Aptitude Questions: Simple Interest Set – 11

Hello Aspirants. Welcome to Online Quants Quiz in AffairsCloud.com. Here we are creating question sample in Simple Interest, which is common for all the IBPS, RRB exam and other competitive exams. We have included Some questions that are repeatedly asked in exams !!

1. Bharat borrowed Rs.180,000 on a condition that he had to pay 7.5% interest every year. He also agreed to pay the principal in equal annual instalments over 21 years. After a certain number of years, however, the rate of interest has been reduced to 7%. It is also known that at the end of the agreed period, he will have paid in all Rs.2,70,900 in interest. For how many years does he pay at the reduced interest rate?
   A. 10 years
   B. 12 years
   C. 13 years
   D. 14 years
   E. None of the Above
   
   Answer & Explanation

   D. 14 years
   Explanation:
   x = interest paid at 7.5%
   (21-x) years interest paid at 7%
   ((180000*x*7.5)/100) + ((180000*7*(21-x))/100) = 270900
   x = 7
   21 – 7 = 14 years he paid at the reduced interest rate.
   
   
2. Ankita borrows Rs.7000 at simple Interest from a lender. At the end of 3 years, she again borrows Rs.3000 and settled that amount after paying Rs.4615 as interest after 8 years from the time she made the first borrowing. what is the rate of interest?
   A. 5.5%
   B. 9.5%
   C. 7.5%
   D. 6.5%
   E. None of the Above
   
   Answer & Explanation

   D. 6.5%
   Explanation:
   SI for Rs.7000 for 8 years= (7000*r*8)/100
   Again borrowed=3000
   SI = (3000*r*5)/100
   Total interest= [(7000*r*8)/100] + [(3000*r*5)/100] = 4615
   560r + 150r = 4615
   710r = 4615
   r = 6.5%
   
   
3. Hari borrowed some money for one year at 6% per annum simple interest and after 18 months , he again borrowed the same money at a Simple Interest of 24% per annum. In both the cases, he paid Rs.4704. Which of the following could be the amount that was borrowed by Hari in each case if interest is paid half yearly?
   A. 4000
   B. 3000
   C. 4400
   D. 4200
   E. None of the Above
   
   Answer & Explanation

   D. 4200
   Explanation:
   12% for 6 months
   x = Borrowed money
   Take x =100%
   112% of x = 4704
   x = 4200
   
   
4. Ravi lent out a part of Rs. 38800 is lent out at 6% per six months. The rest of the amount is lent out at 5% per annum after one year. The ratio of interest after 3 years from the time when first amount was lent is 5:4. Find the second part that was lent out at 5%.
   A. 28500
   B. 30080
   C. 20500
   D. 28800
   E. None of the Above
   
   Answer & Explanation

   D. 28800
   Explanation:
   First Part = x
   [x * (0.06)*6] / (388800 – x)*0.05*2 = 5/4
   1.44x = 19400 – 0.5x
   x = 10000
   Second Part = 38800 – 10000 = 28800
   
   
5. Harshita lent out some money at 6% Simple Interest per annum. After one year, Rs.6800 is repaid and the rest of the amount is repaid at 5% per annum. If the second year’s interest is 11/20 of the first year’s interest, find what amount of money was lent out.
   A. 18500
   B. 10080
   C. 17000
   D. 18000
   E. None of the Above
   
   Answer & Explanation

   C. 17000
   Explanation:
   P – amount lent by Harshita
   I=.06*P —(i)
   The interest for second year as X=(P+I-6800).05 —(ii)
   x=(11/20)I —(iii)
   Put (i) in (ii) and (iii)
   P = 17,000
   
   
6. Vikram borrows a sum of Rs.1500 at the beginning of a year. After four months Rs.2100 more is borrowed at a rate of interest double the previous one. At the end of one year, the sum of interest on both the loans is Rs.416. What is the first rate of interest per annum?
   A. 5.5%
   B. 4.5%
   C. 6.7%
   D. 7.3%
   E. None of the Above
   
   Answer & Explanation

   D. 7.3%
   Explanation:
   P = 1500
   Rate of Interest = x
   SI = 1500x/100 = 15x
   P = 2100
   Rate of Interest = 2x
   SI = 4200x/100 = 42x
   57x = 416
   x = 7.3%
   
   
7. Rahul invested a sum of money at Simple Interest at a certain rate of interest for three years. Had it been invested at a 4% higher rate, it would have fetched Rs.480 more. Find out the Principal amount that was invested by Rahul?
   A. 3000
   B. 4000
   C. 5000
   D. 4500
   E. None of the Above
   
   Answer & Explanation

   B. 4000
   Explanation:
   x – Principal
   Extra amount = 4% for 3 years = 12% of x = 480
   x = (480/12)*100 = 4000
   
   
8. Rakesh fixes the rate of interest 6% per annum for first 3 years and for the next 4 years, 7 percent per annum and for the period beyond 7 years, 7.5 percent per annum. If Mr. Rakesh lent out Rs.1500 for 11 years, find the total interest earned by him?
   A. Rs.1100
   B. Rs.1200
   C. Rs.1140
   D. Rs.1350
   E. None of the Above
   
   Answer & Explanation

   C. Rs.1140
   Explanation:
   6% for 3 years = 18%
   7% for 4 years = 28%
   7.5% for 4 years = 30%
   76% of 1500 = 1140
   
   
9. An equal amount of sum is invested in two schemes for four years each, both offering simple interest. When invested in scheme A at 8% per annum the sum amounts to Rs.5280. In scheme B, invested at 12% per annum it amounts to Rs.5920. What is the total sum invested?
   A. 5000
   B. 9000
   C. 7000
   D. 8000
   E. None of the Above
   
   Answer & Explanation

   D. 8000
   Explanation:
   Sum = x
   x + [(x*4*8)/100] = 5280
   33x = (5280*25) = 4000
   Total sum = 2 * 4000 = 8000
   
   
10. Simple Interest on a certain sum at a certain annual rate of interest is 16% of the sum. If the numbers representing rate per cent and time in years be equal, then the rate of interest is?
    A. 2%
    B. 4%
    C. 6%
    D. 8%
    E. None of the Above
    
    Answer & Explanation

    B. 4%
    Explanation:
    SI = 16% of P
    R = T = x
    SI = [P*N*R]/100
    4P/25 = [P*x^2]/100
    x = 4%