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 116 of 118 pages

Question 1151. If the simple interest on a certain sum of money after 3 1⁄8 years is 1⁄4 of the principal, what is the rate of interest per annum?

Discuss Question

Answer: Option C. -> 8%
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!

Question 1152. If there is a total of 104 weekly instalments and a third deposit, find the interest charged

237.55
337
443
334

Discuss Question

Answer: Option A. -> 237.55
CASH PRICE = $3695
DEPOSIT =1/3 OF $3695
= $1231.67
LOAN AMOUNT = $3695.00 − $1231.67
= $2463.33
TOTAL COST OF LOAN = $25.97 × 104
= $2700.88
INTEREST CHARGED = TOTAL AMOUNT − LOAN
I = A − P
= 2700.88 − 2463.33
= 237.55

Question 1153. A car is purchased on hire-purchase. The cash price is $21 000 and the terms are a deposit of 10% of the price, then the balance to be paid off over 60 equal monthly installments. Interest is charged at 12% p.a. What is the monthly installment?

$503
$504
$505
$506

Discuss Question

Answer: Option B. -> $504
CASH PRICE = $21 000
DEPOSIT = 10% × $21 000
= $2100
LOAN AMOUNT = $21 000 − $2100
= $18 900
I=P*R*T/100
I=11340
TOTAL AMOUNT = 18 900 + 11 340
= $30 240
REGULAR PAYMENT = TOTAL AMOUNT /NUMBER OF PAYMENTS

Question 1154. What annual installment will discharge a debt of Rs 1092 due in 3 years at 12% simple interest?

Rs.325
Rs.545
Rs.560
Rs.550

Discuss Question

Answer: Option A. -> Rs.325
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!

Question 1155. How much time will it take for an amount of Rs. 900 to yield Rs. 81 as interest at 4.5% per annum of simple interest?

2 years
3 years
1 year
4 years

Discuss Question

Answer: Option A. -> 2 years
P = RS.900
SI = RS.81
T = ?
R = 4.5%
T=100×SI/PR =100*81/900*4.5 =2 YEARS

Question 1156. 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.820
Rs.940

Discuss Question

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

Question 1157. A sum of money becomes 7⁄5 of itself in 4 years at a certain rate of simple interest. The rate per annum is :

Discuss Question

Answer: Option B. -> 10%
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!

Question 1158. A sum of Rs. 725 is lent in the beginning of a year at a certain rate of interest. After 8 months, a sum of Rs. 362.50 more is lent but at the rate twice the former. At the end of the year, Rs. 33.50 is earned as interest from both the loans. What was the original rate of interest?

3.46%
4.5%
5%
6%

Discuss Question

Answer: Option A. -> 3.46%
LET THE ORIGINAL RATE BE R%. THEN, NEW RATE = (2R)%.
NOTE: HERE, ORIGINAL RATE IS FOR 1 YEAR(S); THE NEW RATE IS FOR ONLY 4 MONTHS I.E.1/3 YEAR(S).
[(725 X R X1)/100] + [(362.50 X 2R X1)/(100 X 3)] = 33.50
R=3.46%

Question 1159. A lends Rs. 1500 to B and a certain sum to C at the same time at 8% per annum simple interest. If after 4 years, A altogether receives Rs. 1400 as interest from B and C, then the sum lent to C is________?

Rs.2875
Rs.1885
Rs.2245
Rs.2615

Discuss Question

Answer: Option A. -> Rs.2875
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!

Question 1160. Mr. Tassawar Javed invested an amount of Rs. 13,900 divided in two different schemes A and B at the simple interest rate of 14% p.a. and 11% p.a. respectively. If the total amount of simple interest earned in 2 years be Rs. 3508, what was the amount invested in Scheme B?

Rs. 6400
Rs. 6500
Rs. 7200
Rs. 7500

Discuss Question

Answer: Option A. -> Rs. 6400
LET THE SUM INVESTED IN SCHEME A BE RS. X AND THAT IN SCHEME B BE RS. (13900 – X).
THEN , (X*14*2/100)+(13900-X)*11*2/100) =3508
28X – 22X = 350800 – (13900 X 22)
6X = 45000
X = 7500.
SO, SUM INVESTED IN SCHEME B = RS. (13900 – 7500) = RS. 6400.