MCQ on Simple Interest Questions and Answers

mcq on simple interest questions and answers for bank exams

simple interest questions for bank po, simple interest questions for bank po with solution, simple interest questions for bank clerk,

Percentage

Profit loss

Compound Interest

Speed Distance

21. If the rate of interest is 10% per annum and is compound half-yearly, then the principle of ₹ 400 in 3/2 years will amount to

(a) ₹ 463.00

(b) ₹ 463.05

(d) ₹ 463.20

(e) None of these

Solution: (b)
Given R = 10%, P = ₹ 400 and T = \(\displaystyle \frac{3}{2}years\)
Compounding is half-yearly, then,
T= \(\displaystyle \frac{3}{2}\times 2=3years\)
P = \(\displaystyle \frac{{10}}{2}=5\%\)
Amount, A = \(\displaystyle p{{(1+\frac{R}{{100}})}^{T}}\)
A = \(\displaystyle 400{{(1+\frac{5}{{100}})}^{3}}\)
\(\displaystyle 400\times \frac{{21}}{{20}}\times \frac{{21}}{{20}}\times \frac{{21}}{{20}}=463.5\)

22. A person invested some amount at the rate of 12% simple interest and the remaining at 10%. He received yearly an interest of ₹ 130. Had he interchanged the amounts invested, he would have received an interest of ₹ 134. How much money did he invest at different rates?

(a) ₹ 500 at the rate of 10%, ₹ 800 at the rate of 12%

(b) ₹ 700 at the rate of 10%, ₹ 600 at the rate of 12%

(d) ₹ 700 at the rate of 10%, ₹ 500 at the rate of 12%

(e) None of these

Solution: (d)
Let the person invest ₹ x and y at two different rates 12% and 14% respectively.
\(\displaystyle \frac{{x\times 12\times 1}}{{100}}+\frac{{y\times 10\times 1}}{{100}}=134(SI=\frac{{P\times R\times T}}{{100}})\)
\(\displaystyle \Rightarrow \)12x + 10y = 13000 … (i)
After inter changing invested amount
\(\displaystyle \frac{{y\times 12\times 1}}{{100}}+\frac{{x\times 10\times 1}}{{100}}=134\)
\(\displaystyle \Rightarrow \)12y + 10x = 13400 … (ii)
On solving equations (i) and (ii), we get
x = ₹ 500 and y = ₹ 700

23. The simple interest accrued on an amount of ₹20,000 at the end of three years is ₹7,200. What would be the compound interest accrued on the same amount at the same rate in the same period?

(a) ₹ 8098.56

(b) ₹ 8246.16

(d) ₹ 8342.36

(e) None of these

Solution: (a)
\(\displaystyle rate=\frac{{SI\times 100}}{{principal\times time}}\)
\(\displaystyle \frac{{7200\times 100}}{{20000\times 3}}=12\%\)
CI = \(\displaystyle p[{{(1+\frac{R}{{100}})}^{t}}-1]\)
\(\displaystyle 2000[{{(1+\frac{{12}}{{100}})}^{3}}-1]\)
\(\displaystyle 2000[{{(1.12)}^{3}}-1]\)
\(\displaystyle =20000\times (1.404928-1)\)
= ₹ 8098.56

24. What will be the ratio of simple interest earned by certain amount at the same rate of interest for 12 yr and for 18 yr?

(a) 2 : 5

(b) 1 : 3

(d) 3 : 1

(e) None of these

Solution: (c)
If the principal = P and interest = R%
Then, required ratio
\(\displaystyle \frac{{\frac{{P\times R\times 12}}{{100}}}}{{\frac{{P\times R\times 18}}{{100}}}}=\frac{{12}}{{18}}=\frac{2}{3}=2:3\)

25. The simple interest on a sum of money will be rupees 210 after 3 years. In the next 3 years, principal become 4 times, then the total interest at the end of 6 years.

(a) 1020

(b) 1050

(d) 1100

(e) None of these

Solution: (b)
\(\displaystyle 210=p\times (\frac{r}{{100}})\times 3\)
now, SI = \(\displaystyle 4\times p\times (\frac{r}{{100}})\times 3\)
SI = 4×210 = 840. So total SI for 6 years = 840 + 210
= 1050.

26. A person makes a fixed deposit of Rs. 20000 in Bank of India for 3 years. If the rate of interest be 13% SI per annum charged half yearly. What amount will he get after 42 months?

(a) 29100

(b) 28100

(d) 26100

(e) 26500

Solution: (a)
R=13%, T= 42 months
For half year
\(\displaystyle R=\frac{{13}}{2},T=\frac{{42}}{{12}}\times 2=7halfyears\)
SI = \(\displaystyle \frac{{20000\times 7\times 6.5}}{{100}}=9100\)
A= P + SI = 20000 + 9100=29100

27. Vikram invests some money in three different schemes for 4 years, 8 years and 12 years at 10%, 15% and 20% Simple Interest respectively. At the completion of each scheme, he gets the same interest. The ratio of his investments is

(a) 6 : 2 : 1

(b) 5 : 2 : 1

(d) 3 : 2 : 7

(e) None of the Above

Solution: (a)
\(\displaystyle \begin{array}{*{20}{l}} {\Pr incipal=X1,X2,X3} \\ {X1\times 4\times 10=X2\times 8\times 15=X3\times 12\times 20} \\ {X1=3X2=6X3} \\ {X1:X2=3:1} \\ {and\to X2:X3=2:1} \\ {X1:X2:X3=6:2:1} \end{array}\)

28. Ankita borrows Rs.7000 at simple Interest from a lender. At the end of 3 years, she again borrows Rs.3000 and settled that amount after paying Rs.4615 as interest after 8 years from the time she made the first borrowing. What is the rate of interest?

(a) 5.5%

(b) 9.5%

(d) 6.5%

(e) None of the Above

Solution: (d)
SI for Rs.7000 for 8 years = \(\displaystyle \frac{{7000\times r\times 8}}{{100}}\)
Again borrowed = 3000
SI = \(\displaystyle \frac{{3000\times r\times 5}}{{100}}\)
Total interest = \(\displaystyle \frac{{7000\times r\times 8}}{{100}}+\frac{{3000\times r\times 5}}{{100}}=4615\)
560r + 150r = 4615
710r = 4615
r = 6.5%

29. A certain sum of money at certain rate of interest becomes ₹ 3420 after 2 years and at same rate after two and a half years becomes ₹ 3525. Find the rate percent per annum.

(a) 8.5%

(b) 8%

(d) 10%

(e) 11%

Solution: (c)
Amount after 2.5 yrs = 3525, after 2 yrs = 3420
So SI for half yr = 3525-3420 = 105,
So for 1 yr SI = 105 × 2 = 210
P + 2 × SI = 3420
So P = 3420 – 2 × 210 = 3000
So \(\displaystyle 3000\times r\times \frac{2}{{100}}=420\)
r=7%

30. A certain sum of money amounts to rupees 2900 at 4% per annum in 4 years. In how many years will it amount to rupees 5000 at the same rate?

(a) 20

(b) 22

(d) 25

(e) None of these

Solution: (d)
\(\displaystyle \begin{array}{l}2900=P+\frac{{P\times 4}}{{100}}\times 4\\Therefore,P=2500\\5000=2500+\frac{{2500\times 4}}{{100}}\times t\\t=25years\end{array}\)

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