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 115 of 118 pages

Question 1141. Rs. 800 amounts to Rs. 920 in 3 years at simple interest. If the interest rate is increased by 3%, it would amount to how much ?

Rs. 992
Rs. 1112
Rs. 1056
Rs. 1182

Discuss Question

Answer: Option A. -> Rs. 992
PRINCIPAL = 800 SI = 120 TIME = 3 YEAR
RATE = (100*120/800*3) = 5%
NEW RATE = 8 % PRINCIPAL = 800 TIME 3 YEAR
SI = (800*8*3/100) = 192
NEW AMOUNT = 800 + 192= 992

Question 1142. You deposit $600 into a 6 month certificate of deposit. After 6 months the balance is $618. Find the simple annual interest rate

Discuss Question

Answer: Option A. -> 6%
1. TO FIND THE INTEREST, SUBTRACT THE PRINCIPAL FROM THE BALANCE.
$618 – $600 = $18
2.USE THE SIMPLE INTEREST FORMULA AND SOLVE FOR R.
I = PRT
18= 600 X R X (1/2)
R= 0.06 =6%

Question 1143. A sum was put a simple interest at a certain rate for 2 years. Had it been put at 4% higher rate, it would have fetched Rs. 60 more. The sum is:

Rs.750
Rs.700
Rs.940
Rs.820

Discuss Question

Answer: Option A. -> Rs.750
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!

Question 1144. A sum of money at simple interest amounts to Rs. 815 in 3 years and to Rs. 854 in 4 years. The sum is :________?

Rs. 700
Rs. 690
Rs. 650
Rs. 698

Discuss Question

Answer: Option D. -> Rs. 698
SIMPLE INTEREST (SI) FOR 1 YEAR = 854-815 = 39
SIMPLE INTEREST (SI) FOR 3 YEARS = 39 × 3 = 117
PRINCIPAL = 815 – 117 = RS.698

Question 1145. What is the rate of interest at which Rs.150 becomes Rs. 220 in 10 years.

11/3%
14/3%
12%
14%

Discuss Question

Answer: Option B. -> 14/3%
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!

Question 1146. A sum of money amounts to Rs. 9800 after 5 years and Rs. 12005 after 8 years at the same rate of simple interest. The rate of interest per annum is:

Discuss Question

Answer: Option C. -> 12%
S.I. FOR 3 YEARS = RS. (12005 – 9800) = RS. 2205.
S.I. FOR 5 YEARS = RS.[ (2205/3) X 5 ] = RS.3675
PRINCIPLE = RS.(9800-3675) = RS.6125
RATE=12%

Question 1147. How long will it take for a sum of money to grow from Rs.1250 to Rs.10,000, if it is invested at 12.5% p.a simple interest?

65 years
56 years
45 years
57 years

Discuss Question

Answer: Option B. -> 56 years
SIMPLE INTEREST IS GIVEN BY THE FORMULA SI = (PNR/100), WHERE P IS THE PRINCIPAL, N IS THE NUMBEROF YEARS FOR WHICH IT IS INVESTED, R IS THE RATE OF INTEREST PER ANNUM
IN THIS CASE, RS. 1250 HAS BECOME RS.10,000.
THEREFORE, THE INTEREST EARNED = 10,000 – 1250 = 8750.
8750 = [(1250 X N X 12.5)/100]
=> N = 700 / 12.5 = 56 YEARS.

Question 1148. A sum was put at simple interest at a certain rate for 3 years. Had it been put at 2% higher rate, it would have fetched Rs 360 more. Find the sum.

Rs.4000
Rs.9000
Rs.5000
Rs.6000

Discuss Question

Answer: Option D. -> Rs.6000
LET SUM = P AND ORIGINAL RATE = R. THEN
[(P * (R+2) * 3)/100] – [ (P * R * 3)/100] = 360
3P*(R+2) – 3PR = 36000
3PR + 6P – 3PR = 36000
6P = 36000
P = 6000

Question 1149. A man invests a certain sum of money at 6% per annum simple interest and another sum at 7% per annum simple interest. His income from interest after 2 years was Rs. 354. One-forth of the first sum is equal to one-fifth of the second sum. The total sum invested was :

Rs.3100
Rs.2700
Rs.2200
Rs.1800

Discuss Question

Answer: Option B. -> Rs.2700
LET THE MAN INVESTS RS.X AT 6% AND RS.Y AT 7%
SIMPLE INTEREST ON RS.X AT 6% FOR 2 YEARS + SIMPLE INTEREST ON RS.Y AT 7% FOR 2 YEARS = RS.354
X×6×2/100+Y×7×2/

Question 1150. A sum of Rs. 2500 amounts to Rs. 3875 in 4 years at the rate of simple interest. What is the rate of interest?

12.25%
12%
6%
13.75%

Discuss Question

Answer: Option D. -> 13.75%
SIMPLE INTEREST, SI = (3875 – 2500) = RS.1375
PRINCIPAL, P = RS. 2500
TIME, T = 4 YEARS
R = ?
R=100×SI/PT=100×13752/500×4
=100×1375/10000=13.75%