# Simple Interest Quiz 6

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# Simple Interest Quiz 6

### 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 6 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 6 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

Simple Interest for the sum of Rs.1230 for two year is Rs.10 more than the SI for Rs.1130 for the same duration. Find the Rate of Interest?
A. 5% B. 8% C. 4% D. 2%

A
$\frac {(1230 \times 2 \times R)}{100} – \frac {(1130 \times 2 \times R)}{100} = 10$
R = 5%

### Q2

Arvind borrowed Rs.800 at 6% per annum and Deepak borrowed Rs.600 @ 10% per annum. After how much time, will they both have equal debts?
A. $\frac {50}{3}$ B. $\frac {83}{3}$ C. $\frac {44}{3}$ D. $\frac {20}{3}$

A
$800 + \frac {(800 \times 6 \times T)}{100} = 600 + \frac {(600 \times 10 \times T)}{100}$
T = $\frac {50}{3}$ yr

### Q3

The Principal on which a simple interest of Rs.55 will be obtained after 9 months at the rate of 11/3% per annum is ___________
A. 2500 B. 1500 C. 1000 D. 2000

D
SI = $\frac {PRT}{100}$
P = $\frac {100 \times 55}{\frac {11}{3}} \times (\frac {9}{12})$
P = $\frac {100 \times 55 \times 4}{11}$
P = 2000

### Q4

A sum becomes 3 times in 5 year at a certain rate of interest. Find the time in which the same amount will be eight times at the same rate of interest?
A. $\frac {45}{2}$ B. $\frac {25}{2}$ C. $\frac {35}{2}$ D. $\frac {15}{2}$

C
T = 5, SI = 3P - P = 2P
2P = $\frac {P \times R \times 5}{100}$
R = 40%
For another time
SI = 8P-P =7P
7P = $\frac {P \times 40 \times T}{100}$
T = $\frac {35}{2}$

### Q5

A certain sum of money amounts to rupees 2900 at 4% per annum in 4 years. In how many years will it amount to rupees 5000 at the same rate?
A. 20 B. 22 C. 24 D. 25

D
$2900 = p + p \times (\frac {4}{100}) \times 4, p = 2500$
$5000 = 2500 + 2500 \times (\frac {4}{100}) \times t$ = 25

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