Aptitude Questions: Simple Interest Set – 12

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. Vikram invests some money in three different schemes for 4 years, 8 years and 12 years at 10%, 15% and 20% Simple Interest respectively. At the completion of each scheme, he gets the same interest. The ratio of his investments is
   A. 6 : 2 : 1
   B. 5 : 2 : 1
   C. 5 : 2 : 3
   D. 5 : 2 : 7
   E. None of the Above
   
   Answer & Explanation

   A. 6 : 2 : 1
   Explanation:
   Principal = x1, x2 and x3
   x1 * 4 * 10 = x2 * 8 * 15 = x3 * 12 * 20
   x1 = 3×2 = 6×3
   x1 : x2 = 3 : 1 ; x2 : x3 = 2 : 1
   x1 : x2 : x3 = 6 : 2 : 1
   
   
2. 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
   E. None of the Above
   
   Answer & Explanation

   D. Rs.8900
   Explanation:
   Difference in Rate of Interest = 9% – 6% = 3%
   Capital = x
   3% of x = 267
   x = 8900
   
   
3. Out of Rs. 50,000 that a man has, he lends Rs. 8,000 at 11/2 % per annum simple interest and Rs. 24,000 at 6% per annum simple interest. He lends the remaining money at a certain rate of interest so that he gets total annual interest of Rs. 3,680. The rate of interest per annum, at which the remaining money is lent, is ?
   A. 5%
   B. 7%
   C. 10%
   D. 12%
   E. None of the Above
   
   Answer & Explanation

   C. 10%
   Explanation:
   Total Amount = 50000
   Amount divided into three parts – x, y, z
   x = 8000, T = 1 yr
   SI(x) = (8000 * 11/2)/100 = 440
   y = 24000 R = 6%
   SI(y) = (24000 * 6)/100 = 1440
   Total Interest = 3680, Interest on the remaining amount = 3680 – 440 – 1440 = 1800
   z = 50000 – 24000 – 8000 = 18000
   R = (1800 * 100) /18000 = 10%
   
   
4. Vikram lends Rs 30,000 of two of his friends. He gives Rs 15,000 to the first at 6% p.a. simple interest. He wants to make a profit of 10% on the whole. The simple interest rate at which he should lend the remaining sum of money to the second friend is
   A. 8%
   B. 16%
   C. 12%
   D. 14%
   E. None of the Above
   
   Answer & Explanation

   D. 14%
   Explanation:
   S.I. on Rs 15000
   =(15000×6×1)/100 = Rs. 900
   Profit to made on Rs 30000
   = 30000×10/100=Rs 3000
   S.I.on Rs.15000 = 3000-900 = Rs.2100
   Rate=(S.I.* 100)/(P * T)=(2100×100)/15000
   =14% per annum
   
   
5. Suresh lends 40% of his money at 15% per annum, 50% of the rest at 10% per annum and the rest at 18% per annum rate of interest. What would be the annual rate of interest, if the interest is calculated on the whole sum?
   A. 18.5%
   B. 14.4%
   C. 16.5%
   D. 19.5%
   E. None of the Above
   
   Answer & Explanation

   B. 14.4%
   Explanation:
   x – (40/100)*x = 60x/100
   40/100 at 15% p.a = 40/100 * 15/100 = 60x/1000
   50/100*60x/100 = 30x/100 at 10% p.a = 30x/100 * 10/100 = 30x/1000
   Balance amount = x – 40x/100 – 30x/100 = 30x/100 at 18% p.a = 18/100 * 30x/100 = 54x/1000
   R = [(144x/1000)/x] * 100 = 14.4%
   
   
6. Ajay borrows Rs 1000 at the rate of 12% per annum simple interest and Babu borrows Rs 1050 at the rate of 10% per annum simple interest. In how many years will their amounts of debts be equal?
   A. 18/5
   B. 10/3
   C. 22/3
   D. 10/5
   E. None of the Above
   
   Answer & Explanation

   B. 10/3
   Explanation:
   Let Time = x years Then,
   [1000+(1000*12*x)/100] = [1050+(1050*10*x)/100]
   => 1000 + 120x = 1050 + 105x
   => 15x = 50 ⇒ x = 10/3 years
   
   
7. A sum of Rs. 8800 is to be divided among three brothers Anil, Deepak and Ramesh in such a way that simple interest on each part at 5% per annum after 1, 2 and 3 year respectively remains equal. The share of Anil is more than that of Ramesh by?
   A. Rs. 3200
   B. Rs. 2500
   C. Rs. 3000
   D. Rs. 2700
   E. None of the Above
   
   Answer & Explanation

   A. Rs. 3200
   Explanation:
   x*5*1/100 = y*5*2/100 = z*5*3/100
   x:y:z = 6:3:2
   The share of Anil is more than that of Ramesh by = 4/11 * 8800 = 3200
   
   
8. Mayank invested a certain sum of money in a simple interest bond, that value grew to Rs. 300 at the end of 3 year and to Rs. 400 at the end of another 5 year. Then what was the rate of interest in which he invested his sum?
   A. 12%
   B. 12.5%
   C. 6.67%
   D. 8.33%
   E. None of the Above
   
   Answer & Explanation

   D. 8.33%
   Explanation:
   P*R*3/100 + P = 300 –(i)
   P*R*8/100 + P = 400 –(ii)
   From (i) and (ii)
   P*R*5/100 = 100
   P*R = 2000—(iii)
   Sub (iii) in (i)
   6000/100 + P = 300
   P = 240
   240*R = 2000 => R = 8.33%
   
   
9. Vivek took a loan from the bank at 8% per annum, and was supposed to pay a sum of Rs.2500 at the end of 4 years. If the same sum is cleared off in four equal annual instalments at the same rate, then the amount of annual instalment will be?
   A. Rs.558
   B. Rs.978
   C. Rs.766
   D. Rs.856
   E. None of the Above
   
   Answer & Explanation

   A. Rs.558
   Explanation:
   x + (x*8*1/100) = 27x/25
   x + (x*8*2/100) = 29x/25
   x + (x*8*3/100) = 31x/25
   (x + 27x/25 + 29x/25 + 31x/25) = 2500
   112x/25 = 2500 => x = 558
   
   
10. Sachin invested some amount at the rate of 12% simple interest and a certain amount at the rate of 10% simple interest. He received yearly interest of Rs.140. But if he had interchanged the amounts invested, he would have received Rs.4 more as interest. How much did he invest at 12% simple interest?
    A. Rs. 750.65
    B. Rs. 545.45
    C. Rs. 850.65
    D. Rs. 465.45
    E. None of the Above
    
    Answer & Explanation

    B. Rs. 545.45
    Explanation:
    Amount invested at 12% = Rs. x
    Amount invested at 10% = Rs. y
    140 = x*12*1/100 + y*10*1/100
    12x + 10y = 14000 -(i)
    144 = x*10*1/100 + y*12*1/100
    10x + 12y = 14400 -(ii)
    x = 545.45