Practice MCQ Questions and Answer on Interest

91.

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?

(A) Rs. 35
(B) Rs. 245
(C) Rs. 350
(D) Cannot be determined

92.

A person invested a total of Rs. 57,500 at 4%, 5% and 8% per annum simple interest. At the end of the year, he received equal interest in all the three cases. The amount invested at 5% was:

(A) Rs. 20,000
(B) Rs. 20,750
(C) Rs. 25,000
(D) Rs. 37,500

Solution: $\begin{aligned} \frac{1}{4} : \frac{1}{5} : \frac{1}{8} \\ 10 : 8 : 5 \\ Amount invested at 5 % \\ = \frac{8}{23} \times 57, 500 \\ = 20, 000 \end{aligned}$

93.

Find the difference between the simple interest and the compound interest at 5% per annum for 2 years on principal of Rs. 2000.

(A) 5
(B) 10.5
(C) 4.5
(D) 5.5

Solution: $\begin{aligned} The difference between compound interest and \\ simple interest over two years is given by \\ \frac{{Pr}^{2}}{100^{2}} o r P {(\frac{r}{100})}^{2} \\ Here, Principal (P) = R s . 2000 \\ Rate (r) = 5 % \\ Now difference, \\ D = \frac{2000 \times 5 \times 5}{100 \times 100} \\ D = R s . 5 \end{aligned}$

94.

Deepak invested an amount of Rs. 21250 for 6 years. At what rate of simple interest will be obtain the total amount of Rs. 26350 at the end of 6 years?

(A) 5 p.c.p.a
(B) 6 p.c.p.a
(C) 8 p.c.p.a
(D) 12 p.c.p.a

Solution: Answer & Solution Answer: Option E Solution: $\begin{aligned} P = Rs . 21250 \\ S .I . = Rs . (26350 - 21250) \\ = Rs . 5100 \\ T = 6 years \\ ∴ Rate = (\frac{100 \times 5100}{21250 \times 6}) % \\ = 4 % \end{aligned}$

95.

The simple interest on a certain sum for 3 years at 14% p.a. is 4,200 less than the simple interest on the same sum for 5 years at the same rate. Find the sum.

(A) Rs. 16,000
(B) Rs. 10,000
(C) Rs. 15,000
(D) Rs. 12,000

Solution: $\begin{aligned} 3 years total rate = 14 \times 3 = 42 % \\ 5 years total rate = 14 \times 5 = 70 % \\ Gap = 28 % \to 4200 \\ Sum = \frac{4200}{28} \times 100 = Rs . 15, 000 \end{aligned}$

96.

What will be the simple interest earned on an amount of Rs. 16,800 in 9 months at the rate of $6 \frac{1}{4}$ % p.a. ?

(A) Rs. 787.50
(B) Rs. 812.50
(C) Rs. 860
(D) Rs. 887.50

Solution: $\begin{aligned} P = Rs . 16800 \\ R = 6 \frac{1}{4} % = \frac{25}{4} % \\ T = 9 mths = \frac{3}{4} yr . \\ ∴ S .I . = Rs . (16800 \times \frac{25}{4} \times \frac{3}{4} \times \frac{1}{100}) \\ = Rs . 787.50 \end{aligned}$

97.

In a certain time, the ratio of a certain principal and interest obtained from it are in the ratio 10 : 3 at 10% interest per annum. The number of years for which the money was invested is = ?

(A) 1 year
(B) 3 year
(C) 5 year
(D) 7 year

Solution: According to the question, Principal Interest 10 3 $\begin{aligned} Rate % = 10 % \\ Time = \frac{3}{10} \times \frac{100}{10} \\ = 3 years \end{aligned}$

98.

A sum of Rs. 1750 is divided into two parts such that the interests on the first part at 8% simple interest per annum and that on the other part at 6% simple interest per annum are equal. The interest on each part ( in Rupees) is ?

(A) Rs. 60
(B) Rs. 65
(C) Rs. 70
(D) Rs. 40

Solution: $\begin{aligned} Principal = Rs . 1750 \\ Let the first part = x \\ Hence second part \\ = (1750 - x) \\ According to the question, \\ \Rightarrow x \times \frac{8}{100} \times 1 = (1750 - x) \times \frac{6}{100} \times 1 \\ \Rightarrow 4 x = 5250 - 3 x \\ \Rightarrow 7 x = 5250 \\ \Rightarrow x = 750 \\ First part = Rs . 750 \\ ∴ Second part \\ = Rs . (1750 - 750) \\ = Rs . 1000 \\ Required interest \\ = 750 \times \frac{8}{100} \\ = Rs . 60 \end{aligned}$ Alternate Note : In such type of questions to save your valuable time follow the given below method. Let, Principal = 100 units in both cases 1st part 2nd part Total Principal → 100×3 : 100×4 +→ 700 units Interest → 8×3 : 6×4 Note : Interest is same in both cases According to the question, $\begin{aligned} 700 units = Rs . 1750 \\ 1 unit = Rs . \frac{1750}{700} \\ 24 units = Rs . \frac{1750}{700} \times 24 \\ = Rs . 60 \\ Hence, required interest \\ = Rs . 60 \end{aligned}$

99.

What will be the simple interest on Rs. 700 at 9% per annum for the period from February 5, 1994 to April 18, 1994?

(A) Rs. 12.60
(B) Rs. 11.30
(C) Rs. 15
(D) Rs. 13

Solution: $\begin{aligned} Here, time interval is given as \\ February 5, 1994 to April 18, 1994 \\ = 73 days = \frac{73}{365} = 0.2 years . \\ Now interest = \frac{P T R}{100} \\ = \frac{700 \times 9 \times 0.2}{100} \\ = R s . 12.60 \end{aligned}$

100.

If a sum doubles in 16 years, how much will it be in 8 years ?

(A) $1 \frac{1}{2}$ times
(B) $1 \frac{1}{3}$ times
(C) $1 \frac{1}{4}$ times
(D) $1 \frac{3}{4}$ times

Solution: Let Sum = Rs. x. Then, S.I. = Rs. x, Time = 16 years $\begin{aligned} ∴ Rate = (\frac{100 \times x}{x \times 16}) % = \frac{25}{4} % = 6 \frac{1}{4} % \\ Now, sum = Rs . x, \\ Time = 8 years \\ Rate = 6 \frac{1}{4} % \\ ∴ S .I . = Rs . (\frac{x \times 25 \times 8}{100 \times 4}) \\ = Rs . \frac{x}{2} \\ So, \\ Amount = Rs . (x + \frac{x}{2}) \\ = Rs . \frac{3 x}{2} \\ = 1 \frac{1}{2} times \end{aligned}$

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Practice MCQ Questions and Answer on Interest

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