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Quant – Simple Interest – Set 4
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.
- You may pause the test at any time and resume where you left off.
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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.
- John invested a sum of money at an annual simple interest rate of 10% . At the end of four years the amount invested plus interest earned was Rs. 770. The amount invested was:
- A. Rs. 550
- B. Rs. 350
- C. Rs. 650
- D. Rs. 500
Show answer and explanation
Answer: A. Rs. 550
Amount = P × (1 + 10% × 4) = 1.4P = 770, so P = Rs 550.
- In what time will Rs. 1860 amount to 2,641.20 at simple interest 12% per annum ?
- A. 3 years
- B. 4 years
- C. 4 1/2 years
- D. 3 1/2 years
Show answer and explanation
Answer: D. 3 1/2 years
Interest = 2,641.20 - 1,860 = 781.20. Time = 781.20 × 100 / (1860 × 12) = 3 1/2 years.
- The rate of interest per annum at which the total simple interest of a certain capital for 1 year is equal to the total simple interest of the same capital at the rate of 5% per annum for 2 years is :
- A. 10%
- B. 25%
- C. 5/2 %
- D. 12.5%
Show answer and explanation
Answer: A. 10%
Rate for 1 year equals 5% for 2 years = 10%.
- Arun lends Rs. 20,000 to two of his friends. He gives Rs. 12,000 to the first at 8% p.a. simple interest. Arun 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 :
- A. 16%
- B. 12%
- C. 13%
- D. 8%
Show answer and explanation
Answer: C. 13%
Required interest = 10% of 20,000 = 2,000. From the first friend: 12,000 × 8% = 960. Remaining 8,000 must earn 1,040, so the rate = 13%.
- A person invests Rs. 12,000 as fixed deposit at a bank at the rate of 10% per annum simple interest. But due to some pressing needs he has to withdraw the entire money after 3 years, for which the bank allowed him a lower rate of interest. If he gets Rs. 3320 less than what he would have got at the end of 5 years, the rate of interest allowed by the bank is :
- A. 7 5/9 %
- B. 7 8/9 %
- C. 7 4/9 %
- D. 8 7/9 %
Show answer and explanation
Answer: C. 7 4/9 %
Interest at 10% for 5 years = 6,000. For 3 years he gets 3,320 less in total, so the interest he gets = 2,680. Rate = 2680 × 100 / (12000 × 3) = 7 4/9%.
- If a man receives on one-fourth of his capital 3% interest, on two third 5% and on the remaining 11%, the percentage he receives on the whole is :
- A. 5.5%
- B. 4.5%
- C. 5%
- D. 5.2%
Show answer and explanation
Answer: C. 5%
Rate = 1/4 × 3 + 2/3 × 5 + 1/12 × 11 = 0.75 + 3.333 + 0.917 = 5%.
- A certain sum of money lent out at simple interest amounts to Rs. 1380 in 3 years and Rs. 1500 in 5 years. Find the rate per cent per annum :
- A. 3%
- B. 5%
- C. 3.5%
- D. 4%
Show answer and explanation
Answer: B. 5%
Interest for 2 years = 1500 - 1380 = 120, so Rs 60 a year. Principal = 1380 - 3 × 60 = 1,200. Rate = 60 / 1200 = 5%.
- A person deposited Rs. 500 for 4 years and Rs. 600 for 3 years at the same rate of simple interest in a bank. Altogether he received Rs.190 as interest. The rate of simple interest per annum was :
- A. 4%
- B. 3%
- C. 5%
- D. 2%
Show answer and explanation
Answer: C. 5%
Principal × time = 500 × 4 + 600 × 3 = 3,800. Rate = 190 × 100 / 3,800 = 5%.
- If x,y,z are three sum of money such that y is the simple interest on x and z is the simple interest on y for the same time and at the same rate of interest, then we have :
- A. y² = zx
- B. x² = xy
- C. x² = yz
- D. xyz = 1
Show answer and explanation
Answer: A. y² = zx
y = x·rt/100 and z = y·rt/100, so z/y = y/x. Therefore y² = xz.
- A sum was lent at simple interest at a certain rate for 2 years. Had it been lent at 3% higher rate, it would have fetched Rs. 300 more. The original sum of money was :
- A. Rs. 6000
- B. Rs. 4000
- C. Rs. 5000
- D. Rs. 7000
Show answer and explanation
Answer: C. Rs. 5000
The extra 3% for 2 years is 6% of the sum = 300, so the sum = Rs 5,000.