Simple & Compound Interest(Quantitative Aptitude > Interest ) Questions and answers for exam Preparation

Quantitative Aptitude > Interest

SIMPLE & COMPOUND INTEREST MCQs

Compound Interest, Simple Interest, Interest (combined)

Total Questions : 1171 | Page 110 of 118 pages

Question 1091. Simple interest on a certain sum at a certain annual rate of interest is 1/9 of the sum. If the numbers representing rate percent and time in years be equal, then the rate of interest is:

5
8
3 1/3
2 2/3

Discuss Question

Answer: Option C. -> 3 1/3

Question 1092. A certain sum is invested at simple interest at 18% p.a. for two years instead of investing at 12% p.a. for the same time period. Therefore the interest received is more by Rs. 840. Find the sum?

Rs. 7000
Rs. 8500
Rs. 8000
Rs. 7500
None of these

Discuss Question

Answer: Option A. -> Rs. 7000

Let the sum be Rs. x.(x * 18 * 2)/100 - (x * 12 * 2)/100 = 840 => 36x/100 - 24x/100 =840=> 12x/100 = 840 => x = 7000.

Question 1093. Vijay lent out an amount Rs. 10000 into two parts, one at 8% p.a. and the remaining at 10% p.a. both on simple interest. At the end of the year he received Rs. 890 as total interest. What was the amount he lent out at 8% pa.a?

Rs. 6000
Rs. 5500
Rs. 4500
Rs. 5000
None of these

Discuss Question

Answer: Option B. -> Rs. 5500

Let the amount lent out at 8% p.a. be Rs. A=> (A * 8)/100 + [(10000 - A) * 10]/100 = 890=> A = Rs. 5500.

Question 1094. At what rate of interest is an amount doubled in two years, when compounded annually?

30%
41.4%
45.2%
73.2%
None of these

Discuss Question

Answer: Option B. -> 41.4%

Let the rate of interest be r.
The amount gets doubled in two years
=> P(1 + r/100)² = 2p => 1 + r/100 = √2
=> r/100 = √2 - 1 = 0.414 => r = 100(0.414)
= 41.4%

Question 1095. A certain sum becomes four times itself at simple interest in eight years. In how many years does it become ten times itself?

21
25
23
27
None of these

Discuss Question

Answer: Option E. -> None of these

Let the sum be Rs. x, then it becomes Rs. 4x in eight years Rs. 3x is the interest on x for eight years.R = (100 * 3x)/(x * 8) = 300/8 %If the sum becomes ten times itself, then interest is 9x.The required time period = (100 * 9x)/(x * 300/8) = (100 * 9x * 8)/(x * 300) = 24 years.

Question 1096. An amount of Rs. 3000 becomes Rs. 3600 in four years at simple interest. If the rate of interest was 1% more, then what was be the total amount?

Rs. 3800
Rs. 3780
Rs. 3720
Cannot be determined
None of these

Discuss Question

Answer: Option C. -> Rs. 3720

A = P(1 + TR/100)=> 3600 = 3000[1 + (4 * R)/100] => R = 5%Now R = 6%=> A = 3000[1 + (4 * 6)/100] = Rs. 3720.

Question 1097. Anil invested a sum of money at a certain rate of simple interest for a period of five years. Had he invested the sum for a period of eight years for the same rate, the total intrest earned by him would have been sixty percent more than the earlier interest amount. Find the rate of interest p.a.

6%
9%
12.5%
Cannot be determined
None of these

Discuss Question

Answer: Option D. -> Cannot be determined

Let the sum be Rs.P. Let the rate of interest be R% p.a.(P)(8)(R)/100 = [1 + 6/100][ (P)(5)(R) /100] = 1.6{5PR/100]8PR/100 = 8PR/100 which is anyway true.R cannot be found.

Question 1098. Rs.4500 amounts to Rs.5544 in two years at compound interest, compounded annually. If the rate of the interest for the first year is 12%, find the rate of interest for the second year?

10%
12%
15%
20%
None of these

Discuss Question

Answer: Option A. -> 10%

Let the rate of interest during the second year be R%.
Given, 4500 * {(100 + 12)/100} * {(100 + R)/100} = 5544 R = 10%

Question 1099. The simple interest accrued on an amount Rs.10,000 at the end of two years is same as the compound interest on Rs.8,000 at the end of two years. The rate of interest is same in both the cases. What is the rate of interest?

100% p.a.
200% p.a.
300% p.a
50% p.a.
None of these

Discuss Question

Answer: Option D. -> 50% p.a.

Given that Rs.10,000 is invested in S.I for two years and Rs.8,000 in C.I for two years => C.I - S.I
=> 8,000 { [1 + r/100]² - 1} = (10,000)2r /100=> 8{ 1 + 2r/100 + r² / (100)² - 1} = r/5 => 16r/100 + 8r²/(100)² = 20r/100 => 4r/10 = 8r²/(100)² => 8[r/100]² - 4r/100 = 0 => r/100 {8r/100 -4} = 0 => r = 0% of 50% Since r!= 0%, r =50%

Question 1100. Manoj borrowed Rs.3450 from Anwar at 6% p.a. simple interest for three years. He then added some more money to the borrowed sum and lent it to Ramu for the same time at 9% p.a. simple interest. If Manoj gains Rs.824.85 by way of interest on the borrowed sum as well as his own amount from the whole transaction, then what is the sum lent by him to Ramu?

Rs.3,870
Rs.5,355
Rs.3,855
Rs.3600
None of these

Discuss Question

Answer: Option B. -> Rs.5,355

Let the sum lent by Manoj to Ramu be Rs.P.
Amount gained by Manoj = P. 3.9 /100 = 3450.3.6/100 = Rs.824.8527P = 62100 = 82485P = (82485 + 62100)/27 = 3055 + 2300 = Rs.5355