Simple interest
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- A borrows Rs. 800 at the rate of 12% per annum simple interest and B borrows Rs. 910 at the rate of 10% per annum, simple interest. In how many years will their amounts of debt be equal?
A. 18
B. 20
C. 22
D. 24
E. 28
Correct option is : C
Let the period of time be T years
800 + 800 ×12 ×𝑇 = 910 + 910 ×10 ×𝑇
100 100
=> 800 + 96T = 910T + 91T
=> 96T – 91T = 910 – 800
=> 5T = 110
=> T = 110 = 22 years
5
- A sum of money at simple interest amounts to Rs. 815 in 3 years and to Rs. 854 in 4 years. The sum is:
A. 650
B. 690
C. 698
D. 700
E. None of these
Correct option is : C
S.I. for 1 year = Rs. (854 – 815) = Rs. 39.
S.I. for 3 years = Rs.(39 x 3) = Rs. 117. Principal = Rs. (815 – 117) = Rs. 698.
3. A sum fetched a total simple interest of Rs. 4016.25 at the rate of 9 p.c.p.a. in 5 years. What is the sum?
A. Rs. 4462.50
B. Rs. 8032.50
C. Rs. 8900
D. Rs. 8925
E. None of these
Correct option is : D
Solution:
Principal = Rs. (100×4016.25)
9×5
= Rs. (401625)
45
= Rs. 8925
Compound Interest
1. A man lent Rs. 4500 at 30% compound interest per annum for 3 years. What is the difference between the interest earned by the man in the 2nd year only and the interest earned by the man in the 3rd year only?
A. Rs. 545.5
B. Rs. 502
C. Rs. 526.5
D. Rs. 532
E. Rs. 529
Correct option is : C
2. A man saves Rs.20,000 at the beginning of each year and puts the money in a bank that pays 10% interest per year, interest being compounded annually. What would be the total savings of the man at the end of 6 years?
A. Rs. 196840
B. Rs. 169840
C. Rs. 189480
D. Rs. 199480
E. Rs. 168840
Correct option is : B
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Solution:
The first Rs. 20000 would become 20000(1.1)6 after 6 years, the second will become 20000(1.1)5.the third will become 20000 (1.1)4, the fourth will become 20000 (1.1)3 , the fifth will become 20000(1.1)2 and the sixth will become 20000 (1.1).
Total amount = 20000 [(1.1) + (1.1)2 + (1.1)3 + (1.1)4 + (1.1)5 + (1.1)6]
= (20000) (1.1) [ 1 + (1.1) + (1.1)2 + (1.1)3 + (1.1)4 + (1.1)5]
| = 22000 | (1.1)6 – 1 | = 22000 (7.72) = Rs. 169840 |
3. Shyam deposited Rs. 80000 in a bank which pays 10% compound interest for 2 years. Then after 2 years, he started a business with amount (sum + interest) along with Ram, with capital of Rs. 60,000. Shyam invested for 6 months and left. Ram invested for the whole year. What will be the ratio of their profits at the end of the year?
A. 150 : 221
B. 121 : 150
C. 121 : 130
D. 130 : 121
E. 155 : 101
Correct option is : B
Solution:
Capital of Shyam = Rs. 80,000 Rate of Interest = 10%
Time for which he deposited in bank = 2 years Amount = 80000 (1 + 10 )2
100
| Amount = | 80000 × 121 | = Rs. 96800 |
| 100 |
Investment of Shyam in business = Rs. 96800 Investment of Ram in business = Rs. 60000
| Ratio of their profits = | 96800 × 6 |
| 60000 × 12 |
Ratio = 968 : 1200 = 121 : 150
Simple Interest and Compound Interest
- Find the difference between simple and compound interest on Rs. 6000 for 1 year at 20% per but interest is calculated on half yearly
A. 120
B. 60
C. 180
D. 72
E. 108
Correct option is : B
2. Rs. X is required to earn a monthly interest of Rs. 400 at 10% per annum at simple interest. Rs. Y is required to earn same interest as X when compounded semi-annually at 10% pa. Find the difference between X and Y. A. 1170.74
A. 1331.26
B. 928.34
C. 979.66
D. None of these
Correct option is : A
Total Interest =12 × 400 = 4800
| P = | (S.I × 100) | × T = 48000 |
Compound interest = Y(1 + R )2
100– Y = 4800
Y = 46829.26
Difference = Rs. (48000 – 46829.26) =1170.74
3. A invested some money at r% which grows to 676/441 times when invested for two years in a scheme where interest is compounded annually, how long will the same sum of money take to triple itself if invested at ‘r/100’% rate of interest in a scheme where the interest is computed using the simple interest method.
A. 120 years
B. 840 years
C. 105 years
D. 720 years
E. None of these
Correct option is : B
Download Simple Interest and Compound Interest Aptitude questions PDF
Download Simple Interest and Compound Interest Aptitude Answers PDF
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