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Interest - Aptitude MCQ Questions and Solutions with Explanations

Interest MCQ Questions and answers with easy and logical explanations.Arithmetic Ability provides you all type of quantitative and competitive aptitude mcq questions on Interest with easy and logical explanations. Interest MCQ is important for exams like Banking exams,IBPS,SCC,CAT,XAT,MAT etc. Page-2 section-3

Each section contains 100 MCQs on Interest .
11
What will be the simple interest on a sum of Rs. 12000 at the rate of 15% per annum of three years?
Discuss
Answer & Solution
Answer: Option A
Solution:
$${\text{S}}{\text{.I}}{\text{.}} = \frac{{12000 \times 15 \times 3}}{{100}} = {\text{Rs}}{\text{. }}5400$$
12
A sum amounts to Rs. 14,395.20 at 9.25% p.a. simple interest in 5.4 years. What will be the simple interest on the same sum at 8.6% p.a. in 4.5 years?
Discuss
Answer & Solution
Answer: Option A
Solution:
$$\eqalign{ & \frac{{P \times 5.4 \times 9.25}}{{100}} = \left( {14395.20 - P} \right) \cr & P = 9600 \cr & \frac{{9600 \times 8.6 \times 4.5}}{{100}} = {\text{SI}} \cr & {\text{SI}} = 3715.20 \cr} $$
13
In how much time will the simple interest on a certain sum of money be $$\frac{6}{5}$$ times of the sum of 20% per annum?
Discuss
Answer & Solution
Answer: Option D
Solution:
$$\eqalign{ & 6 = 5 \times \frac{{20}}{{100}} \times t \cr & t = 6{\text{ years}} \cr} $$
14
A sum of Rs. 10 is lent by a child to his friend to be returned in 11 monthly instalment a of Rs. 1 each, the interest being simple. The rate of interest is:
Discuss
Answer & Solution
Answer: Option B
Solution:
Let the rate of interest be R% per annum = Amount to be paid. If paid at the end of 11 months
$$ \Rightarrow 10 + \frac{{10 \times R \times \frac{{11}}{{12}}}}{{100}} = 10 + \frac{{11R}}{{120}}$$
Total effective payments = (Rs. 1 + Interest on Rs. 1 for 10 months) + (Rs. 1 + Interest on Rs. 1 for 9 months) + . . . . . + (Rs. 1 + Interest on Rs. 1 for 1 month) + Rs. 1
$$\eqalign{ & = \left( {1 + \frac{{1 \times R \times \frac{{10}}{{12}}}}{{100}}} \right) + \left( {1 + \frac{{1 \times R \times \frac{9}{{12}}}}{{100}}} \right) + ..... + \left( {1 + \frac{{1 \times R \times \frac{1}{{12}}}}{{100}}} \right) + 1 \cr & = \left( {1 + \frac{{10R}}{{1200}}} \right) + \left( {1 + \frac{{9R}}{{1200}}} \right) + ..... + \left( {1 + \frac{R}{{1200}}} \right) + 1 \cr & = 11 + \frac{{R\left( {\frac{{10 \times 11}}{2}} \right)}}{{1200}} \cr & = 11 + \frac{{11R}}{{240}} \cr & {\text{Now we have}} \cr & 10 + \frac{{11R}}{{120}} = 11 + \frac{{11R}}{{240}} \cr & \frac{{11R}}{{240}} = 1 \cr & R = \frac{{240}}{{11}} \cr & \boxed{R = 21\frac{9}{{11}}\% } \cr} $$
15
A sum of money at simple interest amounts of Rs. 6,000 in 4 years and to Rs. 6,750 in 7 years at the same rate percent p.a. of interest. The sum (in Rs.) is:
Discuss
Answer & Solution
Answer: Option D
Solution:
Simple interest for 3 years = 6750 - 6000 = 750
Simple interest for 1 year = 750 ÷ 3 = 250
Simple interest for 4 years = 4 × 250 = 1000
Sum = 6000 - 1000 = 5000
16
Sum Rs. 20000 and Rs. 40000 are given on simple interest at the rate of 10% and 15% per annum respectively for three years. What will be the total simple interest?
Discuss
Answer & Solution
Answer: Option C
Solution:
Simple interest on 20000 for 3 years at 10% rate
$${\text{SI}} = \frac{{20000 \times 3 \times 10}}{{100}} = 6000$$
Simple interest on 40000 for 3 years at 15% rate
$${\text{SI}} = \frac{{40000 \times 3 \times 15}}{{100}} = 18000$$
Total interest = 6000 + 18000 = 24000
17
A sum lent out at simple interest amounts to Rs. 6,076 in 1 year and Rs. 7,504 in 4 years. The sum and the rate of interest p.a. are respectively:
Discuss
Answer & Solution
Answer: Option B
Solution:
SI in three years = 7504 - 6076 = 1428
SI in one year $$ = \frac{{1428}}{3} = 476$$
Now we can go through option; from option B
$$\frac{{5600 \times 8.5}}{{100}} = 476$$
18
Find the simple interest on Rs. 2,700 for 8 months at 5 paisa per rupee per month?
Discuss
Answer & Solution
Answer: Option D
Solution:
$$\eqalign{ & {\text{Rate}} = \frac{{5{\text{ paisa}}}}{{1{\text{ rupee}}}} = 5\% \cr & {\text{Time}} = 8{\text{ months}} \cr & {\text{S}}{\text{.I}}{\text{.}} = \frac{{2700 \times 5 \times 8}}{{100}} = 1080 \cr} $$
19
A sum of Rs. 50,250 is divided into two parts such that he simple interest on the first part for $$7\frac{1}{2}$$ years at $$8\frac{1}{3}\% $$  p.a. $$\frac{5}{2}$$ is times the simple interest on the second part for $$5\frac{1}{4}$$ years at 8% p.a. What is the difference (in Rs.) between the two parts?
Discuss
Answer & Solution
Answer: Option A
Solution:
$$\eqalign{ & {\text{S}}{\text{.I}}{{\text{.}}_1} = \frac{5}{2} \times {\text{S}}{\text{.I}}{{\text{.}}_2} \cr & \frac{{x \times 25 \times 15}}{{100 \times 3 \times 2}} = \frac{5}{2} \times \frac{{y \times 8 \times 21}}{{100 \times 4}} \cr & 25 \times 5 \times x = 5 \times 2 \times 21 \times y \cr & x:y = 210:125 = 42:25 \cr & = 42 - 25 = 17{\text{ units}} \cr & 67{\text{ units}} = 50250 \cr & 1{\text{ unit}} = 750 \cr & 17{\text{ units}} = 750 \times 17 = 12750 \cr & {\text{Difference between both parts}} = 12750 \cr} $$