Simple Interest Quiz 1

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Simple Interest Quiz 1

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) = $\frac{principal(P) \times rate(R) \times time(T)}{100}$
2. Principal(P) = $\frac{100 \times Simple interest}{Rate \times time}$
3. Rate = $\frac{100 \times Simple interest}{principal \times time}$
4. Time = $\frac{100 \times Simple interest}{principal \times rate}$
5. Amount = Principal+ simple interest (or) Amount = P(1 + $\frac{R \times T}{100}$)
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%

B
Balance to be paid in installments = 8000-2000 = 6000
$(6000 + 6000 \times r \times \frac {3}{12} \times 100) = 1020 \times 6 + \frac {1020r}{12} \times 100(1 + 2 + 3 + 4 + 5)$
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

D
SI = $2560 \times 8 \times \frac {15}{100}$ = 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

C
3476 = $x \times 6 \times \frac {4}{100} + (15900 - x) \times 5 \times \frac {4}{100}$
x = 7400
Anil = $8500 + 8500 \times 4 \times \frac {5}{100} = 10200$

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

A
For one year = $124000 \times \frac {5}{100} = 6200$
Income tax = $6200 \times \frac {81}{100} = 5022$
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

B
2235 - 1815 = $\frac {P}{100} (7 \times 7 - 7 \times 3)$
p = 1500

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