# Simple Interest Quiz 3

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# Simple Interest Quiz 3

### 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 3 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 3 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

If simple interest on a certain sum of money for 6 years at 5% per annum is same as the simple interest on Rs. 650 for 9 years at the rate of 12% per annum then the sum of money is
A. Rs.2340 B. Rs.3240 C. Rs.2400 D. Rs.3500

A
$\frac {X \times 6 \times 5}{100} = \frac {650 \times 12 \times 9}{100}$
$\frac {30x}{100} = \frac {70,200}{100}$
30x = 70200
X = 2340

### Q2

If the annual rate of simple interest increases from 8% to 13%, a man’s yearly income increases by Rs. 4800. His principal (in Rs.) is:
A. Rs.90,000 B. Rs.96,000 C. Rs.88,000 D. Rs.1,00,000

B
$\frac {x \times 13 \times 1}{100} – \frac {x \times 8 \times 1} {100} = 4800$
$\frac {13x}{100} – \frac{8x}{100} = 4800$
$\frac{5x}{100} = 4800$
5x = 480000
x = 96000

### Q3

A fixes the rate of interest 5% p.a. for first 3 years and for the next 4 years 6% p.a. and for the period beyond 7 years, 7.5% p.a. If A lent out Rs.1800 for 11 years, find the total interest earned by A?
A. Rs.1422 B. Rs.1242 C. Rs.1244 D. Rs.1342

B
5% for 3 years = 15%
6% for 4 years = 24%
7.5% for 4 years = 30%
69% of 1800 = 1242

### Q4

The rate of SI in SBI & BOB are in the ratio of 5:7. A wants to deposit his total savings in two banks in such a way that he receive equal half-yearly interest from both banks. A should deposit in both banks in the ratio of
A. 4:5 B. 7:5 C. 9:5 D. 8:5

B
R1 = 5x; R2 = 7x; T1 = T2 = $\frac {1}{2}$ yr
$\frac {P1 \times 5x \times \frac {1}{2}}{100}$ = $\frac {P2 \times 7x \times \frac {1}{2}}{100}$
P1 : P2 = 7 : 5

### Q5

Mr. Ravi finds that due to a fall in the rate of interest from 9% to 6%, his yearly income diminishes by Rs.267. His capital is ?
A. Rs.3800 B. Rs.8400 C. Rs.8600 D. Rs.8900

D
Difference in Rate of Interest = 9% – 6% = 3%
Capital = x
3% of x = 267
x = 8900

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