Test: Simple Interest & Compound Interest- 1

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This mock test of Test: Simple Interest & Compound Interest- 1 for Quant helps you for every Quant entrance exam. This contains 19 Multiple Choice Questions for Quant Test: Simple Interest & Compound Interest- 1 (mcq) to study with solutions a complete question bank. The solved questions answers in this Test: Simple Interest & Compound Interest- 1 quiz give you a good mix of easy questions and tough questions. Quant students definitely take this Test: Simple Interest & Compound Interest- 1 exercise for a better result in the exam. You can find other Test: Simple Interest & Compound Interest- 1 extra questions, long questions & short questions for Quant on EduRev as well by searching above.

QUESTION: 1

At the rate of 6% p.a. simple interest, a sum of Rs. 2500 will earn how much interest by the end of 5 years.

A.
Rs. 150
B.
Rs. 750
C.
Rs. 700
D.
Rs. 3250
E.
All of the above

Solution:

Simple interest = ( P x R x T) / 100

= (2500 x 6 x 5) / 100

Simple interest = Rs. 750

QUESTION: 2

On what sum the simple Interest for 3 years at 5% per annum amount to Rs. 150.

A.
Rs. 1000
B.
Rs. 1500
C.
Rs. 1050
D.
None
E.
All of the above

Solution:

QUESTION: 3

In what time will Rs. 72 become Rs. 81 at 25/4% per annum simple interest?

A.
2 years
B.
3 years
C.
2 years 6 months
D.
Can’t determine
E.
None of these

Solution:

Interest = Rs. (81-72) = Rs. 9
Let the time be t years.
9 = (72×25×t)/(4×100)
t = (9×400)/(72×25)=2 years

QUESTION: 4

At what rate percent per annum will a sum of money double itself in 15 years.

A.
B.
C.
D.
None
E.
All of the above

Solution:

QUESTION: 5

In what time Rs. 2600 amount to Rs. 3055 at the rate of 3 ½ % per annum.

A.
2½ years
B.
5 years
C.
3 years
D.
None
E.
All of the above

Solution:

The correct option is B.
Principal amount=2600
Rate=3 1/2%pa=7/2
Time = T
SI=3055-2600=455
SI=PRT/100
455=2600×7×T/100×2,
T=5yrs.

QUESTION: 6

Find the sum of money when increases 1/10 of itself every year amount to Rs. 600 in 5 years.

A.
Rs. 380
B.
Rs. 280
C.
Rs. 480
D.
None
E.
All of the above

Solution:

QUESTION: 7

A sum of money amounts to Rs. 1100 in 2 years and Rs. 1400 in 6 years at simple Interest. Find the rate percent.

A.
B.
C.
D.
None
E.
All of the above

Solution:

QUESTION: 8

In what time Rs. 540 at 5 percent per annum will produce the same Interest as Rs. 1800 in 5 years at 6 percent per annum.

A.
10 years
B.
30 years
C.
25 years
D.
None
E.
All of the above

Solution:

QUESTION: 9

The simple Interest on a certain sum of money at the rate of 4% p.a. for 5 years is Rs. 1680. At what rate of interest the same amount of interest can be received on the same sum after 4 years ?

A.
5%
B.
6%
C.
7%
D.
8%

Solution:

5%
S.I. = 1680, R = 4% T = 5 years
Principal = (100 *1680)/ (5*4) = 8400
So P = 8400
Rate = (100 *1680)/ (8400 * 4) = 5%

QUESTION: 10

A lent 180 to B for 10 years and 200 to C for 2 years at Simple interest, the rate of interest being same in both the cases. He received Rs. 220 as total interest. Find the rate%.

A.
5%
B.
10%
C.
8%
D.
None
E.
All of the above

Solution:

QUESTION: 11

A man had Rs. 3000 a part of which he lent at 4% andrest a 5%. The whole annual interest received was Rs. 130. The money he lent at 4% was ……?

A.
Rs. 2000
B.
Rs. 1000
C.
Rs. 800
D.
None
E.
All of the above

Solution:

QUESTION: 12

A man had Rs. 5800 a part of which he lent at 4% and rest at 6%. The whole annual interest received was Rs. 292. The money lent at 4% was ……?

A.
Rs. 3000
B.
Rs. 2600
C.
Rs. 2700
D.
None
E.
All of the above

Solution:

The correct option is D as Let the part lent at 4% be x then , rest will be (5800-x) .
(x*4*1)/100 + { (5800-x)*6*1 } / 100 = 292
4x/100 + { 34800 - 6x }/100 = 292
4x + 34800 - 6x = 29200
2x = 5600
x = 2800 so , d is correct option.

QUESTION: 13

A man buys a land and gives for it 20 times the annual rent. Find the rate of Interest he gets for his money.

A.
10%
B.
3%
C.
4%
D.
None.
E.
All of the above

Solution:

Let annual rent is 1 Rs. so buys the land at 20 Rs. So by investing Rs.20 he is getting Rs.1 as interest. so on Rs.100 he gets Rs.5. So rate%=5%. Hence option D is the answer.

QUESTION: 14

At what rate percent per annum simple Interestwill a sum of money be 1.1 times in 2 years?

A.
2%
B.
3%
C.
4%
D.
None
E.
All of the above

Solution:

The correct answer is D as the rate would be 5 % which is not in given options . so the D would be the correct option.

QUESTION: 15

Find the Compound Interest on Rs. 12500 at 8% per annum for 9 months compounded quarterly.

A.
Rs.1020
B.
Rs. 1428
C.
Rs. 510
D.
None
E.
All of the above

Solution:

The correct is D as
n=9 months
=3 quaterly
A=125000×(1+2/100)3^=125000×(1+2/100)^3
=125000×51/50×51/50×51/50=125000×51/50×51/50×51/50
=Rs.132651
CI=A−P
=132651−125000
=Rs.765.1

QUESTION: 16

Find the rate of Simple Interest when a sum of money treble itself in 25 years.

A.
4%
B.
10%
C.
8%
D.
None
E.
All of the above

Solution:

QUESTION: 17

Adam borrowed some money at the rate of 6% p.a. for the first two years, at the rate of 9% p.a. for the next three years and at the rate of 14% p.a.for the period beyond five years.1£ he pays a total interest of Rs. 11, 400 at the end of nine years how much money did he borrow?

A.
11,000
B.
12,000
C.
13,000
D.
14,000
E.
All of the above

Solution:

Let the sum borrowed be x.

Then,(x*2*6)/100 + (x*9*3)/100 + (x*14*4)/100 = 11400

⇒ (3x/25 + 27x/100 + 14x / 25) = 11400

⇒ 95x/100 = 11400

⇒ x = (11400*100)/95 = 12000.

Hence , sum borrowed = Rs.12,000.

QUESTION: 18

The Simple Interest on a certain sum of money for two years is Rs. 40 and the CI on same sum at same rate for same time is Rs. 40.50. Find the sum.

A.
Rs. 1600
B.
Rs. 800
C.
Rs. 600
D.
None
E.
All of the above

Solution:

QUESTION: 19

Invested a sum of money at CI. It amounted to Rs. 2420 in 2 years and 2662 in 3 years. The rate percent is …….

A.
10%
B.
12%
C.
14%
D.
None
E.
All of the above

Solution: Diff.in amount=
=2662-2420=242
:-242 is the interest on on2420 in one year( it is same for SI or CI because both are same for one year)
hence rate of interest= 242×100/2420=10%