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Quantitative Aptitude > Interest

SIMPLE & COMPOUND INTEREST MCQs

Compound Interest, Simple Interest, Interest (combined)


Total Questions : 1171 | Page 48 of 118 pages
Question 471.
Mr. Thomas 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?
  1.    Rs. 6400
  2.    Rs. 7200
  3.    Rs. 6500
  4.    Rs. 7500
 Discuss Question
Answer: Option A. -> Rs. 6400

Answer : Option A

Explanation :

Let the investment in scheme A be Rs.x
and the investment in scheme B be Rs.(13900 - x)
$MF#%\begin{align}&\text{We know that }\text{SI = }\dfrac{\text{PRT}}{100}\\\\ &\text{Simple Interest for Rs.x in 2 years at 14% p.a. = }\dfrac{x \times 14 \times 2}{100} = \dfrac{28x}{100}\\\\ &\text{Simple Interest for Rs.(13900 - x) in 2 years at 11% p.a. = }\dfrac{(13900 - x) \times 11 \times 2}{100} = \dfrac{22(13900 - x)}{100}\\\\ &\text{Total interest = Rs.3508}\\\\ &\dfrac{28x}{100} + \dfrac{22(13900 - x)}{100} = 3508\\\\ &28x + 305800 -22x = 350800\\\\ &6x = 45000\\\\ &x = \dfrac{45000}{6} = 7500\end{align}$MF#%
Investment in scheme B = 13900 - 7500 = Rs.6400


Question 472.
Find the Simple Interest on Rs. 7500 at 11% for 2 Years and 5 months.
  1.    Rs.1994.25
  2.    Rs.1991.25
  3.    Rs.1992.75
  4.    Rs.1993.75
 Discuss Question
Answer: Option D. -> Rs.1993.75

Answer : Option D

Explanation :

$MF#%\text{Time,T = 2 year 5 months = 29 months = }\dfrac{29}{12}\text{ year}\\\\ \text{SI} = \dfrac{\text{PRT}}{100} = \dfrac{7500 \times 11 \times \dfrac{29}{12}}{100} = 75 \times 11 \times \dfrac{29}{12} = 1993.75$MF#%


Question 473.

Reena took a loan of Rs. 1200 with simple interest for as many years as the rate of interest. If she paid Rs. 432 as interest at the end of the loan period, what was the rate of interest?


  1.    3.6
  2.    6
  3.    18
  4.    Cannot be determined
  5.    None of these
 Discuss Question
Answer: Option B. -> 6

Let rate = R% and time = R years.

Then,  Reena Took A Loan Of Rs. 1200 With Simple Interest For As M... 1200 x R x R  Reena Took A Loan Of Rs. 1200 With Simple Interest For As M... = 432 100

 Reena Took A Loan Of Rs. 1200 With Simple Interest For As M... 12R2 = 432

 Reena Took A Loan Of Rs. 1200 With Simple Interest For As M... R2 = 36

 Reena Took A Loan Of Rs. 1200 With Simple Interest For As M... R = 6.


Question 474.
The simple interest at x% for x years will be Rs. x on a sum of:
  1.    Rs. x
  2.    Rs. x2
  3.    $MF#%\text{Rs. }\dfrac{100}{x}$MF#%
  4.    $MF#%\text{Rs. }\dfrac{100}{x^2}$MF#%
 Discuss Question
Answer: Option C. -> $MF#%\text{Rs. }\dfrac{100}{x}$MF#%

Answer : Option C

Explanation :

P = ?
R = x%
Simple Interest,SI = x
T = x years
$MF#%\text{P}=\dfrac{100 \times \text{SI}}{\text{RT}} = \dfrac{100 \times x}{x \times x} = \dfrac{100}{x} $MF#%


Question 475.
An automobile financier claims to be lending money at simple interest, but he includes the interest every six months for calculating the principal. If he is charging an interest of 10%, the effective rate of interest becomes:
  1.    None of these
  2.    10.25%
  3.    10.5%
  4.    10%
 Discuss Question
Answer: Option B. -> 10.25%

Answer : Option B

Explanation :

Let the automobile financier lends Rs.100
$MF#%\text{Simple Interest for first 6 months = }\dfrac{\text{PRT}}{100}= \dfrac{100 \times 10 \times \dfrac{1}{2}}{100}=\text{Rs. }5$MF#%
After 6 months, he adds the simple interest to principal
i.e., after 6 months, principal becomes Rs.100 + Rs.5 = Rs.105
$MF#%\text{Simple Interest for next 6 months = }\dfrac{\text{PRT}}{100}= \dfrac{105 \times 10 \times \dfrac{1}{2}}{100}=\text{Rs. }5.25$MF#%
Amount at the end of 1 year = Rs.105 + Rs. 5.25 = Rs.110.25
i.e., Effective Simple Interest he gets for Rs.100 for 1 year = 110.25 - 100 = 10.25
i.e, the Effective Rate of Interest = 10.25%
$MF#%\color{#F00}{(∵ \text{R = }\dfrac{100 \times \text{SI}}{\text{PT}} = \dfrac{100 \times 10.25}{100 \times 1} = 10.25\%)}$MF#%


Question 476.
What is the interest due after 40 days for Rs. 3200 at 10%
  1.    35.07
  2.    36.21
  3.    35.52
  4.    34
 Discuss Question
Answer: Option A. -> 35.07

Answer : Option A

Explanation :

$MF#%\text{Simple Interest, SI = }\dfrac{\text{PRT}}{100} = \dfrac{3200 \times 10 \times \dfrac{40}{365} }{100} = 35.07$MF#%


Question 477.
Find the simple interest on Rs. 3000 at 6 1/4% per annum for the period from 4th Feb., 2005 to 18th April, 2005.



  1.    37.00
  2.    37.50
  3.    37.75
  4.    38.00
 Discuss Question
Answer: Option B. -> 37.50

Time = (24+31+18)days = 73 days = 73/365 years = 1/5 years.
P = Rs.3000 and R = 6 1/4%p.a = 25/4%p.a
S.I. = Rs.(3,000*(25/4)*(1/5)*(1/100))= Rs.37.50.



Question 478.
A certain sum of money amounts to Rs. 1008 in 2 years and to Rs.1164 in 3 ½ years. Find the sum and rate of interests.



  1.    700, 13%
  2.    700, 15%
  3.    800, 13%
  4.    800, 15%
 Discuss Question
Answer: Option C. -> 800, 13%

S.I. for 1½years = Rs.(1164-1008) = Rs.156
S.l. for 2 years = Rs.(156*(2/3)*2)=Rs.208
Principal = Rs. (1008 - 208) = Rs. 800
Now, P = 800, T = 2 and S.l. = 208
Rate =(100* 208)/(800*2)% = 13%



Question 479.
A sum of Rs. 800 amounts to Rs. 920 in 8 years at simple interest.
Interest rate is increased by 3%, it would amount to how much ?



  1.    962
  2.    972
  3.    982
  4.    992
 Discuss Question
Answer: Option D. -> 992

S.l. = Rs. (920 - 800) = Rs. 120; p = Rs. 800, T = 3 yrs.
R = ((100 x 120)/(800*3) ) % = 5%.
New rate = (5 + 3)% = 8%.
New S.l. = Rs. (800*8*3)/100 = Rs. 192
New amount = Rs.(800+192) = Rs. 992



Question 480.
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.



  1.    4000
  2.    5000
  3.    6000
  4.    7000
 Discuss Question
Answer: Option C. -> 6000


Let sum = P and original rate = R.
[ (P*(R+2)*3)/100]-[ (P*R*3)/100] = 360
3PR + 6P - 3PR = 36000
6P=36000
P=6000



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