Simple Interest(Quantitative Aptitude > Interest ) Questions and answers for exam Preparation

Quantitative Aptitude > Interest

SIMPLE INTEREST MCQs

Total Questions : 234 | Page 2 of 24 pages

Question 11. A sum of Rs.1550 was lent partly at 5% and partly at 8% simple interest. The total interest received after 3 years is Rs.300. The ratio of money lent at 5% to that at 8% is :

8 : 5
5 : 8
16 : 15
31 : 6

Discuss Question

Answer: Option C. -> 16 : 15
Answer: (c)Using Rule 1Simple Interest (S.I.)= ${\text"Principal × Rate × Time"/100$ orS.I. = ${\text"P × R × T"/100$P = ${\text"S.I." × 100}/\text"R × T"$, R = ${\text"S.I." × 100}/\text"P × T"$, T = ${\text"S.I." × 100}/\text"P × R"$ A = P + S.I. or S.I. = A - P

Question 12. With a given rate of simple interest, the ratio of principal and amount for a certain period of time is 4 : 5. After 3 years, with the same rate of interest, the ratio of the principal and amount becomes 5 : 7. The rate of interest is

Discuss Question

Answer: Option D. -> 5%
Answer: (d)Using Rule 1,Case-I,Interest = 5x - 4x = x$x = {4x × R × T}/100$T = $25/R$ yearsCase-II,T = $25/R + 3 = ({25 + 3R}/R)$ yearsSI = 7 y - 5y = 2y$2y = {5y × R × (25 + 3R)}/{R × 100}$40 = 25 + 3R3R = 40 –25 = 15 %R = $15/3$ = 5%

Question 13. A person invests money in three different schemes for 6 years, 10 years and 12 years at 10 per cent, 12 per cent and 15 per cent simple interest respectively. At the completion of each scheme, he gets the same interest. The ratio of his investment is

2 : 3 : 4
6 : 3 : 2
3 : 4 : 2
3 : 4 : 6

Discuss Question

Answer: Option B. -> 6 : 3 : 2
Answer: (b)Using Rule 1,P1 : P2 : P3 = $1/{r_1t_1} : 1/{r_2t_2} : 1/{r_3t_3}$= $1/{6 × 10} : 1/{10 × 12} : 1/{12 × 15}$= $1/60 : 1/120 : 1/180$ = 6 : 3 : 2

Question 14. Ratio of the principal and the amount after 1 year is 10:12. Then the rate of interest per annum is :

Discuss Question

Answer: Option C. -> 20%
Answer: (c)Using Rule 1,$\text"Principal"/\text"Amount" = 10/12$$\text"Amount"/ \text"Principal" = \text"Principal + interest"/ \text"Principal" = 12/10$1 + $\text"Interest"/ \text"Principal" = 12/10$$\text"Interest"/ \text"Principal" = 2/10 = 1/5$Rate = $1/5$ × 100 = 20%

Question 15. If the ratio of principal and the simple interest for 5 years is 10 : 3, then the rate of interest is :

Discuss Question

Answer: Option A. -> 6%
Answer: (a)Using Rule 1,$\text"Principal"/ \text"Interest" = 10/3$$\text"Interest"/ \text"Principal" = 3/10$Rate = $\text"S.I. × 100"/ \text"Principal × Time"$= $3/10 × 100/5$ = 6% per annum

Question 16. If ratio of principal and simple interest for 1 year is 25 : 1, then the rate of interest is

Discuss Question

Answer: Option B. -> 4%
Answer: (b)Using Rule 1,Principal : Interest = 25 : 1Interest : Principal = 1 : 25Rate = $\text"S.I. × 100"/ \text"Principal × Time"$= $1/25$ × 100 = 4% per annum

Question 17. In what time will Rs.72 become Rs.81 at 6$1/4$% per annum simple interest ?

3 years
2 years
None of these
2 years 6 months

Discuss Question

Answer: Option B. -> 2 years
Answer: (b)Using Rule 1,Interest = Rs.(81–72)= Rs.9Let the time be t years.Then, 9 = ${72 × 25 × t}/{4 × 100}$t = ${9 × 400}/{72 × 25}$ = 2 years.

Question 18. A man took a loan from a bank at the rate of 12% per annum at simple interest. After 3 years he had to pay Rs.5,400 as interest only for the period. The principal amount borrowed by him was :

Rs.10,000
Rs.2,000
Rs.15,000
Rs.20,000

Discuss Question

Answer: Option C. -> Rs.15,000
Answer: (c)Using Rule 1,Let the principal be x.S.I. = ${\text"Principal × Rate × Time"/100$5400 = ${x × 12 × 3}/100$$x = {5400 × 100}/{12 × 3}$ = Rs.15000

Question 19. The sum of money, that will give Rs.1 as interest per day at the rate of 5% per annum simple interest is

Rs.36500
Rs.3650
Rs.7300
Rs.730

Discuss Question

Answer: Option C. -> Rs.7300
Answer: (c)Using Rule 1,The sum of money will give Rs.365 as simple interest in a year.S.I. = $\text"PRT"/100$365 = ${P × 5 × 1}/100$P = ${365 × 100}/5$ = Rs.7300

Question 20. Rs.800 becomes Rs.956 in 3 years at a certain rate of simple interest. If the rate of interest is increased by 4%, what amount will 800 become in 3 years ?

Rs.1025
Rs.1020.80
Rs.1050
Rs.1052

Discuss Question

Answer: Option D. -> Rs.1052
Answer: (d)Using Rule 1,S.I. = 956 - 800 = Rs.156Rate = ${S.I. × 100}/{Principal × Time}$= ${156 × 100}/{800 × 3}$ = 6.5% per annumNew rate = 10.5%S.I. = ${\text"Principal × Rate × Time"/100$= ${800 × 3 × 10.5}/100$ = Rs.252 Amount = 800 + 252 = Rs.1052