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%.
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