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Quantitative Aptitude :: Simple Interest

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The present worth of Rs. 1404 due in two equal half-yearly installments at 8% per annum simple interest is:


ARs. 1325

BRs. 1300

CRs. 1350

DRs. 1500

ENone of these

Answer: Option A

Explanation:

Pw of rs 702 due 6 months +pw of rs 702 due 1 year

=Rs((100*702)/(100+8*0.5) + (100*702)/(100+8*1))

=Rs(675+650)

=Rs 1325


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A sum fetched a total simple interest of Rs. 4016.25 at the rate of 9 p.c.p.a. in 5 years. What is the sum?


ARs. 4462.50

BRs. 8032.50

CRs. 8900

DRs. 8925

ENone of these

Answer: Option D

Explanation:

Solution=  I =(P*R*T)/100  =>  4016.25= (P*9*5)/100



(4016.25/45)* 100 = P



P= 8925 RS

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A sum was put at simple interest at certain rate for 3 years. Had it been put at 1% higher rate it would have fetched Rs. 63 more. The sum is:


ARs. 2400

BRs. 2100

CRs. 2200

DRs. 2480

Answer: Option B

Explanation:

1 percent for 3 years= 63
1 percent for 1 year = 21
=> 100 percent = 2100

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A sum of Rs 468.75 was lent out at simple interest and at the end of 1 year and 8 months, the total amount of Rs 500 is received. find the rate of interest.


A4%

B4.50%

C6%

D8%

Answer: Option A

Explanation:

Given principle P=468.75, Rate of Intreset = R%
Total Amount received = Rs 500
=> Total Amount received = Simple Intrest + Principle.
=> 500 = [468.75*(20/12)*R]/100 + 468.75
=> 31.25=156.25*5R/100
=> R=4%

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A sum of money becomes 2.5 times itself at 12.5% simple interest p.a. The period of investment is


A10 years

B14

C12 years

D9 years

Answer: Option C

Explanation:

Let the period is 'T' and Sum= 'P'.
As given money become 2.5.
=> 2.5 * P = P + S.I
=> S.I = 1.5 * P -------------- (1)
=> S.I = (P * T * 12.5)/100 -----------(2)
By eq. (1) and (2)
=> 1.5 * P = (P * T * 12.5)/100
=> T=12 years.

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A certain money market account that had a balance of $48,000 during all of last month earned $360 in interest for the month. At what simple annual interest rate did the account earn interest last month?


A7%

B9%

C8%

D8.50%

Answer: Option B

Explanation:

Formula [R = SI*100/(P*T)]
Given P= $48000, SI=$360, T=1/12
So Rate = [360*100/(48000*(1/12))] = 9%.

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Simple interest on an amount at 4% per annum for 13 months is more than the simple interest on the same sum for 8 months at 6% per annum by rs 40.What is the principle amount ?


A16000

B12000

C4800

D22000

Answer: Option B

Explanation:

P*4*13/(100*12) - p*6*8/(100*12)= 40
=> 4p/(100*12) = 40.
=> p = 12000

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Choose the correct option.

How long will it take for a sum of money to grow from Rs.1250 to Rs.10,000, if it is invested at 12.5% p.a simple interest?


A26 Years.

B35 Years.

C76 Years.

D56 Years.

Answer: Option D

Explanation:

Simple interest is given by the formula SI = (pnr/100), where p is the principal, n is the number of
years for which it is invested, r is the rate of interest per annum
In this case, Rs. 1250 has become Rs.10,000.
Therefore, the interest earned = (10,000 - 1250) = 8750.
8750 = [(1250*n*12.5)/100]
=> n = 700 / 12.5 = 56 years.

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Choose the correct option.

Simple interest on a certain sum is 16/25 of the sum. Find the rate percent and time, if both are numerically equal.


ARate = 8% & Time = 8 years

BRate = 8% & Time = 9 years

CRate = 18% & Time = 8 years

DNone of these

Answer: Option A

Explanation:

Let sum = X. Then S.I. = 16x/25
Let rate = R% and Time = R years.
Therefore, x * R * R/100 = 16x/25 or R^2 = 1600/25, R = 40/5 = 8
So, Rate = 8% and Time = 8 years.

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Choose the correct option.

A sum at simple interest at 13 1/2% per annum amounts to RS 2502.50 after 4 years. Find the sum.


ARs. 1425

BRs. 1225

CRs. 1625

DRs. 1565

Answer: Option C

Explanation:

Lets assume sum = x.
S.I. = (x * 27/2 * 4 * 1/100) = 27x/50
Therefore, amount = (x + 27x/50) = 77x/50
=> 77x/50 = 2502.50 or x = 2502.50 * 50 / 77 = 1625
So, sum = Rs. 1625

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