Quant Questions Simple Interest Set-1

Important Aptitude Questions for Upcoming IBPS PO-V Exam was given here with solutions, candidates those who are preparing for those exams can use this material.

 

1). If the rate of interest per annum increase from 8 1/3 % to 9 3/8 % then a person’s annual income from interest increases by Rs.100. What was the amount invested?
a)   Rs.9600
b)   Rs.8000
c)   Rs.8400
d)   Rs.10,000

2).The simple interest on a sum of money is ¼ of the Principal and the number of years is equal to the rate percent annum. What is the rate per cent annum is

a)   6%
b)   5%
c)   7 ½%
d)   5 ½%

3).A sum lent at 7% per annum will produce as much as simple interest in 2 years as Rs.1750. lent at 55 will produce in 4 years. Find the sum

a)   Rs.1600
b)   Rs.1800
c)   Rs.2500
d)   Rs.2400

4).How long will Rs.1320 take to yield Rs.198 simple interest at 2 ½% per annum.
a)   2 years
b)   3 years
c)   6 years
d)   10 years

5).The simple interest on a sum of money is (1/9) of principal and the number of years equal to the rate percent per annum. What is the rate percent per annum.
a)   2 1/3%
b)   2 2/3%
c)   3%
d)   3 1/3 %

6).Calculate the compound interest for Rs.1000 at 5% compound interest for 2 years.
a)   Rs.102.50
b)   Rs.105
c)   Rs.109
d)   Rs.109.25

7).Find the compound interest for Rs.1000 at 10% for 1 ½ years when interest is accounted at every six mouths.
a)   Rs.1150
b)   Rs.1158
c)   Rs.160
d)   Rs.167

8). A sum yields interest of Rs.3783 in 3 years at 5% per annum of compound interest. What is the sum?
a)   Rs.8000
b)   Rs.10, 800
c)   Rs.24, 000
d)   Rs.10, 000

9). A sum of Rs.16400 is borrowed to be paid back in 2 years by equal payments allowing 5% compound interest. Find the annual payment.

a)   Rs.8820
b)   Rs.7600
c)   Rs.7620
d)   Rs.8620

10). Rs.800 at 5% per annum compound interest amounts to Rs.882. What is the period?
a)   3 years
b)   2 years
c)   4 years
d)   10 years

Answers:                         
1). a) 2). b) 3). c) 4). c) 5). d) 6). a) 7). b) 8). c) 9). a)10). b)
FORMULAE

SIMPLE INTEREST:

1.    I=PNR/100
      I=Interest P=Principal N=Number of years
2.R=100 I/PN
3.N=100 I/PR
4.P=100 I/NR

5.Total Amount (A)=Principal+Interest

Check here the Solution for above Aptitude Questions:
 
1). Rate of Interest increase from 8 1/3 to 9 3/8
Proportionately the interest increases by Rs.100
(9 3/8 – 8 1/3)% = Rs.100; 
(75/8 – 25/3)% = Rs.100
25/24%=Rs.100
∴100% = [ 100×24 /25 ]×100 =Rs.9600
The amount invested was Rs.9600
Answer: a)
2). Let the principal be Rs.100
No of years =Rate percent =r(given) 
∴I = 100/4
100/4 = (100×r×r) /100 = r2
r2 =25; 
r=5%
Answer: b)
3). I. Principal =Rs.1750
R=5%, N=4 years
∴Simple interest= (1750×4×5) /100 = Rs.350
II. Simple interest =Rs.350
N=2 years, R=7%
=Rs.2500/-
Answer: c)
4). I = PNR/100
198 = (1320×N×5) / (2×100) 
198 = 33N
N = 198/33 = 6 YEARS
Answer: c)
5). Let the principal be 100. 
No. of years = Rate per cent = r
∴ I = 100/9
∴100/9 = (100×r×r) / 100 = r2
∴r2=100/9, 
r =10/3 
r=3 1/3%
Answer: d)
6). Amount =1000(1+ 5/100)2
→100(105/100)2 =1000 × 21/20 × 21/20
→ (5×21×21) /2 = Rs.1102.50
∴Compound interest =Rs.1102.50 -1000 =Rs.102.50
Answer: a)
7). P=Rs.1000; r=10% for 6 months = 5% time =1 ½ years
=3 times of 6 months
(∴interest is calculated at every 6 months) 
∴A=1000(1+ 5/100)2
=1000 × (105/100)2
=1000 × (21/20)2
→1000 × 1.157 =1158
Answer: b)
8). Let 100 be the principal R=5%, n=3 years, ∴Amount =100(1+ r/100)3 =100 × (1+ 5/100)3
→100(1+ r/100)3 =100 × 21/20 × 21/20 × 21/20 = 9261/80v ∴Compound interest = Rs.9261/80 – 100 = Rs.1261/80
If the interest is Rs.1261/80, the sum is Rs.100
If the interest is Rs.3783, the sum is = [(100×80) /1261] × 3783
→ Rs.100×80×3 =Rs.24000
Answer: c)
9). Let x be the instalment amount Interest = 5% i.e 1+ r/100 = 1+ 5/100 = 21/20
Present value of Rs.x due 1 year =x/21/20
Present value of Rs.x due at the 2 years = x / (21/20)2
∴ {x / (21/20)} + { x / (21/20)2 } = 16400
20x / 21 + 400x / 441 = 16400
x(420+400)=16400×441
∴x=16400×441/820
∴x=Rs.8820
∴The annual payment =Rs.8820
Answer: a)
10). 882=800(1+5/100)n:882/800 =(21/20)n
882/800=2(441)/2(400) =(21/20)n
(21/20)n =(21/20)2
∴n=2
Answer: b)
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