Welcome to Online Quants Quiz in AffairsCloud.com. Here we are creating question sample in Simple Interest, which is common for all the IBPS,SBI, RBI, IPPB, LIC, SSC exams and other competitive exams. We have included Some questions that are repeatedly asked in exams !!
- Out of Rs. 60,000 that Rahul has, he lends Rs. 10,000 at 11/2 % per annum simple interest and Rs. 32,000 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. 4000. The rate of interest per annum, at which the remaining money is lent, is?
Total Amount = 60000
Amount divided into three parts – x, y, z
x = 10000, T = 1 yr
SI(x) = (10000 * 11/2)/100 = 550
y = 32000 R = 6%
SI(y) = (32000 * 6)/100 = 1920
Total Interest = 4000, Interest on the remaining amount = 4000 – 550 – 1920 = 1530
z = 60000 – 32000 – 10000 = 18000
R = (1530 * 100) /18000 = 8.5%
- Vivek invests Rs 15000 as fixed deposit at a bank at the rate of 10% per annum SI. But due to some pressing needs he has to withdraw the entire money after 5 years, for which the bank allowed him a lower rate of interest. If he gets Rs 8250 less than what he would have got at the end of 10 years, the rate of interest allowed by the bank is
P=15000, T1=10 years, T2=5 years, R1=10%, R2=?
[(15000*10*10)/100 – (15000*R2*5)/100] = 8250
15000 – 750R2 = 8250
R2 = 9%
- A father left a will of Rs.55 lakhs between his two sons aged 8.5 and 16 such that they may get equal amounts when each of them reach the age of 21 years. The original amount of Rs.55 lakhs has been instructed to be invested at 10% p.a. SI. How much did the elder son get at the time of the will?
E.36 lakhAnswer –D.33 lakh
Let x be the amount of elder son at the time of will & Younger son’s amount at the time of will (550000 -x)
For elder son, T= 21-16=5
For younger son, T=21-8.5= 12.5
Amount Should be equal so,
x + [(x*10*5)/100] = (5500000-x) + [((5500000-x)*10*12.5)/100]
3x/2 = 12375000 – 2.25x
- Manish borrows 8000 at simple interest from a money lender. At the end of 3 years, he again borrows 7000 and closes his account after paying 8415 as interest after 8 years from the time he made the first borrowing. Find the rate of interest.
Let x be the rate of interest
8000*3x/100 + 15000*5x/100 = 8415
240x + 750x = 8415
X = 8.5
- A portion of Rs.8500 is invested at a8% per annum, while the remainder is invested at a 3% per annum. If the annual income from the portion earning a 8% per annum is thrice that of the other portion, what is the total income from the two investments after one year?
8x + 3y = z (Total Income)
x + y = 8500 -(1)
8x – 9y = 0 -(2)
By solving (1) and (2) we get, x = 4500 so y = 4000
(4500*8*1)/100 + (4000*3*1)/100 = 360 + 120 = 480
- Raghu lends Rs 50,000 of two of his friends. He gives Rs 30,000 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
S.I. on Rs 30000
=(30000×6×1)/100 = Rs. 1800
Profit to made on Rs 50000
= 50000×10/100=Rs 5000
S.I.on Rs.20000 = 5000-1800 = Rs.3200
Rate=(S.I.* 100)/(P * T)=(3200×100)/20000
=16% per annum
- The rate of Simple Interest in SBI & BOB are in the ratio of 5:7. Gokul wants to deposit his total savings in two banks in such a way that he receive equal half-yearly interest from both banks.He should deposit in both banks SBI & BOB in the ratio of
R1 =5x; R2=7x; T1=T2=1/2 yr
[P1*5x*(1/2)]/100 = [P2*7x*(1/2)]/100
P1:P2 = 7:5
- Vinay borrowed some money for one year at 8% per annum simple interest and after 18 months , he again borrowed the same money at a Simple Interest of 32% per annum. In both the cases, he paid Rs.5452. Which of the following could be the amount that was borrowed by Hari in each case if interest is paid half yearly?
E.None of the AboveAnswer –D.4700
16% for 6 months
x = Borrowed money
Take x =100%
116% of x = 5452
x = 4700
- Ravi borrows a sum of Rs.2000 at the beginning of a year. After four months Rs.2600 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.494. What is the first rate of interest per annum?
E.None of the AboveAnswer –C.9.5%
P = 2000
Rate of Interest = x
SI = 2000x/100 = 20x
P = 2600
Rate of Interest = 2x
SI = 5200x/100 = 52x
52x = 494
x = 9.5%
- Kumar fixes the rate of interest 5% per annum for first 3 years and for the next 4 years 6 percent per annum and for the period beyond 7 years, 7.5 percent per annum. If Mr. Kumar lent out Rs.1800 for 11 years, find the total interest earned by him?
E.None of the AboveAnswer –B.Rs.1242
5% for 3 years = 15%
6% for 4 years = 24%
7.5% for 4 years = 30%
69% of 1800 = 1242