Test: Simple Interest- 1 - UPSC MCQ

Given, P = Rs.900

SI = Rs.81

T = ?

R = 4.5%

Simple Interest (SI) = P N R / 100

P is the Principal loan amount = Rs.1400

N is the number of years of deposit

R is the rate of interest

It is given that the loan period is as many years as the rate of interest.

So, N = R

Interest at the end of the loan period (SI ) = Rs.686

So,

686 = 1400 * R * R /100

R² = 686*100 /1400

R² = 49

R = 7%

S.I. for 1 year = Rs. (854 - 815) = Rs. 39.

S.I. for 3 years = Rs.(39 * 3) = Rs. 117.

 Principal = Rs. (815 - 117) = Rs. 698.

Given, SI = Rs 929.20
P = ?
T = 5 years
R = 8%
P = (100 x SI) / RT
⇒ (100 x 929.20) / (8 x 5)
⇒ Rs. 2323

Let the sum invested in Scheme A be Rs. x and that in Scheme B be Rs. (13900 - x)

⇒ 28x - 22x = 350800 - (13900 * 22)
⇒ 6x = 45000
⇒ x = 7500
So, sum invested in Scheme B = Rs. (13900 - 7500) = Rs. 6400

Simple Intrest = SI = PRT/100
Where P = Principal, R = Rate of intrest and T = time period
Total SI = SI from SBI and SI from ICICI
∴ 220 = (500 x R x 2)/100 + (300 x R x 4)/100
⇒ 220 = 10R + 12R
⇒ R = 10% = Rate of intrest

Simple Interest = PRT / 100
Here P = Principal, R = Rate of interest and T = time period
Hence, Simple Interest ∝ T
Required Ratio = (Simple Interest for 5 years) / (Simple Interest for 15 years)
⇒ T₁/ T₂ = 5 / 15
⇒ 1 / 3 = 1 : 3

We can get SI of 3 years = 12005 - 9800 = 2205

SI for 5 years = (2205/3)*5 = 3675 [so that we can get principal amount after deducting SI]

Principal = 9800 - 3675 = 6125 

So Rate = (100*3675)/(6125*5) = 12%

We need to know the S.I, principal and time to find the rate. Since the principal is not given, so data is inadequate.

SI = PRT / 100
⇒ (SI x 100) / RT = P
⇒ P = (6200*100) / 32
⇒ P = 19375