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%
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