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Quantitative Aptitude > Interest

SIMPLE & COMPOUND INTEREST MCQs

Compound Interest, Simple Interest, Interest (combined)

Total Questions : 1171 | Page 97 of 118 pages
Question 961.

Each of the questions given below consists of a statement and / or a question and two statements numbered I and II given below it. You have to decide whether the data provided in the statement(s) is / are sufficient to answer the given question. Read the both statements and



  • Give answer (A) if the data in Statement I alone are sufficient to answer the question, while the data in Statement II alone are not sufficient to answer the question.

  • Give answer (B) if the data in Statement II alone are sufficient to answer the question, while the data in Statement I alone are not sufficient to answer the question.

  • Give answer (C) if the data either in Statement I or in Statement II alone are sufficient to answer the question.

  • Give answer (D) if the data even in both Statements I and II together are not sufficient to answer the question.

  • Give answer(E) if the data in both Statements I and II together are necessary to answer the question.



What is the rate of compound interest?

  1.    I alone sufficient while II alone not sufficient to answer
  2.    II alone sufficient while I alone not sufficient to answer
  3.    Either I or II alone sufficient to answer
  4.    Both I and II are not sufficient to answer
  5.    Both I and II are necessary to answer
 Discuss Question
Answer: Option D. -> Both I and II are not sufficient to answer

Let Principal = Rs. P and Rate = R% p.a. Then,



Amount = Rs.
What Is The Rate Of Compound Interest?
P
What Is The Rate Of Compound Interest?
1 +
R
What Is The Rate Of Compound Interest?
4
What Is The Rate Of Compound Interest?
100



What Is The Rate Of Compound Interest? C.I. =
P
What Is The Rate Of Compound Interest?
What Is The Rate Of Compound Interest?
1 +
R
What Is The Rate Of Compound Interest?
4
- 1
What Is The Rate Of Compound Interest?
100



What Is The Rate Of Compound Interest?
P
What Is The Rate Of Compound Interest?
What Is The Rate Of Compound Interest?
1 +
R
What Is The Rate Of Compound Interest?
4
- 1
What Is The Rate Of Compound Interest?
= 1491.
100


Clearly, it does not give the answer.


What Is The Rate Of Compound Interest? Correct answer is (D).

Question 962.

Each of the questions given below consists of a statement and / or a question and two statements numbered I and II given below it. You have to decide whether the data provided in the statement(s) is / are sufficient to answer the given question. Read the both statements and



  • Give answer (A) if the data in Statement I alone are sufficient to answer the question, while the data in Statement II alone are not sufficient to answer the question.

  • Give answer (B) if the data in Statement II alone are sufficient to answer the question, while the data in Statement I alone are not sufficient to answer the question.

  • Give answer (C) if the data either in Statement I or in Statement II alone are sufficient to answer the question.

  • Give answer (D) if the data even in both Statements I and II together are not sufficient to answer the question.

  • Give answer(E) if the data in both Statements I and II together are necessary to answer the question.




An amount of money was lent for 3 years. What will be the difference between the simple and the compound interest earned on it at the same rate?

  1.    I alone sufficient while II alone not sufficient to answer
  2.    II alone sufficient while I alone not sufficient to answer
  3.    Either I or II alone sufficient to answer
  4.    Both I and II are not sufficient to answer
  5.    Both I and II are necessary to answer
 Discuss Question
Answer: Option E. -> Both I and II are necessary to answer

Given: T = 3 years.


 I. gives: R = 8% p.a.


II. gives: S.I. = Rs. 1200.


Thus, P = Rs. 5000, R = 8% p.a. and T = 3 years.


An Amount Of Money Was Lent For 3 Years. What Will Be The Di... Difference between C.I. and S.I. may be obtained.


So, the correct answer is (E).


Question 963. The Compound interest on Rs 16000 for 9 months at 20% P.a compounded quarterly is:
  1.    Rs 2518
  2.    Rs 2520
  3.    Rs 2522
  4.    Rs 2524
 Discuss Question
Answer: Option C. -> Rs 2522


P = Rs 16000, R = (10/2)% 
per quarter, t = 3 quarters 
C.I = Rs [16000 × (1+ 5/100)3-16000) 
= Rs [16000 × 21/20 ×21/20× 21/20- 16000)
=Rs (18522-16000)=Rs 2522


Question 964. If the interest is payable annually than the principal on which the compound interest for 3 years at 10% P.a is Rs 33/- is given by:
  1.    Rs 900
  2.    Rs 1000
  3.    Rs 1050
  4.    Rs 1100
 Discuss Question
Answer: Option B. -> Rs 1000


Let the principal be Rs x. 
Then
X × (1 + 10/100)3 “ x = 331 
=> (x × 11/10 × 11/10 × 11/10 - x) = 331
=> ((1331x-1000x)/1000) = 331 
=> 331x = 331000 
=> X = 1000 
Hence the principal is Rs 1000


Question 965. A sum of money placed at compound interest doubles itself in 5 years in how many years it would to 8 times of itself at the same rate of interest?
  1.    7 years
  2.    10 years
  3.    15 years
  4.    20 years
 Discuss Question
Answer: Option C. -> 15 years


Let principal be Rs x and the rate is R % p.a. 
Then X × (1 + R/100)5 = 2x 
=> (1 + R/100) 5 = 2 
Let x × (1 + R/100) t = 8x 
=> (1 + R/100) t = 8 = 23 
={(1 + R/100) 5 }3 
=> (1 + R/100) t = (1 + R/100) 15 
=> T = 15 Years


Question 966. The difference between compound interest and simple interest on a sum for 2 years at 8% P.a is Rs 786. The sum is:
  1.    Rs 100000
  2.    Rs 11000
  3.    Rs 120000
  4.    Rs 170000
 Discuss Question
Answer: Option C. -> Rs 120000


Let the sum be Rs x. 
Then
S. I = Rs (x × 8/100 × 2) = Rs 4x/25 
C. I = Rs [x × (1 + 8/100)2 - x] 
= Rs (x × 27/25 × 27/25 - x) 
=Rs 104x/625
(C.I) “ (S.I) 
= Rs(104x/625 “ 4x /25) 
= Rs 4x /625 
 Therefore 4x/625 = 768 
=> x = ((768 ×625)/4) = 120000 
Therefore sum = Rs 120000


Question 967. If the rate of interest be 4% per annum for first year 5% per annum for the second year and 6% per annum from the third year then the compound interest of Rs 10000 for 3 years will be
  1.    Rs 1575.20
  2.    Rs 1600
  3.    Rs 1625.80
  4.    Rs 2000
 Discuss Question
Answer: Option A. -> Rs 1575.20


Amount = Rs[10000 × (1 + 4/100) × (1 +5/100) × (1 × 6/100)] 
= Rs(1000 × 26/25 × 21/20 × 53/50) 
= Rs (57876/5) = Rs 11575.20 
C.I = Rs (11575.20 - 10000) = Rs 1575.20


Question 968. A money lender borrows money at 4% P.a and pays interest at the end of the year. He lends it at 6% P.a compound interest compounded half-yearly and receives the interest at the end of the year. Thus be gains Rs 104.50 a year. The amount of money he borrows is
  1.    Rs 4500
  2.    Rs 5000
  3.    Rs 5500
  4.    Rs 6000
 Discuss Question
Answer: Option B. -> Rs 5000


Let the money borrowed be Rs x 
Interest paid by the money lender = Rs (x × 4/100 × 1) =Rs x/25 
Interest received by the money lender 
= Rs [x × (1 + 3/100)2 - x] 
 = Rs(x × 103/100 × 103/100 - x) 
Gain = Rs (609x/1000 “ x /25) 
= Rs 209x/1000 = Rs 609x/10000 
Therefore 209x/10000 = 104.50 
=> 209x = 1045000 
=> x = 5000 
Hence money borrowed = Rs 5000


Question 969. A man deposited Rs 6000 in a bank at 5% P.a simple interest another man deposits Rs 5000 at 8% P.a Compounded interest. After 2 years the difference of their interest will be
  1.    Rs 230
  2.    Rs 232
  3.    Rs 600
  4.    Rs 832
 Discuss Question
Answer: Option B. -> Rs 232


S.I = Rs (6000 × 5/100 × 2) = Rs 600 
C.I = Rs [5000 × (1 + 8/100)2 - 5000] 
= Rs (5000 × 27/25 × 27/25 - 5000) 
= Rs(5832 - 5000) 
= Rs 832 
(C.I) “ (S.I) = Rs (832 - 600) = Rs 232


Question 970. At what rate of interest will be Rs 20000 becomes Rs 24200 after 2 years when interest is compounded annually?
  1.    5%
  2.    6%
  3.    10%
  4.    15%
 Discuss Question
Answer: Option C. -> 10%


P = Rs 20000, A =Rs 24200, 
t = 2 years
20000 × (1 + R/100)2 = 24200 
=> (1 + R/100) 2 = 24200/20000 = 121/100 = (11/10) 2 
=> 1 + R/100 = 11/10 
=> R/100 = (11/10 - 1) = 1/10 
=> R = (100 × 1/10) % p.a = 10 % p.a 
Hence, Rate = 10 % p.a


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