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Simple Interest - MCQ 2


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20 Questions MCQ Test Quantitative for GMAT | Simple Interest - MCQ 2

Simple Interest - MCQ 2 for Quant 2022 is part of Quantitative for GMAT preparation. The Simple Interest - MCQ 2 questions and answers have been prepared according to the Quant exam syllabus.The Simple Interest - MCQ 2 MCQs are made for Quant 2022 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Simple Interest - MCQ 2 below.
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Simple Interest - MCQ 2 - Question 1

Out of Rs. 60,000 that Rahul has, he lends Rs. 10,000 at 11/2 % per annum simple interest and Rs. 32,000 at 6% per annum simple interest. He lends the remaining money at a certain rate of interest so that he gets total annual interest of Rs. 4000. The rate of interest per annum, at which the remaining money is lent, is?

Detailed Solution for Simple Interest - MCQ 2 - Question 1

Answer –D.8.5% Explanation : Total Amount = 60000 Amount divided into three parts – x, y, z x = 10000, T = 1 yr SI(x) = (10000 * 11/2)/100 = 550 y = 32000 R = 6% SI(y) = (32000 * 6)/100 = 1920 Total Interest = 4000, Interest on the remaining amount = 4000 – 550 – 1920 = 1530
z = 60000 – 32000 – 10000 = 18000 R = (1530 * 100) /18000 = 8.5%

Simple Interest - MCQ 2 - Question 2

Vivek invests Rs 15000 as fixed deposit at a bank at the rate of 10% per annum SI. But due to some pressing needs he has to withdraw the entire money after 5 years, for which the bank allowed him a lower rate of interest. If he gets Rs 8250 less than what he would have got at the end of 10 years, the rate of interest allowed by the bank is

Detailed Solution for Simple Interest - MCQ 2 - Question 2

Answer –C.9% Explanation : P=15000, T1=10 years, T2=5 years, R1=10%, R2=? [(15000*10*10)/100 – (15000*R2*5)/100] = 8250
15000 – 750R2 = 8250
R2 = 9%

Simple Interest - MCQ 2 - Question 3

A father left a will of Rs.55 lakhs between his two sons aged 8.5 and 16 such that they may get equal amounts when each of them reach the age of 21 years.
The original amount of Rs.55 lakhs has been instructed to be invested at 10% p.a. SI. How much did the elder son get at the time of the will?

Detailed Solution for Simple Interest - MCQ 2 - Question 3

Answer –D.33 lakh Explanation : Let x be the amount of elder son at the time of will & Younger son’s amount at the time of will (550000 -x) For elder son, T= 21-16=5 For younger son, T=21-8.5= 12.5 Amount Should be equal so, x + [(x*10*5)/100] = (5500000-x) + [((5500000-x)*10*12.5)/100] 3x/2 = 12375000 – 2.25x x=3300000

Simple Interest - MCQ 2 - Question 4

Manish borrows 8000 at simple interest from a money lender. At the end of 3 years, he again borrows 7000 and closes his account after paying 8415 as interest after 8 years from the time he made the first borrowing. Find the rate of interest.

Detailed Solution for Simple Interest - MCQ 2 - Question 4

Answer –D.8.5% Explanation : Let x be the rate of interest 8000*3x/100 + 15000*5x/100 = 8415 240x + 750x = 8415 X = 8.5

Simple Interest - MCQ 2 - Question 5

A portion of Rs.8500 is invested at a8% per annum, while the remainder is invested at a 3% per annum. If the annual income from the portion earning a 8% per annum is thrice that of the other portion, what is the total income from the two investments after one year?

Detailed Solution for Simple Interest - MCQ 2 - Question 5

Answer –D.Rs.480 Explanation : 8x + 3y = z (Total Income) x + y = 8500 -(1) 8x= 3(3y) 8x – 9y = 0 -(2) By solving (1) and (2) we get, x = 4500 so y = 4000 (4500*8*1)/100 + (4000*3*1)/100 = 360 + 120 = 480

Simple Interest - MCQ 2 - Question 6

Raghu lends Rs 50,000 of two of his friends. He gives Rs 30,000 to the first at 6% p.a. simple interest. He wants to make a profit of 10% on the whole. The simple interest rate at which he should lend the remaining sum of money to the second friend is

Detailed Solution for Simple Interest - MCQ 2 - Question 6

Answer –B.16% Explanation : S.I. on Rs 30000 =(30000×6×1)/100 = Rs. 1800 Profit to made on Rs 50000 = 50000×10/100=Rs 5000 S.I.on Rs.20000 = 5000-1800 = Rs.3200 Rate=(S.I.* 100)/(P * T)=(3200×100)/20000 =16% per annum
Shortcut: 6……………………x ………..10…………….
3………………………2
4/(x-10)=2/3 x=16

Simple Interest - MCQ 2 - Question 7

The rate of Simple Interest in SBI & BOB are in the ratio of 5:7. Gokul wants to deposit his total savings in two banks in such a way that he receive equal halfyearly interest from both banks.He should deposit in both banks SBI & BOB in the ratio of

Detailed Solution for Simple Interest - MCQ 2 - Question 7

Answer –B.7:5 Explanation : R1 =5x; R2=7x; T1=T2=1/2 yr [P1*5x*(1/2)]/100 = [P2*7x*(1/2)]/100 P1:P2 = 7:5

Simple Interest - MCQ 2 - Question 8

Vinay borrowed some money for one year at 8% per annum simple interest and after 18 months , he again borrowed the same money at a Simple Interest of 32% per annum. In both the cases, he paid Rs.5452. Which of the following could be the amount that was borrowed by Hari in each case if interest is paid half yearly?

Detailed Solution for Simple Interest - MCQ 2 - Question 8

Answer –D.4700 Explanation : 16% for 6 months x = Borrowed money Take x =100% 116% of x = 5452 x = 4700

Simple Interest - MCQ 2 - Question 9

Ravi borrows a sum of Rs.2000 at the beginning of a year. After four months Rs.2600 more is borrowed at a rate of interest double the previous one. At the end of one year, the sum of interest on both the loans is Rs.494. What is the first rate of interest per annum?

Detailed Solution for Simple Interest - MCQ 2 - Question 9

Answer –C.9.5% Explanation : P = 2000
Rate of Interest = x SI = 2000x/100 = 20x P = 2600
Rate of Interest = 2x SI = 5200x/100 = 52x 52x = 494 x = 9.5%

Simple Interest - MCQ 2 - Question 10

A Principal amount give Rs.12750 as SI for 7 years at the rate of 10% to get the same amount of interest of 10 years, what will be the rate of interest ?

Detailed Solution for Simple Interest - MCQ 2 - Question 10

B)7%56 Explanation : SI = PNR/100 = 12750*7*10/100 = 8925 SI = 8925 R = 8925*100/12750*10 = 7

Simple Interest - MCQ 2 - Question 11

Vikram invests some money in three different schemes for 4 years, 8 years and 12 years at 10%, 15% and 20% Simple Interest respectively. At the completion of each scheme, he gets the same interest. The ratio of his investments is

Detailed Solution for Simple Interest - MCQ 2 - Question 11

A. 6 : 2 : 1
Explanation: Principal = x1, x2 and x3 x1 * 4 * 10 = x2 * 8 * 15 = x3 * 12 * 20 x1 = 3×2 = 6×3 x1 : x2 = 3 : 1 ; x2 : x3 = 2 : 1 x1 : x2 : x3 = 6 : 2 : 1

Simple Interest - MCQ 2 - Question 12

Mr. Ravi finds that due to a fall in the rate of interest from 9% to 6%, his yearly income diminishes by Rs.267. His capital is ?

Detailed Solution for Simple Interest - MCQ 2 - Question 12

D. Rs.8900 Explanation: Difference in Rate of Interest = 9% – 6% = 3% Capital = x 3% of x = 267 x = 8900

Simple Interest - MCQ 2 - Question 13

Out of Rs. 50,000 that a man has, he lends Rs. 8,000 at 11/2 % per annum simple interest and Rs. 24,000 at 6% per annum simple interest. He lends the remaining money at a certain rate of interest so that he gets total annual interest of Rs. 3,680. The rate of interest per annum, at which the remaining money is lent, is ?

Detailed Solution for Simple Interest - MCQ 2 - Question 13

C. 10%
Explanation: Total Amount = 50000 Amount divided into three parts – x, y, z x = 8000, T = 1 yr SI(x) = (8000 * 11/2)/100 = 440 y = 24000 R = 6% SI(y) = (24000 * 6)/100 = 1440 Total Interest = 3680, Interest on the remaining amount = 3680 – 440 – 1440 = 1800
z = 50000 – 24000 – 8000 = 18000 R = (1800 * 100) /18000 = 10%

Simple Interest - MCQ 2 - Question 14

Vikram lends Rs 30,000 of two of his friends. He gives Rs 15,000 to the first at 6% p.a. simple interest. He wants to make a profit of 10% on the whole. The simple interest rate at which he should lend the remaining sum of money to the second friend is

Detailed Solution for Simple Interest - MCQ 2 - Question 14

D. 14%
Explanation: S.I. on Rs 15000 =(15000×6×1)/100 = Rs. 900 Profit to made on Rs 30000 = 30000×10/100=Rs 3000 S.I.on Rs.15000 = 3000-900 = Rs.2100 Rate=(S.I.* 100)/(P * T)=(2100×100)/15000 =14% per annum

Simple Interest - MCQ 2 - Question 15

Suresh lends 40% of his money at 15% per annum, 50% of the rest at 10% per annum and the rest at 18% per annum rate of interest. What would be the annual rate of interest, if the interest is calculated on the whole sum?

Detailed Solution for Simple Interest - MCQ 2 - Question 15

B. 14.4%
Explanation: x – (40/100)*x = 60x/100 40/100 at 15% p.a = 40/100 * 15/100 = 60x/1000 50/100*60x/100 = 30x/100 at 10% p.a = 30x/100 * 10/100 = 30x/1000 Balance amount = x – 40x/100 – 30x/100 = 30x/100 at 18% p.a = 18/100 * 30x/100 = 54x/1000 R = [(144x/1000)/x] * 100 = 14.4%

Simple Interest - MCQ 2 - Question 16

Ajay borrows Rs 1000 at the rate of 12% per annum simple interest and Babu borrows Rs 1050 at the rate of 10% per annum simple interest. In how many years will their amounts of debts be equal?

Detailed Solution for Simple Interest - MCQ 2 - Question 16

B. 10/3
Explanation: Let Time = x years Then, [1000+(1000*12*x)/100] = [1050+(1050*10*x)/100] => 1000 + 120x = 1050 + 105x => 15x = 50 ⇒ x = 10/3 years

Simple Interest - MCQ 2 - Question 17

 A sum of Rs. 8800 is to be divided among three brothers Anil, Deepak and Ramesh in such a way that simple interest on each part at 5% per annum after 1, 2 and 3 year respectively remains equal. The share of Anil is more than that of Ramesh by?

Detailed Solution for Simple Interest - MCQ 2 - Question 17

A. Rs. 3200 Explanation: x*5*1/100 = y*5*2/100 = z*5*3/100 x:y:z = 6:3:2 The share of Anil is more than that of Ramesh by = 4/11 * 8800 = 3200

Simple Interest - MCQ 2 - Question 18

 Mayank invested a certain sum of money in a simple interest bond, that value grew to Rs. 300 at the end of 3 year and to Rs. 400 at the end of another 5 year.Then what was the rate of interest in which he invested his sum?

Detailed Solution for Simple Interest - MCQ 2 - Question 18

D. 8.33%
Explanation: P*R*3/100 + P = 300 –(i) P*R*8/100 + P = 400 –(ii) From (i) and (ii) P*R*5/100 = 100
P*R = 2000—(iii) Sub (iii) in (i) 6000/100 + P = 300
P = 240
240*R = 2000 => R = 8.33%

Simple Interest - MCQ 2 - Question 19

 Vivek took a loan from the bank at 8% per annum, and was supposed to pay a sum of Rs.2500 at the end of 4 years. If the same sum is cleared off in four equal annual instalments at the same rate, then the amount of annual instalment will be?

Detailed Solution for Simple Interest - MCQ 2 - Question 19

A. Rs.558 Explanation: x + (x*8*1/100) = 27x/25 x + (x*8*2/100) = 29x/25 x + (x*8*3/100) = 31x/25 (x + 27x/25 + 29x/25 + 31x/25) = 2500 112x/25 = 2500 => x = 558

Simple Interest - MCQ 2 - Question 20

Vithya gave Rs.20000/- to Priya for 5 years and Rs.30000/- to Vijay for 2 years. If the rate of interests is the same and she received Rs.12800- as SI from both. What is the rate of interest?

Detailed Solution for Simple Interest - MCQ 2 - Question 20

A)8% Explanation : 20000*5*R/100 + 30000*2*R/100 = 12800 1600R = 12800 R = 12800/1600 = 8

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