rs. 1600 in a simple interest scheme. If it amounts to Rs. 1696 in 3 years @2%, what would it had amounted to had the rate been 2% more?

 A

Rs. 1792.

 B

Rs. 1892.

 C

Rs. 1692.

 D

Rs. 1992.

Soln.
Ans: a

Shortcut is required here. The addition would be same as if R = 2%, T = 3 years and P = Rs. 1600, which is ${1600 × 2 × 3}/100$ = 96. So new amount is 1696 + 96 = Rs. 1792.


Question 4

The simple interest on a hypothetical investment is Rs. 3430. What is the principal amount if the rate per annum, time in years and the principal, all have the same numerical value?

 A

Rs. 70.

 B

Rs. 170.

 C

Rs. 120.

 D

Rs. 270.

Soln.
Ans: a

If I is the interest, and principal is P, time is P, and rate is P, then, I = $(P × P × P)/100$. Which gives P = $√^3{100 × I}$, which is $√^3{100 × 3430}$, which is $√^3{1000 × 7 × 7 × 7}$ = Rs. 70.


Question 5

An investor puts an amount of Rs. 3200 in a simple interest scheme. If the rate of interest is 4%, how long does he have to wait for getting an amount of Rs. 3840?

 A

5 years.

 B

6 years.

 C

4 years.

 D

7 years.

Soln.
Ans: a

The interest is I = 3840 - 3200 = 640. So T = $(I × 100)/(R × P)$. Solving, we get T = $(640 × 100)/(4 × 3200)$ = 5 years.


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This Blog Post/Article "Simple Interest Quiz Set 001" by Parveen (Hoven) is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Updated on 2017-05-17.

Posted by Parveen(Hoven),
Aptitude Trainer


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