Aptitude Questions: Simple Interest Set 7

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1. A certain sum of money at certain rate of interest becomes Rs 3420 after 2 years and at same rate after two and a half years becomes Rs 3525. Find the rate percent per annum.
   A) 8.5%
   B) 8%
   C) 7%
   D) 10%
   E) 11%
   
   Answer & Explanation

   C) 7%
   Explanation:
   Amount after 2.5 yrs = 3525, after 2 yrs = 3420
   So SI for half yr = 3525-3420 = 105, so for 1 yr SI = 105*2 = 210
   P + 2*SI = 3420
   So P = 3420 – 2*210 = 3000
   So 3000*r*2/100 = 420
   
   
   
2. Rs 1200 becomes Rs 1632 after 4 years. If the rate of interest is increased by 2%, what will be the amount then?
   A) Rs 1,890
   B) Rs 1,844
   C) Rs 1,756
   D) Rs 1,728
   E) None of these
   
   Answer & Explanation

   D) Rs 1,728
   Explanation:
   Increase in interest in 4 yrs with rate 2%= 1200*4*2/100 = 96
   So amount = 1632+96 = 1728
   
   
3. Rs 240 amounts to Rs 259.2 in 2 years, what will Rs 320 amount to in 4 yrs?
   A) Rs 454.5
   B) Rs 365.2
   C) Rs 485.2
   D) Rs 435.4
   E) Rs 371.2
   
   Answer & Explanation

   E) Rs 371.2
   Explanation:
   Interest on Rs 240 in 2 yrs = 259.2 – 240 = 19.2
   So interest on Rs 320 = 19.2*(320/240)*(4/2) = 51.2
   So amount = 320+51.2
   
   
4. Arun divides Rs 4702 among A, B, and C, so that if the amounts being invested at 4% simple interest, the amounts received after 2, 3 and 4 yrs by A, B, and C respectively is equal. Find the share of B?
   A) Rs 1,458
   B) Rs 1,556
   C) Rs 2,358
   D) Rs 1,237
   E) None of these
   
   Answer & Explanation

   B) Rs 1,556
   Explanation:
   4702 will be divided in ratio –
   1/[100+rt1] : 1/[100+rt2] : 1/[100+rt3]
   1/[100+4*2] : 1/[100+4*3] : 1/[100+4*4]
   1/108 : 1/112 : 1/116
   = 812 : 783 : 756
   So B gets 783/(812+783+756) * 4702 = 1566
   
   
5. Rs 6200 is lent in two parts , one part at 6% for 5 years and second part at 8% for 4 years. After 5 years and 4 years respectively, the interests received from both parts is same. Find the amount lend at 6%.
   A) Rs 3,100
   B) Rs 3,200
   C) Rs 3,550
   D) Rs 3,250
   E) Rs 3,000
   
   Answer & Explanation

   B) Rs 3,200
   Explanation:
   Parts will be divided in ratio –
   1/r1t1 : 1/r2t2
   1/6*5 : 1/8*4
   32 : 30 = 16 : 15
   At 6% = 16/(16+15) * 6200
   
   
   
6. What annual payment will discharge a debt of Rs 15,750 due in 3 years with rate if interest being 5% per annum?
   A) Rs 5,000
   B) Rs 6,000
   C) Rs 4,580
   D) Rs 5,020
   E) None of these
   
   Answer & Explanation

   A) Rs 5,000
   Explanation:
   I = 100*A / [100*t + rt(t-1)/2]
   I = 100*15750 / [100*3 + 5*3(3-1)/2] = 100*15750/315
   
   
7. Rs 15,000 is to be invested in 2 schemes, one part is invested in scheme A which offers 9.5% rate of interest and remaining part is invested in scheme B which offers 5% rate on interest. After 3 years, a total of Rs 3600 is received as simple interest. What is the part invested in scheme A?
   A) Rs 10,000
   B) Rs 9,000
   C) Rs 11,500
   D) Rs 10,500
   E) None of these
   
   Answer & Explanation

   A) Rs 10,000
   Explanation:
   Rate for 3 yrs on total 15,000:
   15000*r*3/100 = 3600
   r = 8%
   By method of allegation:
   9.5                   5
   .            8
   3                       1.5
   2 : 1
   So in scheme A, 2/(2+1) * 15000 is invested
   
   
8. A sum of money invested for 13 years yields Rs 2500 as simple interest. The interest rate being charged at 4% for first 3 years, 5% for next 4 years and 8% beyond 7 years. What is the principal invested?
   A) Rs 3,525
   B) Rs 3,475
   C) Rs 3,125
   D) Rs 2,125
   E) None of these
   
   Answer & Explanation

   C) Rs 3,125
   Explanation:
   Beyond 7 years is after 7 years for remaining (13-7) = 6 years
   P = 2500*100/[r1t1+r2t2+r3t3]
   P = 2500*100/[4*3 + 5*4 + 8*6]
   
   
9. A certain sum of money invested at 4% for 9 years yields Rs 1980 as simple interest. At what rate of interest the same amount can be received on the same sum after 6 years?
   A) 8.5%
   B) 7%
   C) 6.5%
   D) 6%
   E) 8%
   
   Answer & Explanation

   D) 6%
   Explanation:
   P*4*9/100 = 1980
   P = 5500
   So 5500*r*6/100 = 1980
   
   
10. A borrowed Rs 2500 and some money from B and C respectively at 7% rate. After 4 years A pays a total of Rs 1120 as simple interest to B and C. What is the sum borrowed from C?
    A) Rs 1475
    B) Rs 1500
    C) Rs 1875
    D) Rs 1935
    E) Rs 1600
    
    Answer & Explanation

    B) Rs 1500
    Explanation:
    2500*7*4/100 + x*7*4/100 = 1120