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Interest (Simple & Compound) Test - 1

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Interest (Simple & Compound) Test - 1
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  • Question 1
    3 / -1

    Suresh for 2 years invested Rs. 500 in SBI. He also invested Rs. 300 in ICICI for 4 years. At the end he received Rs. 220 from both banks as simple interest. What must have been rate of interest? (assuming the rate of interest for both banks is same)

    Solution

    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

  • Question 2
    3 / -1

    A sum of money at simple interest amounts to Rs. 815 in 3 years and to Rs. 854 in 4 years. The sum is :

    Solution

    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.

  • Question 3
    3 / -1

    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:

    Solution

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

  • Question 4
    3 / -1

    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?

    Solution

    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

  • Question 5
    3 / -1

    A sum fetched a total simple interest of Rs. 929.20 at the rate of 8 p.c.p.a. in 5 years. What is the sum?

    Solution

    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

  • Question 6
    3 / -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?

    Solution

    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%

  • Question 7
    3 / -1

     

    How much time will it take for an amount of Rs. 900 to yield Rs. 81 as interest at 4.5% per annum of simple interest?

     

    Solution

     

     

    Given, P = Rs.900

    SI = Rs.81

    T = ?

    R = 4.5%

     

     

  • Question 8
    3 / -1

    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?

    Solution

    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

  • Question 9
    3 / -1

    A sum of money amounts to Rs.9800 after 5 years and Rs.12005 after 8 years at the same rate of simple interest. The rate of interest per annum is

    Solution

    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%

  • Question 10
    3 / -1

    A certain amount earns simple interest of Rs. 1750 after 7 years. Had the interest been 2% more, how much more interest would it have earned?

    Solution

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

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