Simple Interest & Compound Interest Test

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Simple Interest & Compound Interest Test - 1

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Question 1
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At the rate of 6% p.a. simple interest, a sum of Rs. 2500 will earn how much interest by the end of 5 years.

A
Rs. 150

B
Rs. 750

C
Rs. 700

D
Rs. 3250

E
All of the above

Solution

Simple interest = ( P x R x T) / 100
= (2500 x 6 x 5) / 100
Simple interest = Rs. 750
Question 2
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In what time will Rs. 72 become Rs. 81 at 25/4% per annum simple interest?

A
2 years

B
3 years

C
2 years 6 months

D
Can ’t determine

E
None of these

Solution

Interest = Rs. (81-72) = Rs. 9
Let the time be t years.
9 = (72 ×25 ×t)/(4 ×100)
t = (9 ×400)/(72 ×25)=2 years
Question 3
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On what sum the simple Interest for 3 years at 5% per annum amount to Rs. 150.

A
Rs. 1000

B
Rs. 1500

C
Rs. 1050

D
None

E
All of the above

Solution
Question 4
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At what rate percent per annum will a sum of money double itself in 15 years.

A

B

C

D
None

E
All of the above

Solution
Question 5
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In what time Rs. 2600 amount to Rs. 3055 at the rate of 3 ½% per annum.

A
2 ½years

B
5 years

C
3 years

D
None

E
All of the above

Solution

The correct option is B.
Principal amount=2600
Rate=3 1/2%pa=7/2
Time = T
SI=3055-2600=455
SI=PRT/100
455=2600 ×7 ×T/100 ×2,
T=5yrs.
Question 6
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Find the sum of money when increases 1/10 of itself every year amount to Rs. 600 in 5 years.

A
Rs. 380

B
Rs. 280

C
Rs. 480

D
None

E
All of the above
Question 7
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A certain sum amounts to Rs. 1400 in 2 years and Rs. 1600 in 3 years. Find the rate of simple interest and the sum(principal)?

A
15%, Rs. 1100

B
20%, Rs. 1000

C
17%, Rs. 1400

D
20%, Rs. 1100

E
22%, Rs. 900

Solution
Question 8
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The simple Interest on a certain sum of money at the rate of 4% p.a. for 5 years is Rs. 1680. At what rate of interest the same amount of interest can be received on the same sum after 4 years ?

A
5%

B
6%

C
7%

D
8%

Solution

5%
S.I. = 1680, R = 4% T = 5 years
Principal = (100 *1680)/ (5*4) = 8400
So P = 8400
Rate = (100 *1680)/ (8400 * 4) = 5%
Question 9
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In what time Rs. 540 at 5 percent per annum will produce the same Interest as Rs. 1800 in 5 years at 6 percent per annum.

A
10 years

B
30 years

C
25 years

D
None

E
All of the above
Question 10
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A lent 180 to B for 10 years and 200 to C for 2 years at Simple interest, the rate of interest being same in both the cases. He received Rs. 220 as total interest. Find the rate%.

A
5%

B
10%

C
8%

D
None

E
All of the above
Solution
Let 's solve the problem step by step.
Given:
A lent Rs.180 to B for 10 years.
A lent Rs.200to C for 2 years.
The total interest received by A from both B and C is Rs.220
The rate of interest is the same for both loans.
Let the rate of interest be r%r\%r% per annum.
Simple Interest Formula:
The formula for simple interest is:
where:
PPP is the principal amount.
rrr is the rate of interest.
ttt is the time in years.
Question 11
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A man had Rs.3000 a part of which he lent at 4% p.a and rest at 5% p.a. The whole annual interest received was Rs. 130. The money he lent at 4% was

A
Rs. 2000

B
Rs. 1000

C
Rs. 800

D
None

E
All of the above

Solution
Question 12
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A man had Rs. 5800 a part of which he lent at 4% and rest at 6%. The whole annual interest received was Rs. 292. The money lent at 4% was ……?

A
Rs. 3000

B
Rs. 2600

C
Rs. 2700

D
None

E
All of the above

Solution

The correct option is D as Let the part lent at 4% be x then , rest will be (5800-x) .
(x*4*1)/100 + { (5800-x)*6*1 } / 100 = 292
4x/100 + { 34800 - 6x }/100 = 292
4x + 34800 - 6x = 29200
2x = 5600
x = 2800 so , d is correct option.
Question 13
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A man buys a land and gives for it 20 times the annual rent. Find the rate of Interest he gets for his money.

A
10%

B
3%

C
4%

D
None.

E
All of the above

Solution

Let annual rent is 1 Rs. so buys the land at 20 Rs. So by investing Rs.20 he is getting Rs.1 as interest. so on Rs.100 he gets Rs.5. So rate%=5%. Hence option D is the answer.
Question 14
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At what rate percent per annum simple Interestwill a sum of money be 1.1 times in 2 years?

A
2%

B
3%

C
4%

D
None

E
All of the above

Solution
Question 15
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Find the rate of Simple Interest when a sum of money treble itself in 25 years.

A
4%

B
10%

C
8%

D
None

E
All of the above
Question 16
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Find the Compound Interest on Rs. 12500 at 8% per annum for 9 months compounded quarterly.

A
Rs.1020

B
Rs. 1428

C
Rs. 510

D
765.1

E
All of the above

Solution

The correct is D as
n=9 months
=3 quaterly
A=12500 ×(1+2/100)^3
=12500 ×51/50 ×51/50 ×51/50
=Rs.13265.1
CI=A −P
=13265.1 −12500
=Rs.765.1
Question 17
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Adam borrowed some money at the rate of 6% p.a. for the first two years, at the rate of 9% p.a. for the next three years and at the rate of 14% p.a.for the period beyond five years.1 £he pays a total interest of Rs. 11, 400 at the end of nine years how much money did he borrow?

A
11,000

B
12,000

C
13,000

D
14,000

E
All of the above

Solution
Question 18
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The Simple Interest on a certain sum of money for two years is Rs. 40 and the CI on same sum at same rate for same time is Rs. 40.50. Find the sum.

A
Rs. 1600

B
Rs. 800

C
Rs. 600

D
None

E
All of the above
Question 19
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Invested a sum of money at CI. It amounted to Rs. 2420 in 2 years and 2662 in 3 years. The rate percent is …….

A
10%

B
12%

C
14%

D
None

E
All of the above

Solution

Diff.in amount=
=2662-2420=242
:-242 is the interest on on2420 in one year( it is same for SI or CI because both are same for one year)
hence rate of interest= 242×100/2420=10%