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 10 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 10 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
A certain sum of money at certain rate of interest becomes Rs 3420 after 2 years and at same rate after two and a half years becomes Rs 3525. Find the rate percent per annum.
- A. 8.5%
B. 8%
C. 7%
D. 10%
Amount after 2.5 years = 3525, after 2 yrs = 3420
So SI for half yr = 3525 - 3420 = 105, so for 1 yr SI = 105 [latex]\times [/latex] 2 = 210
P + 2 [latex]\times [/latex] SI = 3420
So P = 3420 - 2 [latex]\times[/latex] 210 = 3000
So [latex] \frac {3000 \times r \times 2} {100} = 420 [/latex]
[latex]3000 \times r \times 2 = 420 \times 100[/latex]
[latex] r = \frac {420 \times 100}{ 3000 \times 2}[/latex]
r = 7%
Q2
Rs 1200 becomes Rs 1632 after 4 years. If the rate of interest is increased by 2%, what will be the amount then?
- A. Rs 1,890
B. Rs 1,844
C. Rs 1,756
D. Rs 1,728
Increase in interest in 4 yrs with rate 2% = [latex]\frac {1200 \times 4 \times 2}{100} = 96[/latex]
So amount = 1632 + 96 = 1728
Q3
Rs 240 amounts to Rs 259.2 in 2 years, what will Rs 320 amount to in 4 yrs?
- A. Rs 454.5
B. Rs 435.4
C. Rs 485.2
D. Rs 371.2
Interest on Rs 240 in 2 years = 259.2 - 240 = 19.2
So interest on Rs 320 = [latex]19.2 \times(\frac {320}{240}) \times (\frac {4}{2}) = 51.2[/latex]
So amount = 320 + 51.2 = Rs 371.2
Q4
Arun divides Rs 4702 among A, B, and C, so that if the amounts being invested at 4% SI, the amounts received after 2, 3 & 4 yrs by A, B, & C respectively is equal. Find the share of B?
- A. Rs 1,458
B. Rs 1,566
C. Rs 2,358
D. Rs 1,237
4702 will be divided in ratio-
[latex]\frac {1}{[100 + 4 \times {rt}_{1}]} : \frac {1}{[100 + 4 \times {rt}_{2}]} : \frac {1}{[100 + 4 \times {rt}_{3}]} : \frac {1}{[100 + 4 \times 2]} : \frac {1}{[100 + 4 \times 3]} [/latex]
[latex]\frac {1}{[100 + 4 \times 4]} \frac {1}{108} : \frac {1}{112} :\frac {1}{116} [/latex]
= 812 : 783 : 756
So B gets [latex]\frac {783}{(812 + 783 + 756)} \times 4702 = 1566[/latex]
Q5
Rs 6200 is lent in 2 parts, 1st part at 6% for 5 years & 2nd part at 8% for 4 years. After 5 years & 4 years respectively, the I received from both parts is same. Find the amount lend at 6%.
- A. Rs 3,100
B. Rs 3,200
C. Rs 3,550
D. Rs 3,250
I = Interest
Parts will be divided in ratio-
[latex]\frac {1}{{r}_{1}{t}_{1}} : \frac {1}{{r}_{2}{t}_{2}}[/latex]
[latex]\frac {1}{6 \times 5} : \frac {1}{8 \times 4}[/latex]
32 : 30 = 16 : 15
At 6% = [latex]\frac {16}{(16 + 15)} \times 6200[/latex] = Rs 3,200