# Simple Interest Quiz 2

Home > > Tutorial
5 Steps - 3 Clicks

# Simple Interest Quiz 2

### 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 2 article candidates can find questions with an answer. By solving this questions candidates can improve and maintain, speed, and accuracy in the exams. Simple Interest Quiz 2 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

On a certain sum, the simple interest at the end of 5(1/3) years becomes 4/9 of the sum.What is the rate percent ?
A. 5.5% B. 9.1% C. 7.6% D. 8.3%

D
R = $\frac {100 \times (\frac {4x}{9})}{x \times \frac {16}{3}}$
R = $\frac {100 \times 4 \times 3}{9 \times 16} = \frac {100}{12} = 8.3%$

### Q2

P is going to pay Rs.700 to Q, 7 months later at 6% annual SI, Q is going to pay Rs.550 to P, 12 months later at 8% annual SI, if they decide to settle the debts, who will pay what amount to whom ?
A. Rs.149 B. Rs.167 C. Rs.155 D. Rs.197

B
$P + (p × 6 × \frac {7}{12} × 100) = 700$
$1200p + 42P = 700 \times 1200$
P = 676.33
For Q:
$P + (p × 8 × \frac {12}{12} × 100) = 550$
1200P + 96P = 550 × 1200
P = 509.26
Q = 676 - 509 = 167

### Q3

Two equal some of money were invested at an annual rate of 10%, One sum at SI and other at CI, If the difference between the interest after 2 years was Rs.100, What were the sum invested ?
A. 25,000 B. 100000 C. 20,000 D. 10,000

D
Assume X =100
SI = 120
CI = 121
100 mean difference 1
200 mean difference 2
Hence 10000 mean difference 100

### Q4

A man invests Rs.8000 for 5 years at 5% p.a. SI interest reckoned yearly. Income tax at the rate of 20% on the interest earned is deducted at the end of each year. Find the amount at the end of the fifth year.
A. Rs.10,500 B. Rs.10,500 C. Rs.9,600 D. Rs.10,000

C
5% is the rate of interest. 20% deducted mean rate of Interest 4%
SI = $8000 \times 4 \times \frac {5}{100} = 1600$
The amount at the end of 5 years = 8000 + 1600 = 9600

### Q5

Ajay bought Rs.11,000 from a bank to buy a car at 12% simple Interest. If he paid \$ 6,600 as interest while clearing the loan, find the time for which the loan was given.
A. 7 B. 3 C. 4 D. 5

D
T = $\frac {6600}{11000 \times 0.12}$ = 5

### Exams

Competitive Exams - Entrance Exams
UG NSTSE 2020 RIMC Admission 2020 WBJEE EVETS 2019 PUBDET 2019
Diploma HPBOSE D.El.Ed CET 2019 Goa Diploma Admissions 2019 CIPET JEE 2019
Degree
###### XAT 2020
JIPT 2019

Competitive Exams - Recent Job Notifications
Category
Banking SSC Railway
Defence Police Insurance

### SP Quiz

Competitive Exams - Practice Sets
Category Quiz
English Language Spotting Errors
Quantitative Aptitude Data Interpretation
Compound Interest