Aptitude Questions – Simple Interest Set 14

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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 !!

  1. 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 ? 
    A.5.5%
    B.9.1%
    C.7.6%
    D.8.3%
    E.10%
    Answer & Explanation
    Answer – D.8.3%
    Explanation :
    R = 100*(4x/9)  / (x*16/3)
    R =100*4*3/9*16 = 100/12 = 8.3%
  2. 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 ?
    A.A, Rs.149
    B.B,Rs.167
    C.A, Rs.155
    D.B, Rs.197
    E.None of these
    Answer & Explanation
    Answer – B.B,Rs.167
    Explanation :
    For P:
    P+ (p*6*7/12*100) = 700
    1200p+42P = 700*1200
    P = 676.33
    For Q:
    P+ (p*8*12/12*100) = 550
    1200P+96P = 550*1200
    P =509.26
    Q =676-509 = 167
  3. 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?
    A.Rs.2,04,797
    B.Rs.3,05,890
    C.Rs.1,90,00
    D.Rs.4,00,700
    E.Rs.2,46,870
    Answer & Explanation
    Answer – A.Rs.2,04,797
    Explanation :
    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)
    160x =55,500,000-111x
    271x = 55,500,000
    X = 2,04,797
  4. 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 ?
    A.25,000
    B.100000
    C.20,000
    D.10,000
    E.50,000
    Answer & Explanation
    Answer – D.10,000
    Explanation :
    Assume X =100
    SI = 120
    CI = 121
    100 mean difference 1
    200 mean difference 2
    Hence   10000 mean difference 100
  5. 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.
    A.Rs.10,500
    B.Rs.10,500
    C.Rs.9,600
    D.Rs.10,000
    E.None of these
    Answer & Explanation
    Answer – C.Rs.9,600
    Explanation :
    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
  6. 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.
    A.7
    B.3
    C.4
    D.5
    E.6
    Answer & Explanation
    Answer – D.5
    Explanation :
    T = 6600/11000*0.12
    T = 5
  7. 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.
    A.Rs.12,000
    B.Rs.15000
    C.Rs.5,000
    D.Rs.10,000
    E.None of these
    Answer & Explanation
    Answer – B.Rs.15000
    Explanation :
    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
  8. 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
    A.Rs.2340
    B.Rs.3240
    C.Rs.2400
    D.Rs.3500
    E.None of these
    Answer & Explanation
    Answer – A.Rs.2340
    Explanation :
    X *6*5/100 = 650*12*9/100
    30x/100 = 70,200/100
    30x = 70200
    X = 2340
  9. 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? 
    A.Rs.7500
    B.Rs.8000
    C.Rs.9600
    D.Rs.10,000
    E.Rs.7,000
    Answer & Explanation
    Answer – D.Rs.10,000
    Explanation :
    (x*5*3/100) + (x*8*5/100)+ (x*11*3/100 ) = 8800
    15x/100 +40x/100 + 33x/100 = 8800
    88x = 880000
    X = 10000
  10. 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:   
    A.Rs.90,000
    B.Rs.96,000
    C.Rs.88,000
    D.Rs.1,00,000
    E.None of these
    Answer & Explanation
    Answer – B.Rs.96,000
    Explanation :
    X*13*1/100  – x*8*1/100 = 4800
    13x/100  –   8x/100 = 4800
    5x/100 = 4800
    5x = 480000
    X = 96000
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