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Simple Interest Quiz 6

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Simple Interest Quiz 6

shape 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 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.

shape 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%

[latex]\frac {(1230 \times 2 \times R)}{100} – \frac {(1130 \times 2 \times R)}{100} = 10[/latex]
R = 5%

shape 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. [latex]\frac {50}{3}[/latex] B. [latex]\frac {83}{3}[/latex] C. [latex]\frac {44}{3}[/latex] D. [latex]\frac {20}{3}[/latex]

[latex]800 + \frac {(800 \times 6 \times T)}{100} = 600 + \frac {(600 \times 10 \times T)}{100}[/latex]
T = [latex]\frac {50}{3}[/latex] yr

shape 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

SI = [latex] \frac {PRT}{100}[/latex]
P = [latex]\frac {100 \times 55}{\frac {11}{3}} \times (\frac {9}{12}) [/latex]
P = [latex]\frac {100 \times 55 \times 4}{11}[/latex]
P = 2000

shape 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. [latex]\frac {45}{2}[/latex] B. [latex]\frac {25}{2}[/latex] C. [latex]\frac {35}{2}[/latex] D. [latex]\frac {15}{2}[/latex]

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

shape 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

[latex]2900 = p + p \times (\frac {4}{100}) \times 4, p = 2500[/latex]
[latex]5000 = 2500 + 2500 \times (\frac {4}{100}) \times t[/latex] = 25

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