Simple Interest Test

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Simple Interest Test - 5

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Weekly Quiz Competition

Question 1
1 / -0

Rajat deposited Rs 10000 as a fixed deposit in a bank at 20% per annual. If 30% is deducted as income tax on the interest earned, find his annual income.

A
1400

B
1350

C
1300

D
1200

Solution

Given Principal amount P = Rs 10000
Time period T = 1 year
Rate of interest R = 20% p.a.
We know that simple interest = (P × T × R)/100
On substituting these values in above equation we get
SI = (10000 × 1 × 20)/100
= Rs 2000
Amount deducted as income tax = 30% of 2000 = (30 × 2000)/100
= Rs 600
Annual interest after tax deduction = Rs 2,000 − Rs 600 = Rs 1,400
Question 2
1 / -0

The rate of simple interest per annum at which a sum of money doubles itself in 100/3 years is:

A
3

B
4

C
5

D
4.33

Solution

Let the principal amount be P.
Now the amount A after 100/3 years is doubled, hence amount is 2P.
I = P × R × T/100
Where,
P = principal amount
R = rate of interest
T = time in years = 100/3
I = simple interest
Amount A = I + P
According to question
A = P + P × R × T/100
2P = P + P × R × T/100
P = P × R × T/100
R = 100/T
R = 100 × 3/100
R = 3%
Question 3
1 / -0

Principal = ₹ 5000, S.I. = ? and rate = 6% p.a., time = 4

A
1000

B
1200

C
1425

D
1350

Solution

Given: – P = ₹ 5000, R = 6%, T =4
We Know That,
SI = P.R.T/100
= 5000 . 6. 4/100
= 1200
Question 4
1 / -0

Lucknow has a population of 60,000. The population decreases by 10 per thousand per year. What will be the population after 2 years?

A
57805

B
56980

C
58806

D
59870

Solution

R = [10 × 100] / 1000 = 1%
(Because percentage is calculated for twenty per thousand)
Population after 2 years will be = P(1−R/100)T
= 60000(1−1/100)²
= 60000(99/100)²
= 58,806
Question 5
1 / -0

A sum amounts to ₹ 3605 in 219 days at 5% per annum. The sum is

A
₹ 3250

B
₹ 3500

C
₹ 3400

D
₹ 3550

Solution

Let the required sum be ₹ x
Then,
SI = (P × R × T)/ 100
Amount = P + SI
= x + [(x × R × T)/ 100]
= x [1 + _{R × T)/ 100)]}
x = Amount/ [1 + ((R × T)/ 100)]
= 3605/ [1 + ((5/100) × (219/365]
= (3605 × 36500)/ 37595
x = ₹ 3500
Question 6
1 / -0

Principal = ₹ 4500, S.I. = 500 and rate = 10% p.a., Time = ?

A
10/9

B
7/9

C
5/7

D
9/7

Solution

Given: – P = ₹ 4500, S.I. = ₹ 500, R = 10%, T =?
We Know That,
T = (100 × SI) / (P × R)
= (100 × 500) / (4500 × 10)
= (10 × 5) / (45 × 1)
= 10/9 years
Question 7
1 / -0

Principal = ₹ 10000, Amount = ₹ 11450 and rate = 6% p.a., T=?

A
2 years 5 months

B
2 years 11 months

C
2 years 7 months

D
2 years 3 months

Solution

Given: – P = ₹ 10000, Amount = ₹ 11450, R = 6%, T =?
We Know That,
SI = A – P
= 11450 – 10000
= ₹ 1450
T = (100 × SI) / (P × R)
= (100 × 1450) / (10000 × 6)
= (1 × 145) / (10 × 6)
= (29/ 12)
= 2 years 5 months
Question 8
1 / -0

The rate of interest offered by State bank of india is 10% compounded annually. A sum of Rs.10000 is deposited by sachin in his account. If the sum isn’t withdrawn, then what will be the balance of his account after 4 years?

A
50980

B
51051

C
50580

D
51760

Solution

Rs. 10000 after 4 years = 10000(1+10/100)4 = 10000(11/10)4 = Rs. 14641
Rs. 10000 after 3 years = 10000(1+10/100)3 = 10000(11/10)3 = Rs. 13310
Rs. 10000 after 2 years = 10000(1+10/100)2 = 10000(11/10)2 = Rs. 12100
Rs. 10000 after 1 year = 10000(1+10/100)1 = 10000(11/10) = Rs. 11000
Total amount after 4 years = 14641 + 13310 + 12100 + 11000 = Rs. 51051
Question 9
1 / -0

Amount of Rs. 12800 was invested by Mr Azad dividing it into two different investment schemes A and B at a simple interest rate of 11% and 14%. What was the amount in plan B if the amount of interest earned in two years was Rs. 3508.

A
1735.55

B
1154.66

C
1233.33

D
1266.67

Solution

Let the sum invested in Scheme A be Rs. x and that in Scheme B be Rs. (12800 – x).
Then, [x . 14 . 2]/100 + [(12800 – x) . 11 . 2]/100 = 3508
28x – 22x = 350800 – (12800 x 22)
6x = 69200
x = 11533.33
So, sum invested in Scheme B = Rs. (12800 – 11533.33) = Rs. 1266.67.
Question 10
1 / -0

The time required for a sum of money to amount to five times itself at 16% simple interest p.a. will be

A
20

B
22

C
25

D
30

Solution

Let the sum of money be Rs. x and the time required to amount to five times itself be t years.
So, the interest in ‘t’ year should be Rs. 4x.
In case of simple interest, we know,
(P × T × r)/100 = SI
Where, P = Principal amount, T = Duration in years, i = Interest rate per year, SI = Total simple interest
Then,
x × t × 16% = 4x
⇒ t × (16/100) = 4
⇒ t = 400/16 = 25
∴ The required time = 25 years.
Question 11
1 / -0

The simple interest on ₹ 6250 at 2% per annum for 12 months is

A
₹ 125

B
₹ 150

C
₹ 175

D
₹ 135

Solution

Principal = ₹ 6250, R = 2% p.a. Time = 12 months = (12/12) = 1 years
SI = (P × R × T)/ 100
= (6250 × 2 × (1))/ (100)
= 6250 × 2 × 1 × (1/100)
= (6250 × 2 × 1 × 1)/ (100)
= (6250 × 2)/ (100)
= (6250/50)
= ₹ 125
Question 12
1 / -0

Principal = ₹ 1000, S.I.=? and rate = 10% p.a., Time = 12 months

A
50

B
80

C
100

D
150

Solution

Given: – P = ₹ 1000, R = 10%, T =12/12 years = 1 year
We Know That,
SI = P.R.T/100
= 1000 . 10 . 1/100
= 100
Question 13
1 / -0

Principal = ₹ 500, S.I. = ₹ 50 and rate = 12% p.a., T=?

A
1 year

B
11 months

C
10 months

D
9 months

Solution

Given: – P = ₹ 500, S.I. = ₹ 50, R = 12%, T =?
We Know That,
T = (100 × SI) / (P × R)
= (100 × 50) / (500 × 12)
= (1 × 50) / (5 × 12)
= (10/ 12)
= 10 months
Question 14
1 / -0

Mr. Gandhi claims to be lending at simple interest, but he adds the interest every 6 months in the calculation of principal. The rate of interest charged by him is 8%. What will be the effective rate of interest?

A
9.16

B
8.74

C
9.48

D
8.52

Solution

Let the sum be Rs. 100.
Then,
Simple interest for 1st 6 months = Rs. [100 x 8 x 1]/[100 x 2] = Rs. 4
Simple interest for last 6 months = Rs. [104 x 8 x 1]/[100 x 2] = Rs.4.16
So, amount at the end of 1 year = Rs. (100 + 5 + 4.16) = Rs. 109.16
Effective rate = (109.16 – 100) = 9.16%
Question 15
1 / -0

Principal = ₹ 2000, S.I. = ? and rate = 12% p.a., Time = 1 month

A
60

B
40

C
30

D
20

Solution

Given: – P = ₹ 2000, R = 12%, T = 1/12 years
We Know That,
SI = P.R.T/100
= 2000 . 12 . (1/12)/100
= 2000 . 1 . 1 /100
= 20

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Re-Attempt Weekly Quiz Competition

Simple Interest Test - 5

Result

Simple Interest Test - 5

Score

-

Rank

-

SHARING IS CARING

Question 1

1400

1350

1300

1200

Solution

Question 2

3

4

5

4.33

Solution

Question 3

1000

1200

1425

1350

Solution

Question 4

57805

56980

58806

59870

Solution

Question 5

₹ 3250

₹ 3500

₹ 3400

₹ 3550

Solution

Question 6

10/9

7/9

5/7

9/7

Solution

Question 7

2 years 5 months

2 years 11 months

2 years 7 months

2 years 3 months

Solution

Question 8

50980

51051

50580

51760

Solution

Question 9

1735.55

1154.66

1233.33

1266.67

Solution

Question 10

20

22

25

30

Solution

Question 11

₹ 125

₹ 150

₹ 175

₹ 135

Solution

Question 12

50

80

100

150

Solution