Simple Interest Quiz Set 010

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Question 1

The simple interest on a certain principal sum @2% for a period of 4 years is Rs. 360. What is the sum?

 A

Rs. 4500.

 B

Rs. 4600.

 C

Rs. 4400.

 D

Rs. 4700.

Soln.
Ans: a

P = $(I × 100)/(R × T)$. Solving, we get P = $(360 × 100)/(2 × 4)$ = Rs. 4500.


Question 2

Mr. X puts an amount of Rs. 2600 in a simple interest scheme. If he gets a total amount of Rs. 3770 after 5 months, what is the rate of interest?

 A

${3/4}$% p.a.

 B

9% p.a.

 C

${11/12}$% p.a.

 D

1% p.a.

Soln.
Ans: a

The interest is I = 3770 - 2600 = 1170. So R = $(I × 100)/(T × P)$. Solving, we get R = $(1170 × 100)/(5 × 2600)$ = 9% per month, which is ${3/4}$% per annum. Please note that since the time is in months the rate is also p.m.


Question 3

The simple interest on a hypothetical investment is Rs. 5120. What is the principal amount if the rate per annum, time in years and the principal, all have the same numerical value?

 A

Rs. 80.

 B

Rs. 180.

 C

Rs. 130.

 D

Rs. 280.

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 $√^3{100 × 5120}$, which is $√^3{1000 × 8 × 8 × 8}$ = Rs. 80.


Question 4

A certain amount is split into two parts. The first part is invested at 10% p.a. and the second at 5% p.a. What is the total amount if the total simple interest at the end of 2 years is Rs. 240, and if the amount invested at 10% is Rs. 1400?

 A

Rs. 1000.

 B

Rs. 1100.

 C

Rs. 900.

 D

Rs. 1200.

Soln.
Ans: a

Let the amount x be invested at r1% and remaining (P - x) at r2%, and let the sum of interests be I. Then, I = ${x × r_1 × 2}/100$ + ${(P - x) × r_2 × 2}/100$, which simplifies to 100I = 2 × ($x × (r_1 - r_2) + P × r_2$). Putting r1 = 10, r2 = 5, x = 1400, I = 240, we get P = Rs. 1000.


Question 5

Simple interest on a certain sum of money is $1/4$ of the sum for 5 years. What is the rate of interest?

 A

5%.

 B

6%.

 C

4%.

 D

7%.

Soln.
Ans: a

We know, I = PRT/100. If I = P/4, then $1/4$ = RT/100. So R = $100/{4 × 5}$ = 5%.


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This Blog Post/Article "Simple Interest Quiz Set 010" 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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