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 !!
- On a certain sum, the simple interest at the end of 5(1/3) years becomes 4/9 of the sum.What is the rate percent ?
E.10%Answer – D.8.3%
R = 100*(4x/9) / (x*16/3)
R =100*4*3/9*16 = 100/12 = 8.3%
- P is going to pay Rs.700 to Q, 7 months later at 6% annual simple interest, Q is going to pay Rs.550 to P, 12 months later at 8% annual simple interest, if they decide to settle the debts, who will pay what amount to whom ?
E.None of theseAnswer – B.B,Rs.167
P+ (p*6*7/12*100) = 700
1200p+42P = 700*1200
P = 676.33
P+ (p*8*12/12*100) = 550
1200P+96P = 550*1200
Q =676-509 = 167
- A father left a will of Rs.5 lakhs between his two daughters aged 10 and 15 such that they may get equal amounts when each of them reach the age of 21 years. The original amount of Rs.5 lakhs has been instructed to be invested at 10% p.a. simple interest. How much did the elder daughter get at the time of the will?
E.Rs.2,46,870Answer – A.Rs.2,04,797
Let Rs.x be the amount that the elder daughter got at the time of the will. Therefore, the younger daughter got (5,00,000 – x).
The elder daughter’s money earns interest for (21 – 15) = 6 years @ 10% p.a simple interest
The younger daughter’s money earns interest for (21 – 10) = 11 years @ 10% p.a simple interest.
As the sum of money that each of the daughters get when they are 21 is the same,
x + (6*10*x/100)= (5,00,000 – x) +(11*10*[5,00,000-x]/100)
100x+60x = (5,00,000-x)+(55,000,000-110x)
271x = 55,500,000
X = 2,04,797
- Two equal some of money were invested at an annual rate of 10%, One sum at simple interest and other at compound interest, If the difference between the interest after 2 years was Rs.100, What were the sum invested ?
E.50,000Answer – D.10,000
Assume X =100
SI = 120
CI = 121
100 mean difference 1
200 mean difference 2
Hence 10000 mean difference 100
- A man invests Rs.8000 for 5 years at 5% p.a. Simple Interest interest reckoned yearly. Income tax at the rate of 20% on the interest earned is deducted at the end of each year. Find the amount at the end of the fifth year.
E.None of theseAnswer – C.Rs.9,600
5% is the rate of interest. 20% deducted mean rate of Interest 4%
SI = 8000*4*5/100=1600
The amount at the end of 5 years = 8000 + 1600 = 9600
- Ajay bought Rs.11,000 from a bank to buy a car at 12% simple Interest. If he paid $ 6,600 as interest while clearing the loan, find the time for which the loan was given.
E.6Answer – D.5
T = 6600/11000*0.12
T = 5
- Tarun invested an amount of Rs. 10000 at the simple interest rate of 8% per annum and another amount at the simple interest rate of 20% per annum. The total interest earned at the end of one year on the total amount invested became 12% per annum. Find the total amount invested.
E.None of theseAnswer – B.Rs.15000
SI1= 10000*8*1/100 = 800
SI2 = x*20*1/100 = x/5
800+(x/5) = (10000+x)*12*1/100
80000+20x = 1,20,000+12x
8x = 40,000
X = 5000
Total= 10000+5000 = 15000
- If simple interest on a certain sum of money for 6 years at 5% per annum is same as the simple interest on Rs. 650 for 9 years at the rate of 12% per annum then the sum of money is
E.None of theseAnswer – A.Rs.2340
X *6*5/100 = 650*12*9/100
30x/100 = 70,200/100
30x = 70200
X = 2340
- Kailash borrowed some money at the rate of 5% p.a. for the first three years, 8% p.a. for the next five years and 11% p.a. for the period beyond eight years. If the total interest paid by him at the end of eleven years is Rs. 8800, how much money did he borrow?
E.Rs.7,000Answer – D.Rs.10,000
(x*5*3/100) + (x*8*5/100)+ (x*11*3/100 ) = 8800
15x/100 +40x/100 + 33x/100 = 8800
88x = 880000
X = 10000
- If the annual rate of simple interest increases from 8% to 13%, a man’s yearly income increases by Rs. 4800. His principal (in Rs.) is:
E.None of theseAnswer – B.Rs.96,000
X*13*1/100 – x*8*1/100 = 4800
13x/100 – 8x/100 = 4800
5x/100 = 4800
5x = 480000
X = 96000