Practice MCQ Questions and Answer on Interest

151.

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

152.

A man had 1000 hens at the beginning of year 2001 and the number of hens each year increases by 10% by giving birth. At the end of each year we double the no. of hens by purchasing the same no. of hens as there is the no. of hens with us at the time. What is the no. of hens at the beginning of 2004?

(A) 10600
(B) 10648
(C) 8848
(D) 8226

153.

The principal which gives Rs 1 interest per day at a rate of 5% simple interest per annum is = ?

(A) Rs. 5000
(B) Rs. 35500
(C) Rs. 7300
(D) Rs. 3650

Solution: $\begin{aligned} According to the question, \\ Interest = Rs . 1 per day \\ ∴ Interest in one year \\ = 1 \times 365 = Rs . 365 \\ ∴ S .I . = \frac{P \times T \times R}{100} \\ \Rightarrow 365 = \frac{P \times 5 \times 1}{100} \\ \Rightarrow P = \frac{365 \times 100}{5} \\ \Rightarrow P = Rs . 7300 \end{aligned}$

154.

What sum of money will amount to Rs. 520 in 5 years and to Rs. 568 in 7 years at simple interest?

(A) Rs. 400
(B) Rs. 120
(C) Rs. 510
(D) Rs. 220

Solution: (Principal + Interest) in 5 years → 520 (Principal + Interest) in 7 years → 568 $\begin{aligned} ∴ Interest in 2 years = 48 \\ ∴ I = \frac{48}{2} \\ = Rs . 24 in one year \\ ∴ P = 520 - 24 \times 5 \\ = Rs . 400 \end{aligned}$

155.

A money lender claims to lend money at the rate of 10% per annum simple interest. However, he takes the interest in advance when he lends a sum for one year. At what interest rate does he lend the money actually ?

(A) 10%
(B) $10 \frac{1}{9}$ %
(C) 11%
(D) $11 \frac{1}{9}$ %

Solution: $\begin{aligned} Amount \to 10 \\ ↓ \\ 90 \to \frac{10}{90} \times 100 \\ = 11 \frac{1}{9} % \end{aligned}$

156.

If simple interest on Rs. 600 for 4 years and on Rs. 600 for 2 years combined together is Rs.180, find the rate of interest.

(A) 4%
(B) 5%
(C) 5.5%
(D) 6.25%

Solution: $\begin{aligned} Let the rate of be R % p .a . \\ T h e n, \\ \frac{600 \times R \times 4}{100} + \frac{600 \times R \times 2}{100} = 180 \\ \Rightarrow 2400 R + 1200 R = 18000 \\ \Rightarrow 3600 R = 18000 \\ \Rightarrow R = 5 % \end{aligned}$

157.

A person invests money in three different schemes for 6 years, 10 years and 12 years at 10 percent, 12 percent and 15 percent simple interest respectively. At the completion of each scheme, he gets the same interest. The ratio of his investment is

(A) 2 : 3 : 4
(B) 4 : 3 : 2
(C) 3 : 4 : 6
(D) 6 : 3 : 2

Solution: Let the three amounts be Rs. x, Rs. y and Rs. z, Then, $\begin{aligned} \frac{x \times 10 \times 6}{100} = \frac{y \times 12 \times 10}{100} = \frac{z \times 15 \times 12}{100} \\ \Rightarrow 60 x = 120 y = 180 z \\ \Rightarrow x = 2 y = 3 z = k (s a y) \\ \Rightarrow x = k, y = \frac{k}{2}, z = \frac{k}{3} \\ \Rightarrow x : y : z = k : \frac{k}{2} : \frac{k}{3} \\ \Rightarrow x : y : z = 1 : \frac{1}{2} : \frac{1}{3} \\ = 6 : 3 : 2 \end{aligned}$

158.

Simple interest on Rs. 500 for 4 years at 6.25% per annum is equal to the simple interest on Rs. 400 at 5% per annum for a certain period of time. The period of time is = ?

(A) 4 years
(B) 5 years
(C) $6 \frac{1}{4}$ years
(D) $8 \frac{2}{3}$ years

Solution: $\begin{aligned} Let the required time = t years \\ According to the question, \\ \Leftrightarrow \frac{500 \times 4 \times 6.25}{100} = \frac{400 \times 5 \times t}{100} \\ \Leftrightarrow 5 \times 4 \times 625 = 400 \times 5 \times t \\ \Leftrightarrow t = \frac{625}{100} = \frac{25}{4} \\ \Leftrightarrow t = 6 \frac{1}{4} years \end{aligned}$

159.

A person borrows Rs. 5000 for 2 year at 4% p.a. simple interest. He immediately lends it to another person at $6 \frac{1}{4}$ % p.a. for 2 years. Find his gain in the transaction per year.

(A) Rs. 112.50
(B) Rs. 125
(C) Rs. 150
(D) Rs. 167.50

Solution: $\begin{aligned} Gain in 2 years \\ = (5000 \times \frac{25}{4} \times \frac{2}{100}) - (\frac{5000 \times 4 \times 2}{100}) \\ = Rs . (625 - 400) \\ = Rs . 225 \\ ∴ Gain 1 year = Rs . (\frac{225}{2}) \\ = Rs . 112.50 \end{aligned}$

160.

A sum lent out at simple interest amounts to Rs. 6,076 in 1 year and Rs. 7,504 in 4 years. The sum and the rate of interest p.a. are respectively:

(A) Rs. 5,600 and 9%
(B) Rs. 5,600 and 8.5%
(C) Rs. 5,400 and 9%
(D) Rs. 5,400 and 10%

Solution: SI in three years = 7504 - 6076 = 1428 SI in one year $= \frac{1428}{3} = 476$ Now we can go through option; from option B $\frac{5600 \times 8.5}{100} = 476$

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Practice MCQ Questions and Answer on Interest

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