Simple Interest & Compound Interest MCQ 2


20 Questions MCQ Test Quantitative Aptitude for GMAT | Simple Interest & Compound Interest MCQ 2


Description
This mock test of Simple Interest & Compound Interest MCQ 2 for Quant helps you for every Quant entrance exam. This contains 20 Multiple Choice Questions for Quant Simple Interest & Compound Interest MCQ 2 (mcq) to study with solutions a complete question bank. The solved questions answers in this Simple Interest & Compound Interest MCQ 2 quiz give you a good mix of easy questions and tough questions. Quant students definitely take this Simple Interest & Compound Interest MCQ 2 exercise for a better result in the exam. You can find other Simple Interest & Compound Interest MCQ 2 extra questions, long questions & short questions for Quant on EduRev as well by searching above.
QUESTION: 1

The simple interest accrued on a sum of certain principal is Rs. 6500/- in eight years at the rate of 13 p.c.p.a. What would be the compound interest accrued on that principal at the rate of 8 p.c.p.a. in 2 years?

Solution:

The corect option is A by using compound formulae  the amount comes to be 1040. 

QUESTION: 2

The compound interest accrued on an amount of the end of two years @ 12 p.c.p.a. is Rs. 2862/- What is the amount?

Solution:

The correct answer is A as
CI = P((1+R/100)^n - 1)
2862 = P(( 1+12/100)^2-1)
2862 = P((1+144/10000 + 24/100) -1)
2862 = P (144/10000+24/100)
2862 = P (2544/10000)
P = 11,250

QUESTION: 3

The simple interest accrued on a sum of certain principal is Rs. 7,200/- in six years at the rate of 12 p.c.p.awhat would be the compound interest accrued on that principal at the rate of 5 p.c.p.a. in 2 years.

Solution:
QUESTION: 4

The simple interest accrued on a sum of certain capital principal is Rs. 6400/- in four years at the rate of 8 p.c.p.a. what would be the compound interest accrued on that principal at the rate of 2 p.c.p.a. in 2 years?

Solution:
QUESTION: 5

The simple interest accrued on an amount of Rs. 22,500/- at the end of four years is Rs. 10,800/-. What would be the compound interest accrued on the same amount at the same rate at the end of two years?

Solution:
QUESTION: 6

The simple interest accrued on an amount of Rs. 45000/- after 2 years at a certain rate of interest is 13500/-. What will be the compound interest accrued on the same amount in the same number years at the same rate of interest?

Solution:
QUESTION: 7

The simple interest accrued on a sum of certain principal is Rs. 2000/- in five years at the rate of 4 p.c.p.a. what would be the compound interest accrued on same principal at same rate in two years?

Solution:
QUESTION: 8

A sum was put at simple interest at a certain rate for 5 years. had it been put at 5% higher rate, it would have fetched Rs. 500 more. What is the sum?

Solution:

The correct answer is A
 let principle be p , rate be r , si be x . Also t = 5 yrs.
so , x = (p*r*5)/100
x = 5pr/100 _____(1)
If rate = r+5 , si = x+500 then
x+500 = (p*(r+5)*5)/100
x+500 = 5p(r+5)/100
5pr/100+500 = (5pr+25p)/100 (using eq(1))
(5pr+50000)/100 = (5pr+25p)/100
5pr+50000 = 5pr+25p
50000 = 25p
p = 2000

QUESTION: 9

Ravi borrowed some money at the rate of 4 pcpa for the first three years, at the rate of 8 pcpa for the next two years and at the rate of 9 pcpa for the period beyond 5 years. If he pays a total simple interest of Rs. 19550 at the end of 7 years, how much money did he borrow?

Solution:

The correct answer is B .as f the amount borrowed be Rs.x, then
x×4×6
100
+
x×8×2
100
+
x×9×2
100
x×4×6100+x×8×2100+x×9×2100 = Rs.19550Th
=>
12x100+16x100+18x10012x100+16x100+18x100 = 19550
=> 12x+16x+18x
= 1955000
=> 46x = 1955000
=> x = 19550000
46
1955000046
= Rs.42500

QUESTION: 10

What is the difference between the compound interest and the simple interest for the sum Rs. 16000 at 5% p.a. for 2 years?

Solution:

Option ( A) 40 is the correct  answer. 

 

Explanation:- Given,  P  = 16000₹

R = 5%  ,  T = 2 years

A = P (1 + R /100) ^n

=  16000 * ( 1+5/100) ^2

=  16000 *  ( 105 / 100) ^2 

 A =    17,640₹ 

 

C. I =  A- P 

       =  17,640 - 16,000

       =   1,640 

S. I  =  PTR / 100 

       =  16000 * 2 * 5/ 100

       =  1,600

Difference CI - SI ; 

=   1640 - 1600

=     40 ₹ 

QUESTION: 11

A sum of money triples itself in 3 years at a simple interest. In how many years will it multiply five times?

Solution:

For 3 yrs
SI = P*R*T/100
3P-P = P*R*3/100
2P = 3P*R/100
R = 200/3

Money will become 5 times
5P - P = (P*200/3*T)/100
4P = (2/3P)T
T = 6

Money will become five times in 6 years.

QUESTION: 12

A sum of money triples itself in 3 years at a simple interest. In how many years will it multiply five times?

Solution:

The correct option is Option B.

For 3 yrs

SI = P*R*T/100

3P-P = P*R*3/100

2P = 3P*R/100

R = 200/3

Money will become 5 times

5P - P = (P*200/3*T)/100

4P = (2/3P)T

T = 6

Money will become five times in 6 years

QUESTION: 13

An amount of money grows upto Rs. 4000 in 2 years and up to Rs. 8000 in 3 years on compound interest. What is the sum?

Solution:
QUESTION: 14

A man borrows Rs. 4000 and pays back after 5 years at 15% simple interest. The amount paid by the man is: 

Solution:
QUESTION: 15

What is the time period for which Rs. 8000 amounts to Rs. 12000 at 20% p.a. of simple interest?

Solution:
QUESTION: 16

What is the rate of simple interest at which Rs. 14,000 gives interest of Rs. 1960 in two years?

Solution:
QUESTION: 17

What is the sum of amount which gives Rs. 6300 as interest @ 7% per annum of simple interest in 7*1/2years?

Solution:
QUESTION: 18

If the rate of simple interest is 12% per annum, the amount that would fetch interest of Rs. 6000 per annum is:

Solution:
QUESTION: 19

A sum was put at simple interest at a certain rate for 2 years. Had it been put at 4% higher rate, it would have fetched Rs. 112 more. The sum is:

Solution:

The correct answer is C as let principle be p , rate be r , si be x . Also t = 2yrs.
so , x = (p*r*2)/100
x = 2pr/100 _____(1)
If rate = r+4 , si = x+112 then
x+112 = (p*(r+4)*2)/100
x+112 = 2p(r+4)/100
2pr/100+112 = (2pr+8p)/100 (using eq(1))
(2pr+11200)/100 = (2pr+8p)/100
2pr+11200 = 2pr+8p
11200 = 8p
p = 1400
Correct ans is b) 1400

QUESTION: 20

In what time will a sum of money double itself @ 20% per annum (p.a.) simple interest?

Solution:

Related tests