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interest Mcqs

A trader owes a merchant Rs. 10,028 due 1 year hence. The trader wants to settle the account after 3 months. If the rate of interest 12% per annum, how much cash should he pay?

interest Mcqs, Mathematics Mcqs /
A trader owes a merchant Rs. 10,028 due 1 year hence. The trader wants to settle the account after 3 months. If the rate of interest 12% per annum, how much cash should he pay?

A. Rs. 9025.20
B. Rs. 9200
C. Rs. 9600
D. Rs. 9560

A trader owes a merchant Rs. 10,028 due 1 year hence. The trader wants to settle the account after 3 months. If the rate of interest 12% per annum, how much cash should he pay? Read More »

interest Mcqs, Mathematics Mcqs

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 ?

interest Mcqs, Mathematics Mcqs /
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. 992
B. Rs. 1112
C. Rs. 1056
D. Rs. 1182
Principal = 800 SI = 120 Time = 3 year
Rate = (100*120/800*3) = 5%
New rate = 8 % principal = 800 time 3 year
SI = (800*8*3/100) = 192
New amount = 800 + 192= 992

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 ? Read More »

interest Mcqs, Mathematics Mcqs

A sum was put a simple interest at a certain rate for 2 years. Had it been put at 4% higher rate, it would have fetched Rs. 60 more. The sum is:

interest Mcqs, Mathematics Mcqs /
A sum was put a simple interest at a certain rate for 2 years. Had it been put at 4% higher rate, it would have fetched Rs. 60 more. The sum is:

A. Rs.750
B. Rs.700
C. Rs.940
D. Rs.820

A sum was put a simple interest at a certain rate for 2 years. Had it been put at 4% higher rate, it would have fetched Rs. 60 more. The sum is: Read More »

interest Mcqs, Mathematics Mcqs

A man invests a certain sum of money at 6% per annum simple interest and another sum at 7% per annum simple interest. His income from interest after 2 years was Rs. 354. One-forth of the first sum is equal to one-fifth of the second sum. The total sum invested was :

interest Mcqs, Mathematics Mcqs /
A man invests a certain sum of money at 6% per annum simple interest and another sum at 7% per annum simple interest. His income from interest after 2 years was Rs. 354. One-forth of the first sum is equal to one-fifth of the second sum. The total sum invested was :

A. Rs.3100
B. Rs.2700
C. Rs.2200
D. Rs.1800
Let the man invests Rs.x at 6% and Rs.y at 7%
Simple Interest on Rs.x at 6% for 2 years + Simple Interest on Rs.y at 7% for 2 years = Rs.354
x×6×2/100+y×7×2/

A man invests a certain sum of money at 6% per annum simple interest and another sum at 7% per annum simple interest. His income from interest after 2 years was Rs. 354. One-forth of the first sum is equal to one-fifth of the second sum. The total sum invested was : Read More »

interest Mcqs, Mathematics Mcqs

You deposit $600 into a 6 month certificate of deposit. After 6 months the balance is $618. Find the simple annual interest rate

interest Mcqs, Mathematics Mcqs /
You deposit $600 into a 6 month certificate of deposit. After 6 months the balance is $618. Find the simple annual interest rate

A. 6%
B. 5%
C. 7%
D. 8%
1. To find the interest, subtract the principal from the balance.
$618 – $600 = $18
2.Use the simple interest formula and solve for r.
I = Prt
18= 600 x r x (1/2)
r= 0.06 =6%

You deposit $600 into a 6 month certificate of deposit. After 6 months the balance is $618. Find the simple annual interest rate Read More »

interest Mcqs, Mathematics Mcqs

How long will it take for a sum of money to grow from Rs.1250 to Rs.10,000, if it is invested at 12.5% p.a simple interest?

interest Mcqs, Mathematics Mcqs /
How long will it take for a sum of money to grow from Rs.1250 to Rs.10,000, if it is invested at 12.5% p.a simple interest?

A. 65 years
B. 56 years
C. 45 years
D. 57 years
Simple interest is given by the formula SI = (pnr/100), where p is the principal, n is the numberof years for which it is invested, r is the rate of interest per annum
In this case, Rs. 1250 has become Rs.10,000.
Therefore, the interest earned = 10,000 – 1250 = 8750.
8750 = [(1250 x n x 12.5)/100]
=> n = 700 / 12.5 = 56 years.

How long will it take for a sum of money to grow from Rs.1250 to Rs.10,000, if it is invested at 12.5% p.a simple interest? Read More »

interest Mcqs, Mathematics Mcqs

A sum of money at simple interest amounts to Rs. 815 in 3 years and to Rs. 854 in 4 years. The sum is :________?

interest Mcqs, Mathematics Mcqs /
A sum of money at simple interest amounts to Rs. 815 in 3 years and to Rs. 854 in 4 years. The sum is :________?

A. Rs. 700
B. Rs. 690
C. Rs. 650
D. Rs. 698
Simple Interest (SI) for 1 year = 854-815 = 39
Simple Interest (SI) for 3 years = 39 × 3 = 117
Principal = 815 – 117 = Rs.698

A sum of money at simple interest amounts to Rs. 815 in 3 years and to Rs. 854 in 4 years. The sum is :________? Read More »

interest Mcqs, Mathematics Mcqs

A sum was put at simple interest at a certain rate for 3 years. Had it been put at 2% higher rate, it would have fetched Rs 360 more. Find the sum.

interest Mcqs, Mathematics Mcqs /
A sum was put at simple interest at a certain rate for 3 years. Had it been put at 2% higher rate, it would have fetched Rs 360 more. Find the sum.

A. Rs.4000
B. Rs.9000
C. Rs.5000
D. Rs.6000
Let sum = P and original rate = R. Then
[(P * (R+2) * 3)/100] – [ (P * R * 3)/100] = 360
3P*(R+2) – 3PR = 36000
3PR + 6P – 3PR = 36000
6P = 36000
P = 6000

A sum was put at simple interest at a certain rate for 3 years. Had it been put at 2% higher rate, it would have fetched Rs 360 more. Find the sum. Read More »

interest Mcqs, Mathematics Mcqs

A sum of money amounts to Rs. 9800 after 5 years and Rs. 12005 after 8 years at the same rate of simple interest. The rate of interest per annum is:

interest Mcqs, Mathematics Mcqs /
A sum of money amounts to Rs. 9800 after 5 years and Rs. 12005 after 8 years at the same rate of simple interest. The rate of interest per annum is:

A. 5%
B. 8%
C. 12%
D. 15%
S.I. for 3 years = Rs. (12005 – 9800) = Rs. 2205.
S.I. for 5 years = Rs.[ (2205/3) x 5 ] = Rs.3675
Principle = Rs.(9800-3675) = Rs.6125
Rate=12%

A sum of money amounts to Rs. 9800 after 5 years and Rs. 12005 after 8 years at the same rate of simple interest. The rate of interest per annum is: Read More »

interest Mcqs, Mathematics Mcqs