type 1 basic simple interest using formula Section-Wise Topic Notes With Detailed Explanation And Example Questions
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The following question based on simple interest topic of quantitative aptitude
(a) 8%
(b) 5$1/2$%
(c) 6%
(d) 7%
The correct answers to the above question in:
Answer: (d)
Using Rule 1,
Principal (P) = Rs.1600
T = 2 years 3 months
= $(2 + 3/12) yrs. = (2 + 1/4) yrs. = 9/4 yrs.$
S.I = Rs.252
R = % rate of interest per annum
R = ${100 × S.I.}/{P × t}$
= ${100 × 252}/{1600 × 9/4}$
Rate of interest = 7% per annum.
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Read more basic problems using formula Based Quantitative Aptitude Questions and Answers
Question : 1
A man took a loan from a bank at the rate of 12% per annum at simple interest. After 3 years he had to pay Rs.5,400 as interest only for the period. The principal amount borrowed by him was :
a) Rs.10,000
b) Rs.2,000
c) Rs.15,000
d) Rs.20,000
Answer »Answer: (c)
Using Rule 1,
Let the principal be x.
S.I. = ${\text"Principal × Rate × Time"/100$
5400 = ${x × 12 × 3}/100$
$x = {5400 × 100}/{12 × 3}$ = Rs.15000
Question : 2
In what time will Rs.72 become Rs.81 at 6$1/4$% per annum simple interest ?
a) 3 years
b) 2 years
c) None of these
d) 2 years 6 months
Answer »Answer: (b)
Using Rule 1,
Interest = Rs.(81–72)= Rs.9
Let the time be t years.
Then, 9 = ${72 × 25 × t}/{4 × 100}$
t = ${9 × 400}/{72 × 25}$ = 2 years.
Question : 3
The sum of money, that will give Rs.1 as interest per day at the rate of 5% per annum simple interest is
a) Rs.36500
b) Rs.3650
c) Rs.7300
d) Rs.730
Answer »Answer: (c)
Using Rule 1,
The sum of money will give Rs.365 as simple interest in a year.
S.I. = $\text"PRT"/100$
365 = ${P × 5 × 1}/100$
P = ${365 × 100}/5$ = Rs.7300
Question : 4
A man had Rs.16,000, part of which he lent at 4% and the rest at 5% per annum simple interest. If the total interest received was Rs.700 in one year, the money lent at 4% per annum was
a) Rs.8,000
b) Rs.12,000
c) Rs.6,000
d) Rs.10,000
Answer »Answer: (d)
Using Rule 1,
Let the sum lent at 4% = Rs.x
Amount at 5%= (16000 - x )
According to the question,
${x × 4 × 1}/100 + {(16000 - X) × 5 × 1}/100$ = 700
4x + 80000 - 5x = 70000
x = 80000 - 70000 = Rs.10000
Question : 5
A certain sum of money amounts to Rs.756 in 2 years and to Rs.873 in 3$1/2$ years at a certain rate of simple interest. The rate of interest per annum is
a) 11%
b) 10%
c) 13%
d) 12%
Answer »Answer: (c)
S.I. for 1$1/2$ years
= Rs.(873 - 756) = Rs.117
S.I. for 2 years
= Rs.$(117 × 2/3 × 2)$ = Rs.156
Principal = 756 - 156 = Rs.600
Now, P = 600, T = 2, S.I. = 156
R = ${100 × S.I.}/{P × T}$
= ${100 × 156}/{600 × 2}$ = 13%
Using Rule 12,
Rate of interest
= $({A_1 - A_2}/{A_2T_1 - A_1T_2})$ × 100
= $({756 - 873}/{873 × 2 - 756 × 7/2}) × 100$
= $({- 117}/{1746 - 2646}) × 100$
= $({- 117}/{- 900})$ × 100 = 13%
Question : 6
Rs.500 was invested at 12% per annum simple interest and a certain sum of money invested at 10% per annum simple interest. If the sum of the interest on both the sum after 4 years is Rs.480, the latter sum of money is :
a) Rs.750
b) Rs.450
c) Rs.550
d) Rs.600
Answer »Answer: (d)
Using Rule 1,
Simple interest gained from Rs.500
= ${500 × 12 × 4}/100$ = Rs.240
Let the other Principal be x.
S.I. gained = Rs.(480 - 240) = Rs.240
${x × 10 × 4}/100$ = 240
$x = {240 × 100}/40$ = Rs.600
simple interest Shortcuts and Techniques with Examples
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type 1 basic simple interest using formula
Defination & Shortcuts … -
type 2 increase or decrease in interest rate
Defination & Shortcuts … -
type 3 money multiples in ‘n’ years
Defination & Shortcuts … -
type 4 difference & equality of si rate & years
Defination & Shortcuts … -
type 5 si on ‘n’ years & ‘x/y ‘of sum
Defination & Shortcuts … -
type 6 si with ratios
Defination & Shortcuts …
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