Simple Interest Quiz Set 006

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Question 1

There are two simple interest investment options I and II. The rate of interest in option I is ${4/11}$ times the rate for option II. The time period in option I is 11 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

4.

 B

5.

 C

3.

 D

7.

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 × ${4/11} × {R/100}$ × 11 × T. The ratio I1 to I2 is $4/11$ × 11 = 4.


Question 2

There are two simple interest investment options I and II. The rate of interest in option I is ${5/16}$ times the rate for option II. The time period in option I is 16 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 × ${5/16} × {R/100}$ × 16 × T. The ratio I1 to I2 is $5/16$ × 16 = 5.


Question 3

An investor puts an amount of Rs. 3000 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. 4080?

 A

${1/2}$ year.

 B

${7/12}$ year.

 C

${2/3}$ year.

 D

${3/4}$ year.

Soln.
Ans: a

The interest is I = 4080 - 3000 = 1080. So T = $(I × 100)/(R × P)$. Solving, we get T = $(1080 × 100)/(6 × 3000)$ = 6 months.


Question 4

A sum of Rs. 1100 is lent in two parts. One at 13% p.a. and one at 6% p.a. What is the amount lent at 13% if the total simple interest at the end of 5 years is Rs. 715?

 A

Rs. 1100.

 B

Rs. 1200.

 C

Rs. 1000.

 D

Rs. 1300.

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 = ${x × r_1 × 5}/100$ + ${(P - x) × r_2 × 5}/100$, which simplifies to 100I = 5 × ($x × (r_1 - r_2) + P × r_2$). Putting r1 = 13, r2 = 6, P = 1100, I = 715, we get x = Rs. 1100.


Question 5

Mr. X borrowed Rs. 1100 from Mr. Y on simple interest @6% for 6 years. He then adds an amount x to it and lends it to Mr. Z @9% for the same duration. What is x if he gains Rs. 414?

 A

Rs. 400.

 B

Rs. 500.

 C

Rs. 300.

 D

Rs. 600.

Soln.
Ans: a

His gain is ${(1100 + x) × 9 × 6}/100$ - ${1100 × 6 × 6}/100$ = 414. We can solve this for x to get x = Rs. 400.


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This Blog Post/Article "Simple Interest Quiz Set 006" by Parveen (Hoven) is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Updated on 2017-04-07.

Posted by Parveen(Hoven),
Aptitude Trainer


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