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Aptitude - Simple Interest

------------------------------------In this section you will find aptitude questions and answers of various
difficulty levels on Simple Interest with explanation for various interview,
competitive examination and entrance test in an easy to understand way. You can
also checkout Tips and Tricks, Videos related to the topic.Use Green Board or
space provided for Rough work whenever you need.

Formulae :
Facts:
A)Principal :
The money borrowed or lent out for a certain period is called the principal
or the sum.
B)Interest:
Extra money paid for using others money is called interest.
C)Simple Interest:
If interest on a some borrowed for a certain period is calculated uniformly,
then it is called simple interest.
Formulae:
Let Principal = P , Rate = R% per year or annum(p.a.) and Time = T
years. Then ,
a.SI = (P x R x T) / 100

b.P = (100 x SI )/ (R x T)
c.R = (100 x SI )/ (P x T)
d.T = (100 x SI )/ (P x R)

Questions and Answers :

PadhleBeta.net - Aptitude - Simple Interest
1) The rate at which a sum becomes four times of itself in 15 years at
S.I., will be :
1) 30 %

3) 25 %

2) 20 %

4) 89 %

Solution :
Let sum = x. Then, S.I. = 3x
Rate = [100 * S.I. / P*T]
= [100 * 3x / x * 15]% = 20%.
PadhleBeta.net - Aptitude - Simple Interest
2) Simple interest on a certain sum at a certain annual rate of interest is
1/9 of the sum. If the numbers representing rate percent and time in
years be equal, then the rate of interest is:

1) 2 2/3 %

3) 4 4/3 %

2) 3 1/3 %

4) 8 %

Solution :
Let sum = x. Then, S.I. = x/9

Let rate = R% and time = R years.

[x * R * R / 100] = x / 9 R = 100/9 R = 10/3 = 3 1/3.
Hence, time = 3 1/3 %.
PadhleBeta.net - Aptitude - Simple Interest
3) At what rate percent per annul will the simple interest on a sum of
money be 2/5 of the amount in 10 years?

1) 10 %

3) 5 %

2) 9 %

4) 4 %

Solution :
Let sum = x. Then, S.I. = 2x/5, Time = 10 years.
Rate = [100 * 2x / x*5*10]% = 4%.
PadhleBeta.net - Aptitude - Simple Interest
4) Simple interest on a certain amount is 9/16 of the principal. If the
numbers representing the rate of interest in percent and time in years be
equal, then time, for which the principal is lent out, is :

1) 8 years

3) 7 1/3 years

2) 8 1/2 years

4) 7 1/2 years

Solution :
Let sum = x. Then, S.I. = 9/16 x.
Let rate = R% and time = R years.
[x * R * R / 100] = 9x / 16 R2 = 900/16

R = 30/4 = 7 1/2
Hence, time = 7 1/2 years.
PadhleBeta.net - Aptitude - Simple Interest
5) How long will it take a sum of money invested at 5% p.a. S.I. to
increase its value by 40% ?

1) 8 years

3) 9 years

2) 8 1/2 years

4) 7 1/2 years

Solution :
Let the sum be x. Then, S.I. = 40% of x = 2x/5; Rate = 5%.
Time = [100 * 2x/5 * 1/x*5] = 8 years.
PadhleBeta.net - Aptitude - Simple Interest
6) A sum fetched total simple interest of Rs. 4016.25 at the rate of 9
p.c.p.a. in 5 years. What is the sum?

1) Rs. 4525

3) Rs. 8925

2) Rs. 9985

4) Rs. 7925

Solution :
Principal = Rs. [100 * 4016.25 / 9 * 5]
= Rs. [401625 / 45] = Rs. 8925.
PadhleBeta.net - Aptitude - Simple Interest
7) The simple interest at x% for x years will be Rs. x on sum of:

1) Rs. x

3) Rs. [100/x]

2) Rs. [x/100]

4) Rs. 100 x

Solution :
Sum = [100 * S.I. / R * T] = Rs. [100 * x / x * x] = Rs. [100/x].
PadhleBeta.net - Aptitude - Simple Interest
8) A sum of money at simple interest amounts to Rs. 815 in 3 years and
to Rs. 854 in 4 years. The sum is:

1) 698

3) 800

2) 898

4) 750

Solution :
S.I. for 1 year = Rs. (854 - 815) = Rs. 39.
S.I. for 3 years = Rs. (39 * 3) = Rs. 117.
Principal = Rs. (815 - 117) = Rs. 698.
PadhleBeta.net - Aptitude - Simple Interest
9) In how many years will a sum of money double itself at 10% per
annul?

1) 4 years

3) 4 years 8 months

2) 8 years

4) 8 years 4 months

Solution :
Let sum = x. Then, S.I. = x
Time = [100 * S.I. / P*R] = [100 * x / x * 12] years
= 8 1/3 years = 8 years 4 months.
PadhleBeta.net - Aptitude - Simple Interest

10) The simple interest on Rs. 10 for 4 months at the rate of 3 paise per
rupee per month is :

1) Rs. 1.40

3) Rs. 2.25

2) Rs. 1.20

4) Rs. 1.10

Solution :
S.I. = Rs. [10 * 3/100 * 4]
= Rs. 1.20