Simple Interest - MCQ 5 - Banking Exams MCQ

# Simple Interest - MCQ 5 - Banking Exams MCQ

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## 20 Questions MCQ Test Quantitative Aptitude for Competitive Examinations - Simple Interest - MCQ 5

Simple Interest - MCQ 5 for Banking Exams 2024 is part of Quantitative Aptitude for Competitive Examinations preparation. The Simple Interest - MCQ 5 questions and answers have been prepared according to the Banking Exams exam syllabus.The Simple Interest - MCQ 5 MCQs are made for Banking Exams 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Simple Interest - MCQ 5 below.
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Simple Interest - MCQ 5 - Question 1

### A certain sum of money at certain rate of interest becomes Rs 3420 after 2 years and at same rate after two and a half years becomes Rs 3525. Find the rate percent per annum.

Detailed Solution for Simple Interest - MCQ 5 - Question 1

C) 7%
Explanation: Amount after 2.5 yrs = 3525, after 2 yrs = 3420 So SI for half yr = 3525-3420 = 105, so for 1 yr SI = 105*2 = 210 P + 2*SI = 3420
So P = 3420 – 2*210 = 3000 So 3000*r*2/100 = 420

Simple Interest - MCQ 5 - Question 2

### Rs 1200 becomes Rs 1632 after 4 years. If the rate of interest is increased by 2%, what will be the amount then?

Detailed Solution for Simple Interest - MCQ 5 - Question 2

D) Rs 1,728 Explanation: Increase in interest in 4 yrs with rate 2%= 1200*4*2/100 = 96 So amount = 1632+96 = 1728

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Simple Interest - MCQ 5 - Question 3

### Rs 240 amounts to Rs 259.2 in 2 years, what will Rs 320 amount to in 4 yrs?

Detailed Solution for Simple Interest - MCQ 5 - Question 3

E) Rs 371.2 Explanation: Interest on Rs 240 in 2 yrs = 259.2 – 240 = 19.2 So interest on Rs 320 = 19.2*(320/240)*(4/2) = 51.2 So amount = 320+51.2

Simple Interest - MCQ 5 - Question 4

Arun divides Rs 4702 among A, B, and C, so that if the amounts being invested at 4% simple interest, the amounts received after 2, 3 and 4 yrs by A, B, and C respectively is equal. Find the share of B?

Detailed Solution for Simple Interest - MCQ 5 - Question 4

B) Rs 1,556 Explanation: 4702 will be divided in ratio – 1/[100+rt1] : 1/[100+rt2] : 1/[100+rt3] 1/[100+4*2] : 1/[100+4*3] : 1/[100+4*4] 1/108 : 1/112 : 1/116
= 812 : 783 : 756
So B gets 783/(812+783+756) * 4702 = 1566

Simple Interest - MCQ 5 - Question 5

Rs 6200 is lent in two parts , one part at 6% for 5 years and second part at 8% for 4 years. After 5 years and 4 years respectively, the interests received from both parts is same. Find the amount lend at 6%.

Detailed Solution for Simple Interest - MCQ 5 - Question 5

B) Rs 3,200 Explanation: Parts will be divided in ratio – 1/r1t1 : 1/r2t2 1/6*5 : 1/8*4
32 : 30 = 16 : 15
At 6% = 16/(16+15) * 6200

Simple Interest - MCQ 5 - Question 6

What annual payment will discharge a debt of Rs 15,750 due in 3 years with rate if interest being 5% per annum?

Detailed Solution for Simple Interest - MCQ 5 - Question 6

A) Rs 5,000 Explanation: I = 100*A / [100*t + rt(t-1)/2] I = 100*15750 / [100*3 + 5*3(3-1)/2] = 100*15750/315

Simple Interest - MCQ 5 - Question 7

Rs 15,000 is to be invested in 2 schemes, one part is invested in scheme A which offers 9.5% rate of interest and remaining part is invested in scheme B which offers 5% rate on interest. After 3 years, a total of Rs 3600 is received as simple interest. What is the part invested in scheme A?

Detailed Solution for Simple Interest - MCQ 5 - Question 7

A) Rs 10,000 Explanation: Rate for 3 yrs on total 15,000: 15000*r*3/100 = 3600 r = 8% By method of allegation: 9.5                   5
.            8
3                       1.5
2 : 1
So in scheme A, 2/(2+1) * 15000 is invested

Simple Interest - MCQ 5 - Question 8

A sum of money invested for 13 years yields Rs 2500 as simple interest. The interest rate being charged at 4% for first 3 years, 5% for next 4 years and 8% beyond 7 years. What is the principal invested?

Detailed Solution for Simple Interest - MCQ 5 - Question 8

C) Rs 3,125 Explanation: Beyond 7 years is after 7 years for remaining (13-7) = 6 years P = 2500*100/[r1t1+r2t2+r3t3] P = 2500*100/[4*3 + 5*4 + 8*6]

Simple Interest - MCQ 5 - Question 9

A certain sum of money invested at 4% for 9 years yields Rs 1980 as simple interest. At what rate of interest the same amount can be received on the same sum after 6 years?

Detailed Solution for Simple Interest - MCQ 5 - Question 9

D) 6%
Explanation: P*4*9/100 = 1980
P = 5500
So 5500*r*6/100 = 1980

Simple Interest - MCQ 5 - Question 10

A borrowed Rs 2500 and some money from B and C respectively at 7% rate.After 4 years A pays a total of Rs 1120 as simple interest to B and C. What is the sum borrowed from C?

Detailed Solution for Simple Interest - MCQ 5 - Question 10

B) Rs 1500 Explanation: 2500*7*4/100 + x*7*4/100 = 1120

Simple Interest - MCQ 5 - Question 11

A lent 2000rs to B at 8% annual rate of interest and some amount to C at same rate of interest for same period of time. If after 5 years, A got a total of 1500 rupee as interest. Find the sum lent to C.

Detailed Solution for Simple Interest - MCQ 5 - Question 11

Answer – d) 1750 Solution: 1500 = 2000*(8/100)*5 + X*(8/100)*5

Simple Interest - MCQ 5 - Question 12

t what percent per annum will be SI on sum of money is equal to 3/5 of the amount in 5 years.

Detailed Solution for Simple Interest - MCQ 5 - Question 12

Answer – c) 30% Solution: Sol => SI = 3/5(SI +P) (P*R*5)/100 = 3/5[(P*R*5)/100 + P] R =30

Simple Interest - MCQ 5 - Question 13

Priya borrows 1000 rupees at the rate of 11% per annum on SI and rahul borrows 780 rupees at the rate of 15% per annum on SI. In how many years will the amount of debt of priya and rahul be equal.

Detailed Solution for Simple Interest - MCQ 5 - Question 13

Answer –a) 31.3/7 yrs Solution: 1000 + 1000*(11/100)*T = 780 + 780*(15/100)*T

Simple Interest - MCQ 5 - Question 14

The simple interest on a certain sum is 4/9 of the principal and the numbers of years is equal to the rate of interest. The rate of interest is.

Detailed Solution for Simple Interest - MCQ 5 - Question 14

Answer –a) 20/3 Solution: 4/9*P = P*R/100*R

Simple Interest - MCQ 5 - Question 15

A sum of 8000 rupees is divided between two people A and B at the rate of interest of 4% and 5% respectively. The total interest earned after 2 years is equal to 750. Then find the ratio of investment between A and B.

Detailed Solution for Simple Interest - MCQ 5 - Question 15

Answer –b) 5:11 Solution: Let A get X rupees and B get 8000-X rupees. 750 = X*(4/100)*2 + (8000-X)*(5/100)*2
X =2500 and 8000-2500 = 5500 Ratio 5:11

Simple Interest - MCQ 5 - Question 16

A part of 2000 is lent at 6% per annum and rest sum is lent at 8% per annum.If total interest earned after 4 years is 500. Then the sum lent at 8%.

Detailed Solution for Simple Interest - MCQ 5 - Question 16

Answer –a) 250 Solution: Let sum lent at 8% is X 500 = X*(8/100)*4 + (2000-X)*(6/100)*4

Simple Interest - MCQ 5 - Question 17

Sohan invested 20000 rupee in fixed deposit at the rate of 10% simple interest.After every 3 rd year he added interest to principal. Find the interest earned at the end of 6 year.

Detailed Solution for Simple Interest - MCQ 5 - Question 17

Answer –a) 7800 Solution: For the first 3 years SI will be = 20000*10/100*3 = 6000 Now he add 3000 to the principal i.e = 20000+6000 = 26000 Now interest earned at end of 6 year = 26000*10/100*3 = 7800

Simple Interest - MCQ 5 - Question 18

A statue of 550BC is priced at 15000 rupees. But a person wants instalment on the statue. So he gaves 10000 rupee cash and make an instalment of rupees 650 for 8 months. Find the rate of interest charged by the shopkeeper.

Detailed Solution for Simple Interest - MCQ 5 - Question 18

Answer –b) 6% Solution: Total amount buyer pays = 10000 + 650*8 = 15200 So to find the interest rate, 200 = 5000*(8/12)*R/100 So r= 6%.

Simple Interest - MCQ 5 - Question 19

Rs. 12000 was invested for 2 years, partly in scheme A at the rate of 5% SI per annum and partly in scheme B at the rate of 8% SI per annum. The total interest received at the end was Rs.1800. What amount of money was invested in scheme A ?

Detailed Solution for Simple Interest - MCQ 5 - Question 19

Answer –a) 2000 Solution: x *5*2/100 + (12000-x)*2*8/100 = 1800 x/10 + 192000-16x/100 = 1800 10x+192000-16x=180000 6x = 12,000 X=2000

Simple Interest - MCQ 5 - Question 20

A sum was put at a certain rate of interest for four years. Had it been put at a rate of interest 4% higher than the previous rate of interest, it would have fetched Rs. 80 more. What is the sum ?

Detailed Solution for Simple Interest - MCQ 5 - Question 20

Answer –b)500 Solution: x*4*(r+4)/100 – (x*4*r)/100 = 80 4xr+16x – 4xr = 8000 X = 8000/16 =500

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