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 113 of 118 pages

Question 1121. Simple interest on Rs.500 for 4 years at 6.25 % per annum is equal to the simple interest on Rs. 400 at 5 % per annum for a certain period of time. The period of time is?

4 Years
5 years
6 ¼ years
8 2/3 years

Discuss Question

Answer: Option C. -> 6 ¼ years

Let the required period of time be x years.
Then
500 x 4 x 6.25/100 = 400 x 5/100 Ã— x
=> 20 x 6.25 = 20 Ã— x
=> X = 6.25 = 625/100 = 25/4 = 6 ¼ years

Question 1122. Kruti took a loan at simple interest at 6 % in the first year with an increase of 0.5 % in each subsequent year. She paid Rs. 3375 as interest after 4 years. How much loan did she take?

Rs.12500
Rs.15800
Rs.33250
Cannot be determined

Discuss Question

Answer: Option A. -> Rs.12500

Let the loan taken be Rs. X , then
X Ã— 6/100 Ã— 1 + X Ã— 6.5/100 Ã— 1 + X Ã— 7/100 Ã— 1 + X Ã— 7.5/100 Ã— 1 = 3375
=> (6+ 6.5 +7 +7.5) Ã— X/100 = 3375
=> X = (3375 Ã— 100/27) = 12500

Question 1123. A borrows Rs.800 at the rate of 12 % per annum. Simple interest and B borrows Rs.910 at the rate of 10 % per annum simple interest. In how many years will their amounts at debts be equal?

18 years
20years
22 years
24 years

Discuss Question

Answer: Option C. -> 22 years

Let the required time be x years.
Then
800 + 800 x 12/100 Ã— x = 910 + 910 x 10/100 Ã— x
=> (96x -91 x) = 110
=> 5x =110
=> x =22

Question 1124. Rs.6000 becomes Rs.7200 in 4 years at a certain rate of interest. If the rate becomes 1.5 times of itself. The amount of the same principle in 5 years will be?

Rs.8000
Rs.8250
Rs.9000
Rs.9250

Discuss Question

Answer: Option B. -> Rs.8250

S.I on Rs. 600 for 4 Years = Rs (7200 - 600) = Rs 1200
Therefore Rate = (120000/24000) % p.a = 5 % p.a
New Rate = (5 x 3/2) % = 15/2 % p.a
Required Amount = [6000 + (6000 x 5/100 x 15/2)]
= Rs(6000 + 2250) = Rs 8250

Question 1125. A certain sum of money at simple interest amounted Rs.840 in 10 years at 3% per annum, find the sum?

Rs.500
Rs.515
Rs.525
None

Discuss Question

Answer: Option D. -> None

840 = P [1 + (10*3)/100]

P = 646

Question 1126. At what rate percent on simple interest will a sum of money double itself in 30 years?

3 1/3 %
3 1/2%
4 %
4 1/2 %

Discuss Question

Answer: Option A. -> 3 1/3 %

P = (P*30*R)/100

R = 3 1/3%

Question 1127. A certain sum amounts to Rs.1725 in 3 years and Rs.1875 in 5 years. Find the rate
% per annum?

Discuss Question

Answer: Option B. -> 5%

3 --- 1725

5 --- 1875

--------------

2 --- 150

N = 1
I = 75 R = ?

P = 1725 - 225 = 1500

75 = (1500*1*R)/100

R = 5%

Question 1128. The simple interest on a sum of money will be Rs.600 after 10 years. If the principal is trebled after 5 years what will be the total interest at the end of the tenth year?