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Quant – Simple Interest – Set 2
Read the following instructions carefully
- The test contains 10 questions.
- Each question has 4 options, of which only one is correct.
- You have to finish the test in 8 minutes.
- You are awarded 1 mark for each correct answer, and 0.25 marks are deducted for each wrong answer.
- There is no negative marking for questions you do not attempt.
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Review this set's questions and answers (opens after you submit the test)
This free practice set from AndamanJobs has 10 questions to be solved in 8 minutes. Every question is listed below with four options. Open Show answer and explanation under a question to see the correct option and why it is correct. Try the timed test above first, then use this list to revise the questions you got wrong.
- If the simple interest on a certain sum of money for 15 months at 7 1/2 % per annum exceeds the simple interest on the same sum for 8 months at 12 1/2 % per annum by Rs 32.50, then the sum of money (in Rs) is:
- A. 3120
- B. 312.50
- C. 3120.50
- D. 312
Show answer and explanation
Answer: A. 3120
Interest in 15 months at 7 1/2% = 9.375% of the sum. Interest in 8 months at 12 1/2% = 8.333% of the sum. The difference 1.0417% of the sum = 32.50, so the sum = Rs 3,120.
- A man had Rs. 16,000, A part of which he lent at 4% and the rest at 5% per annum simple interest. If the total interest received was Rs. 700 in one year, the money lent at 4% per annum was:
- A. Rs. 10,000
- B. Rs. 8,000
- C. Rs. 12,000
- D. Rs. 6,000
Show answer and explanation
Answer: A. Rs. 10,000
Let Rs x be at 4%. 0.04x + 0.05 (16000 - x) = 700 gives 800 - 0.01x = 700, so x = Rs 10,000.
- A sum of Rs 1500 is lent out in two parts in such a way that the simple interest on one part at 10% per annum for 5 years is equal to that on another part at 12.5% per annum for 4 years. The sum lent out at 12.5% is :
- A. Rs. 500
- B. Rs. 750
- C. Rs. 1250
- D. Rs. 1000
Show answer and explanation
Answer: B. Rs. 750
First part gets 10% × 5 = 50% of itself; second gets 12.5% × 4 = 50% of itself. Equal interest means equal parts, so each is Rs 750.
- If Rs. 64 amount to 83.20 in 2 years what will Rs. 86 amount to in 4 years at the same rate percent per annum?
- A. Rs. 137.60
- B. None of these
- C. Rs.132.50
- D. Rs.135.60
Show answer and explanation
Answer: A. Rs. 137.60
Interest on Rs 64 in 2 years = 19.20, so the rate is 15%. On Rs 86 for 4 years, interest = 86 × 15% × 4 = 51.60, so the amount = Rs 137.60.
- A person invests money in three different schemes for 6 years, 10 years and 12 years at 10 percent, 12 percent and 15 percent simple interest respectively. At the completion of each scheme, he gets the same interest. The ratio of his investment is :
- A. 3 : 4 : 2
- B. 6 : 3 : 2
- C. 3 : 4 : 6
- D. 2 : 3 : 4
Show answer and explanation
Answer: B. 6 : 3 : 2
Equal interest means P1 × 10 × 6 = P2 × 12 × 10 = P3 × 15 × 12, i.e. 60P1 = 120P2 = 180P3. So P1 : P2 : P3 = 6 : 3 : 2.
- A person deposited Rs. 400 for 2 years, Rs. 550 for 4 years and Rs. 1,200 for 6 years. He received the total simple interest of Rs. 1,020. The rate of interest per annum is :
- A. 10%
- B. 20%
- C. 15%
- D. 5%
Show answer and explanation
Answer: A. 10%
Sum of principal × time = 400 × 2 + 550 × 4 + 1200 × 6 = 10,200. Rate = 1020 × 100 / 10,200 = 10%.
- A borrows Rs. 800 at the rate of 12% per annum simple interest and B borrows Rs. 910 at the rate of 10% per annum, simple interest. In how many years will their amounts of debt be equal?
- A. 24 years
- B. 18 years
- C. 20 years
- D. 22 years
Show answer and explanation
Answer: D. 22 years
800 + 96t = 910 + 91t gives 5t = 110, so t = 22 years.
- A person lends 40% of his sum of money at 15% per annum, 50% of 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 ?
- A. 13.4%
- B. 14.4%
- C. 13.33%
- D. 14.33%
Show answer and explanation
Answer: B. 14.4%
Take Rs 100. 40 at 15% = 6; 30 at 10% = 3; 30 at 18% = 5.4. Total interest = 14.4, so the rate is 14.4%.
- A part of Rs. 1500 was lent at 10% per annum and the rest at 7% per annum simple interest. The total interest earned in three year was Rs. 396. The sum lent at 10% was :
- A. Rs. 800
- B. Rs. 600
- C. Rs. 700
- D. Rs. 900
Show answer and explanation
Answer: D. Rs. 900
Let Rs x be at 10%. 0.30x + 0.21 (1500 - x) = 396 gives 315 + 0.09x = 396, so x = Rs 900.
- A man lent Rs. 60,000, partly at 5% and the rest at 4% simple interest. If the total annual interest is Rs. 2560, the money lent at 4% was:
- A. Rs. 30000
- B. Rs. 44000
- C. Rs. 45000
- D. Rs. 40000
Show answer and explanation
Answer: B. Rs. 44000
Let Rs x be at 4%. 0.04x + 0.05 (60000 - x) = 2560 gives 3000 - 0.01x = 2560, so x = Rs 44,000.