Introduction
What is simple interest?
Simple interest is a quick and easy method of calculating the interest charge on a loan. Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.
Important Formulae :
1. Simple interest(S.I) = [latex]\frac{principal(P) \times rate(R) \times time(T)}{100}[/latex]
2. Principal(P) = [latex]\frac{100 \times Simple interest}{Rate \times time}[/latex]
3. Rate = [latex]\frac{100 \times Simple interest}{principal \times time}[/latex]
4. Time = [latex]\frac{100 \times Simple interest}{principal \times rate}[/latex]
5. Amount = Principal+ simple interest (or) Amount = P(1 + [latex]\frac{R \times T}{100}
[/latex])
Simple Interest is one of important topic in Quantitative Aptitude Section. In Simple Interest Quiz 1 article candidates can find questions with answer. By solving this questions candidates can improve and maintain, speed, and accuracy in the exams. Simple Interest Quiz 1 questions are very useful for different exams such as IBPS PO, Clerk, SSC CGL, SBI PO, NIACL Assistant, NICL AO, IBPS SO, RRB, Railways, Civil Services etc.
Q1
Cost of a Mobile Rs.8000. Sudha bought Mobile in EMI. She paid a Down payment of Rs. 2000 and paid rest in 6 equal installments of Rs.1020 for next 6 months. Then what is the SI rate charged?
- A. 6.5%
B. 6.95%
C. 10.5%
D. 12.5%
Balance to be paid in installments = 8000-2000 = 6000
[latex](6000 + 6000 \times r \times \frac {3}{12} \times 100) = 1020 \times 6 + \frac {1020r}{12} \times 100(1 + 2 + 3 + 4 + 5)[/latex]
r = 6.95%
Q2
What amount would Rs.2560 fetch if it is lent at 8% SI for 15 years?
- A. Rs.3072
B. Rs.4632
C. Rs.5072
D. Rs.5632
SI = [latex]2560 \times 8 \times \frac {15}{100}[/latex] = 3072
Amount = 2560 + 3072 = 5632
Q3
Amit lent a part of Rs. 15900 to Raju at 6% SI. Rest to Anil at 5% SI. After 4 years he got an amount of Rs 19376 in total. Then what is the amount paid by Anil in total?
- A. Rs. 9176
B. Rs. 9847
C. Rs. 10200
D. Rs. 11200
3476 = [latex]x \times 6 \times \frac {4}{100} + (15900 - x) \times 5 \times \frac {4}{100} [/latex]
x = 7400
Anil = [latex]8500 + 8500 \times 4 \times \frac {5}{100} = 10200 [/latex]
Q4
A man invests Rs. 124000 for 9 years at 5% SI. Income tax at the rate of 19% is deducted from interest earned at the end of every year. Find the amount at the end of the 9th year?
- A. Rs. 169198
B. RS. 169918
C. Rs. 196918
D. Rs. 199698
For one year = [latex]124000 \times \frac {5}{100} = 6200[/latex]
Income tax = [latex]6200 \times \frac {81}{100} = 5022 [/latex]
For 9 years = 45198
Amount = 124000 + 45198 = 169198
Q5
A sum of money becomes Rs.1815 at 7% SI after 3 years. Same sum of money becomes Rs. 2235 at same interest after 7 years.
- A. Rs.1200
B. Rs.1500
C. Rs.1800
D. Rs.2000
2235 - 1815 = [latex] \frac {P}{100} (7 \times 7 - 7 \times 3)[/latex]
p = 1500
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