100+ Simple Interest Questions and Answers for Bank Exams - 1
Question: 1
Rs.6200 amount to Rs.9176 in 4 years at simple interest. If the interest rate is increased by 3% it would amount to how much?
(A) Rs. 8432
(B) Rs. 9820
(C) Rs. 9822
(D) Rs. 9920
Ans: D
P = Rs. 6200, S.I. = Rs. (9176 – 6200) = Rs. 2976, T = 4 years.
∴ Rate = $$({100 × 2976}/{6200 × 4})$$ = 12%.
New rate = (12 + 3)% = 15%.
New S.I. = Rs. $$({6200 × 15 × 4}/{100})$$ = 3720.
Now amount = Rs. (6200 + 3270) = Rs. 9920.
Question: 2
Rs.1000 is invested at 5% per annum simple interest. If the interest is added to the principal after every 10 years, the amount will become Rs.2000 after
(A) 15 years
(B) $$16{2}/{3}$$
(C) 18 years
(D) 20 years
Ans: B
Amount after 10 years = $$[1000 + {1000 × 5 × 10} / {100}]$$ = Rs. 1500.
Now, S.I. = Rs. (2000 – 1500) = Rs. 500, P = Rs. 1500, R = 5%.
∴ Time = $$({500 × 100}/{1500 × 5})$$yrs = $$6{2}/{3}$$yrs.
Hence, required time= $$(10 + 6{2}/{3})$$yrs = $$16{2}/{3}$$yrs.
Question: 3
What should be the least number of years in which the simple interest on Rs. 2600 at $$6{2} / {3}$$% will be an exact number of rupees?
(A) 2 years
(B) 3 years
(C) 4 years
(D) 5 years
Ans: B
S.I. = Rs. $$(2600 × {20}/{3} × {1}/{100} × T)$$ = Rs. $$({520}/{3} × T)$$
which is an exact number of rupees when T = 3 years.
Question: 4
A person takes a loan of Rs. 200 at 5% simple interest. He returns Rs. 100 at the end of 1 year. In order to clear his dues at the end of 2 years, he would pay
(A) Rs. 105
(B) Rs. 110
(C) Rs. 115
(D) Rs. 120
Ans: C
Amount to be paid = Rs. $$(100 + {200 × 5 × 1} / {100} + {100 × 5 × 1} / {100})$$ = 115.
Question: 5
An automobile financier claims to be lending money at simple interest, but he includes the interest every six months for calculating the principal. If he is charging an interest of 10%, the effective rate of interest becomes
(A) 10%
(B) 10.5%
(C) 10.25%
(D) 10.35%
Ans: C
Let the sum be Rs. 100. Then,
S.I. for first 6 months = Rs. $$({100 × 10 × 1} / {100 × 2})$$ = Rs. 5.
S.I. for last 6 months = Rs. $$({105 × 10 × 1} / {100 × 2})$$ = Rs. 5.25.
So, amount at the end of 1 year = Rs. (100 + 5 + 5.25) = Rs. 110.25.
∴ Effective rate = (110.25 – 100) = 10.25%.
- 100+ Simple Interest Questions and Answers for Bank Exams
- 100+ Simple Interest Questions for SBI, IBPS PO, SO, Clerk
- 100+ Simple Interest and Compound Interest TNPSC Questions
- Simple Interest and Compound Interest Questions for SSC Exams
- 100+ Simple Interest Questions and Answers for Competitive Exams
- Top 100+ Simple and Compound Interest MCQ with Answers Pdf
Non Verbal Reasoning Questions and Answers for Bank Exams More
tnpsc vao chemistry question paper with answers More
TNPSC Group 2a Study Material in Tamil and English Pdf More
1000+ Classification Non Verbal Reasoning Questions and Answers More
1000+ Non Verbal Reasoning Classification Questions and Answers Pdf More
TNPSC Environmental Science Quiz Questions and Answers More
Basic Computer Skills Test Questions and Answers More
1000+ Important Days and Dates Pdf More
Coding & Decoding Questions for IBPS PO, SO, Clerk Mains More
1000+ Physics Quiz Questions with Answers More