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Simple Interest Quiz 5

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Simple Interest Quiz 5

shape 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 5 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 5 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.

shape Q1

A lent out some money at 6% S.I p.a. After 1 year, Rs.6800 is repaid and the rest of the amount is repaid at 5% p. a. If the 2nd year’s interest is 11/20 of the first year’s interest, find what amount of money A lent out.
    A. 18500 B. 10080 C. 17000 D. 18000

SPLessons

P – amount lent by A
I = .06 × P —(i)
The interest for second year as X = (P + I - 6800).05 —(ii)
x = ([latex]\frac {11}{20}[/latex])I —(iii)
Put (i) in (ii) and (iii)
P = 17,000

shape Q2

Rahul invested a sum of money at S.I at a certain rate of interest for 3 years. Had it been invested at a 4% higher rate, it would have fetched Rs.480 more. Find out the Principal amount that was invested by Rahul?
    A. 3000 B. 4000 C. 5000 D. 4500

SPLessons

x – Principal
Extra amount = 4% for 3 years = 12% of x = 480
x = [latex](\frac {480}{12}) \times 100[/latex] = 4000

shape Q3

Rakesh fixes the rate of interest 6% p.a. for first 3 years and for the next 4 years, 7% p.a. and for the period beyond 7 years, 7.5% p.a. If Mr. Rakesh lent out Rs.1500 for 11 years, find the total interest earned by him?
    A. Rs.1100 B. Rs.1200 C. Rs.1140 D. Rs.1350

SPLessons

6% for 3 years = 18%
7% for 4 years = 28%
7.5% for 4 years = 30%
76% of 1500 = 1140

shape Q4

Simple Interest on a certain sum at a certain annual rate of interest is 16% of the sum. If the numbers representing rate percent and time in years be equal, then the rate of interest is?
    A. 2% B. 4% C. 6% D. 8%

SPLessons

SI = 16% of P
R = T = x
SI = [latex]\frac {[P \times N \times R]}{100}[/latex]
[latex]\frac {4p}{25} = \frac {[P \times {X}^{2}]}{100} [/latex]
x = 4%

shape Q5

A person makes a fixed deposit of Rs. 20000 in Bank of India for 3 years. If the rate of interest be 13% SI per annum charged half yearly. What amount will he get after 42 months?
    A. 29100 B. 28100 C. 27100 D. 26100

SPLessons

R = 13%, T = 42 months
For half year
R = [latex]\frac {13}{2}, T = (\frac {42}{12}) \times 2 = 7[/latex] half-years
SI = [latex](20000 \times 7 \times \frac {6.5}{100}) = 9100[/latex]
A = P + SI = 20000 + 9100 = 29100

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