# Simple Interest Quiz 7

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# Simple Interest Quiz 7

### 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 7 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 7 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 sum of money becomes four times at simple interest rate of 5%. At what rate it becomes seven times
A. 8% B. 10% C. 12% D. 14%

B
3p = $p \times (\frac {5}{100}) \times t$, t = 60
6p = $p \times (\frac {r}{100}) \times 60$
= 10%

### Q2

Arya borrows rupees 6000 from a bank at SI. After 4 years she paid Rs 2500 to the bank and at the end of 5 years from the date of borrowing he paid Rs 4560 to settle the account. Find the rate of interest
A. 3.25% B. 3.50% C. 3.85% D. 4%

C
Total interest she paid = $6000 \times (\frac {r}{100}) \times 4 + 3500 \times (\frac{r}{100}) \times 1$ = 275r
Total interest = 2500 + 4560 – 6000 = 1060
So 1060 = 275r, r = 3.85% approx

### Q3

The simple interest on a certain sum of money at 4% per annum for 5 years is 100 more than the interest on the same sum for 3 years at 5% per annum. Find the sum
A. 1000 B. 1500 C. 2000 D. 2500

C
$p \times (\frac {4}{100}) \times 5 - p \times (\frac{5}{100}) \times 3 = 100$
= 2000

### Q4

A sum of rupees 4800 is lent out in two parts in such a way that the interest on one part at 10% for 4 years is equal to that on another part at 8% for 7 years. Find the two sums
A. 2800, 2000 B. 2400, 2400 C. 2600, 2200 D. 2700, 2100

A
Let first part is A then second will be 4800 – A
$A \times (\frac {10}{100}) \times 4 = (4800 - A) \times (\frac{8}{100}) \times 7$

### Q5

The simple interest on a sum of money will be rupees 400 after 5 years. In the next 5 years the principal is doubled, what will be the total interest at the end of the 10th year
A. 800 B. 1000 C. 1200 D. 1600

C
$400 = p \times (\frac {r}{100}) \times 5, pr = 8000$
$SI = 2p \times (\frac {r}{100}) \times 5 = \frac {pr}{10} = \frac {8000}{10} = 800$
Total interest = 400 + 800 = 1200