Top 100+ Simple and Compound Interest MCQ with Answers Pdf - 1

Question: 1

A sum of Rs.800 amounts to Rs.920 in 3 years at simple interest. If the interest rate is increased by 3%, it would amount to how much?

(A) Rs. 990

(B) Rs. 992

(D) Rs. 996

View Answer

Ans: B

S.I. = Rs. (920 – 800) = Rs. 120, P = Rs. 800, T = 3 years.

R = $$({100 × 120} / {800 × 3})$$% = 5%, New rate = (5 + 3) = 8%.

New S.I. = Rs. $$({800 × 8 × 3}/{100})$$ = Rs. 192.

∴ New amount = Rs. (800 + 192) = Rs. 992.

Question: 2

A lent Rs.5000 to B for 2 years and Rs.3000 to C for 4 years on simple interest at the same rate of interest and received Rs.2200 in all from both of them as interest. The rate of interest per annum is

(A) 5%

(B) 7%

(D) 11%

View Answer

Ans: C

Let the rate be R% p.a.

Then, $$({5000 × R × 2} / {100})$$ + $$({3000 × R × 4} / {100})$$ = 2200

⇔ 100R + 120R = 2200 ⇔ R = $$({2200}/{220})$$ = 10.

∴ Rate = 10%.

Question: 3

Rahul borrowed a sum of Rs.1150 from Amit at the simple interest rate of 6 p.c.p.a. for 3 years. He then added some more money to the borrowed sum and lent it to Sachin for the same time at 9 p.c.p.a. simple interest. If Rahul gains Rs.274.95 by way of interest on borrowed sum as well as his own amount from the whole transaction, then what is the sum lent by him to Sachin?

(A) Rs. 1200

(B) Rs. 1690

(D) Rs. 1900

View Answer

Ans: C

Let the money added by Rahul be Rs.x.

Then, $${(1150 + x) × 9 × 3} / {100}$$ - $${1150 × 6 × 3}/{100}$$ = 274.95

⇔ 1150 × 27 + 27x - 1150 × 18 = 27495

⇔ 27x + 1150 × (27 - 18) = 27495

⇔ 27x = 27495 - 10350 = 17145 ⇔ x = 635

So, sum lent by Rahul to Sachin = Rs. (1150 + 635) = Rs. 1785.

Question: 4

Find the simple interest on Rs.68000 at $$16{2}/{3}$$% per annum for 9 months.

(A) Rs. 8000

(B) Rs. 8500

(D) Rs. 9500

View Answer

Ans: B

P = Rs.68000, R = $${50}/{3}$$% p.a. and T = $${9}/{12}$$ years = $${3}/{4}$$years.

∴ S.I. = $$({P × R × T} / {100}) = Rs. $$(68000 × $${50}/{3}$$ × $${3}/{4}$$ × $${1}/{100}$$) = Rs. 8500.

Question: 5

The simple interest accrued on an amount of Rs.2500 at the end of 6 years is Rs.1875. What would be the simple interest accrued on an amount of Rs.6875 at the same rate and for the same period?

(A) 5150.25%

(B) 5152.25%

(D) 5158.50%

View Answer

Ans: C

P = Rs. 2500, T = 6 years, S.I. = Rs. 1875.

∴ Rate = $$({100 × 1875} / {2500 × 6})$$% = $$12{1}/{2}%$$

Now, P = 6875, T = 6 years, R = $$12{1}/{2}$$%.

∴ S.I. = Rs. $$({6875 × 25 × 6} / {100 × 2})$$ = Rs. 5156.25%.

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Top 100+ Simple and Compound Interest MCQ with Answers Pdf - 1

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