Dear Readers, Here we have given the important practice set questions on Quantitative Aptitude (Simple Interest& Compound Interest), aspirants those who are preparing for the examination can also download in pdf and make use of it.
1).Arun took a loan of Rs. 1400 with simple interest for as many years as the rate of interest. If he paid Rs.686 as interest at the end of the loan period, what was the rate of interest?
a) 8%
b) 4%
c) 6%
d) 7%
e) 5%
2).Mr. Thomas invested an amount of Rs. 13,900 divided in two different schemes A and B at the simple interest rate of 14% p.a. and 11% p.a. respectively. If the total amount of simple interest earned in 2 years be Rs. 3508, what was the amount invested in Scheme B?
a) Rs.6400
b) Rs.7200
c) Rs.7500
d) Rs.6500
e) Rs.6800
3).A certain sum of money amounts to Rs.1008 in 2 years and to Rs.1164 in 3.5 years.find the sum and rate of interest.
a) 10%
b) 11%
c) 12%
d) 13%
e) 14%
4).A certain amount earns simple interest of Rs. 1200 after 10 years. Had the interest been 2% more, how much more interest would it have earned?
a) Rs.25
b) Rs.120
c) Rs.125
d) Can’t be determined
e) None of these
5).A person borrows Rs.5000 for 2 years at 4% p.a. simple interest. He immediately lends it to another person at 61⁄4% p.a for 2 years. Find his gain in the transaction per year.
a) Rs.167.50
b) Rs.150
c) Rs.225
d) Rs.112.5
e) Rs.130
6).What will be the ratio of simple interest earned by certain amount at the same rate of interest for 5 years and that for 15 years?
a) 3 : 2
b) 2 : 3
c) 1 : 3
d) 3 : 1
e) 2 : 1
7).A man took loan from a bank at the rate of 8% p.a. simple interest. After 4 years he had to pay Rs. 6200 interest only for the period. The principal amount borrowed by him was:
a) Rs.17322
b) Rs.20245
c) Rs.18230
d) Rs.19375
e) Rs.17520
8).A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits Rs. 1600 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by way of interest is:
a) Rs.120
b) Rs.121
c) Rs.122
d) Rs.123
e) Rs.124
9).The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:
a) 1
b) 1.5
c) 2
d) 2.5
e) 3
10).The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years is Rs. 96. What is the rate of interest per annum?
a) 6%
b) 7%
c) 8%
d) 9%
e) 12%
11).The effective annual rate of interest corresponding to a nominal rate of 6% per annum payable half-yearly is:
a) 6.07%
b) 6.08%
c) 6.06%
d) 6.09%
e) 6.10%
12).The compound interest on a certain sum for 2 years at 10% per annum is Rs. 525. The simple interest on the same sum for double the time at half the rate percent per annum is:
a) Rs.400
b) Rs.450
c) Rs.500
d) Rs.550
e) Rs.600
13).The compound interest on a sum for 2 years is Rs. 832 and the simple interest on the same sum for the same period is Rs. 800. The difference between the compound and simple interest for 3 years will be
a) Rs.48
b) Rs.66.56
c) Rs.98.56
d) Can’t be determined
e) None of these
14).A sum of money doubles itself at(c) I in 15 years. In how many years will it become eight times?
a) 30 years
b) 45 years
c) 60 years
d) 75 years
e) 55 years
15).A certain amount of money is invested at the simple interest of 15% per annum. If it had been invested at compound interest, an extra interest of Rs. 450 would have been obtained in the obtained in the second year. What must be the amount invested?
a) Rs. 30,000
b) Rs. 15,000
c) Rs. 20,000
d) Rs. 10,000
e) Rs.14,000
Answers:
1)d 2)a 3)d 4)d 5)a 6)c 7)d 8)b 9)c 10)c 11)d 12)a 13)d 14)b 15)c
Solutions:
1. D) SI = PTR/100 => 686 = 1400 x R x R/100 => R2 = 49 => R = 7
i.e., Rate of Interest was 7%
2. A)
3. D)
in 3.5 yrs the amount 1164
in 2yrs the amount 1008 –therefore, the 1.5 yrs interest is 156
then 1 yr interest is 156/1.5 =104
then 2 yrs interest is 208 rs
principal=1008-208= 800
Therefore, rate of interest=(104/800)*100=13%
4. D) Since we do not have the principal and rate of interest, we can not find out the required details.
5. A) The person borrows Rs. 5000 for 2 years at 4% p.a. simple interest
Simple interest that he needs to pay = PTR/100 = 5000 x 4 x 2/100 = 400
He also lends it at 61⁄4% p.a for 2 years
Simple interest that he gets = 5000 x 25/4 x 2/100 = 625
His overall gain in 2 years = Rs.625 – Rs.400 = Rs.225
His overall gain in 1 year = 225/2 = Rs.112.5
6. C) Here Principal (P) and Rate of Interest ® are constants
Hence, Simple Interest ∝ T
Required Ratio = (SI for 5 years)/(SI for 15 years) = 5/15 = 1/3 = 1 : 3
7. D)
Principal (P) = ?, Time(T) = 4 years, Simple Interest(SI) = Rs.6200, R = 8%
P = (100 x 6200)/(8 x 4) = Rs.19375
8. B)
9. C)
Let the period be n years
Then, amount after n years = Rs.(30000 + 4347) = Rs. 34347
10. C) Let the rate of interest per annum be R%
The difference between compound interest and simple interest on Rs. P for 2 years at R% per annum
= P (R/100)2
15000 (R/100)2 = 96 => 3 (R/2)2 = 96 => R2 = 64 => R = 8
Rate of interest per annum = 8%
11. D) Let principal, P be Rs.100
Amount after 1 year on Rs.100 at 6% per annum when interest is compounded half-yearly
12. A) Let the sum be Rs. P.
Amount after 2 years at 10% per annum when interest is compounded annually
13. D) Given that simple interest for 2 years is Rs.800
i.e., Simple interest for 1st year is Rs.400
and simple interest for 2nd year is also Rs.400
Compound interest for 1st year will be 400
and Compound interest for 2nd year will be 832 – 400 = 432
you can see that compound interest for 2nd year is more than simple interest for 2nd year by 432 – 400 = Rs.32
i.e, Rs. 32 is the interest obtained for Rs.400 for 1 year
Therefore, Total difference between the compound and simple interest for 3 years= 32 + 66.56 = Rs.98.56
14. B)
Therefore n = 45
15. C) Solve by options
Which is 450 more than SI.
(OR)
Alternate method:
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