Quant Questions – Simple Interest & Compound Interest Set-2

Dear Readers, Important Practice Aptitude Questions with solution for Upcoming SBI Clerk Exam, candidates those who are preparing for those exams can use this practice questions.
1).Rs. 58,750 amounts to Rs. 79,900 in four years at simple interest. What is the rate of interest paid?
a)  14
b)  13
c)  12
d)  16
e)  9
 
2).How much will a sum of Rs.12,0007 deposited at a rate of 9% per annum (simple interest) for 13 years amount to ?
a)  Rs. 14,040
b)  Rs.20,650
c)  Rs.13,404
d)  Rs.27,800
e)  Rs.26,040
 
3).The simple interest accrued in 2 years on a principal of Rs.24000 is one-eighth of the principal. What is the rate of simple interest p.c.p.a?
a)  5
b)  4.5
c)  6.25
d)  7.25
e)  None of these
 
4).Mr.Phanse invests an amount of Rs.24,200 at the rate of 4 p.c.p.a for 6 years to obtain a simple interest. Later he invests the principal amount as well as the amount obtained as simple interest for another 4 years at the same rate of interest. What amount of simple interest will he obtain as the end of the last 4 years?
a)  Rs. 4,800
b)  Rs. 4,850.32
c)  Rs. 4,801.28
d)  Rs. 4,700
e)  None of these
 
5).In how many years will Rs. 4400 amount to Rs. 5984 at 4 p.c.p.a simple interest?
a)  9
b)  6
c)  8
d)  7
e)  None of these
 
6).What would be the compound interest obtained on an amount of Rs. 7,790 at the rate of 10 p.c.p.a. after two years?
a)  Rs.1532.60
b)  Rs.1495.90
c)  Rs.1653.50
d)  Rs.1635.90
e)  None of these
 
7).What is the difference between the simple and compound interest earned from a sum of Rs.13,033 at a rate of 13 percent per annum for a period of 3 years (rounded off to 2 digits after decimal)?
a)  Rs.5,082.87
b)  Rs.689.41
c)  Rs.5,772.28
d)  Rs.680.94
e)  None of these
 
8).How much will a sum of Rs.7,250 amount to in a span of 2 years, at 6 p.c.p.a rate of compound interest (Rounded off to the nearest integer)?
a)  Rs.8,176
b)  Rs.8,146
c)  Rs.8,216
d)  Rs.8,170
e)  Rs.8,190
 
9).A sum of Rs.3200 becomes Rs.3456 in two years at a certain rate of simple interest. What is the rate of interest per annum?
a)  5.5%
b)  6%
c)  4%
d)  4.5%
e)  None of these
 
10).A sum of Rs.2200 is invested at two different rates of interest. The difference between the interests got after 4 years is Rs.202.40. What is the difference between the rates of interest?
a)  3.3%
b)  2.3%
c)  3.5%
d)  2.5%
e)  None of these
 
Answers:                    
1).e) 2).e) 3).c) 4).c) 5).a) 6).d) 7).e) 8).b) 9).c) 10).b)
Solutions:
 
1).S.I = 79900 – 58750 = Rs.21150
We know S.I = (P×R×T)/100
Rate = [(S.I × 100)] / [(Principal × Time)]
= (21150 × 100) / (58750 × 4)= 9% per annum
Answer: e)
 
2).S.I = (12000 × 9 × 13)/ 100
= Rs. 14040
:. Amount = 12000 ÷ 14040 = Rs. 26040
Answer: e)
 
3).S.I = (1/8) × principle
= (1/8) × 24000
= Rs. 3000
:. Rate= (S.I × 100) / (Principal × Time)
= (3000 × 100) / (24000×2)
= 6.25% per annum
Answer: c)
 
4).CASE: I
S.I = (P×R×T)/100
= Rs. [(24200×4×6)/100]
=Rs. 5808
:. Amount = Principal + SI
= Rs. (24200 + 5808) = Rs. 30008
CASE: II
S.I= Rs. [(30008×4×4)/100]
= Rs. 4801.28
Answer: c)
 
5).S.I = 5984 – 4400 = 1584
Time= (S.I × 100)/ (Principal × Rate)
= (1584 × 100) / (4400 × 4)
= Rs. 9
Answer: a)
 
6).C.I = P [1 + (R/100)]T – P
à C.I = P {[1 + (R/100)]T – 1}
à C.I = 7790 [1 + (10/100)]2– 1
= 7790 [(121/100)-1]
= (7790 × 21)/100
= Rs. 1635.9
Answer: d)
 
7).S.I = (13033 × 13 × 3)/100
= Rs. 508.17
C.I = 13033 [1 + (13/100)]3 – 1
= 13033 × 0.44 = Rs. 5772.28
Difference = 5772.28 – 508.17
= Rs. 5264.11
Answer: e)
 
8).A= P [1 + (R/100)]T
= 7250 [1 + (6/100)]2
= 7250 × (1.06)2
= Approx.  Rs.8146
Answer: b)
 
9).Interest = 3456 – 3200 = Rs. 256
:. Rate = (S.I × 100) / (Principal × Time)
= (256 × 100) / (3200×2)
= 4% per annum
Answer: c)
 
10).If the rates of interest be r1 and r2% per annum, then
[2200 × 4(r1– r2)] / 100 = 202.40
à r1– r2= (202.40 × 100) / (2200 × 4)
=2.3% per annum
Answer: b)
 
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