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) Rs.7500
(b) Rs.5000
(c) Rs.15000
(d) Rs.10000
The correct answers to the above question in:
Answer: (a)
Using Rule 1Simple Interest (S.I.)= ${\text"Principal × Rate × Time"/100$ orS.I. = ${\text"P × R × T"/100$P = ${\text"S.I." × 100}/\text"R × T"$, R = ${\text"S.I." × 100}/\text"P × T"$, T = ${\text"S.I." × 100}/\text"P × R"$ A = P + S.I. or S.I. = A - P
P = ${150 × 100}/4 × 2/1$ = Rs.7500
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Read more basic problems using formula Based Quantitative Aptitude Questions and Answers
Question : 1
A sum of money amounts to Rs.5,200 in 5 years and to Rs.5,680 in 7 years at simple interest. The rate of interest per annum is
a) 4%
b) 3%
c) 6%
d) 5%
Answer »Answer: (c)
P + S.I. for 5 years = 5200 ..(i)
P + SI for 7 years = 5680 ...(ii)
On subtracting equation (i) from (ii),
SI for 2 years = 480
SI for 1 year = Rs.240
From equation (i),
P + 5 × 240 = 5200
P = 5200 - 1200 = Rs.4000
R = ${SI × 100}/{T × P}$
= ${240 × 100}/{1 × 4000}$ = 6%
Using Rule 12If certain sum P amounts to Rs. $A_1$ in $t_1$ years at rate of R% and the same sum amounts to Rs. $A_2$ in $t_2$ years at same rate of interest R%. Then,(i) R = $({A_1 - A_2}/{A_2T_1 - A_1T_2})$ × 100(ii) P = $({A_2T_1 - A_1T_2}/{T_1 - T_2})$
R = $({A_1 - A_2}/{A_2T_1 - A_1T_2})$ × 100
= $({5200 - 5680}/{5680 × 5 - 5200 × 7}) × 100$
= ${- 480}/{28400 - 36400}$ × 100
= ${- 480}/{- 8000} × 100$ = 6%
Question : 2
A sum of money lent out at simple interest amounts to Rs.720 after 2 years and to Rs.1020 after a further period of 5 years. The sum is :
a) Rs.600
b) Rs.500
c) Rs.710
d) Rs.700
Answer »Answer: (a)
Principal + SI for 2 years = Rs.720 .... (i)
Principal + SI for 7 years = Rs.1020 .....(ii)
Subtracting equation (i) from (ii) get,
SI for 5 years
= Rs.(1020 - 720) = Rs.300
SI for 2 years
= Rs.300 × $2/5$ = Rs.120
Principal = Rs.(720 - 120) = Rs.600
Using Rule 12,
P = $({A_2T_1 - A_1T_2}/{T_1 - T_2})$
= $({1020 × 2 - 720 × 7}/{2 - 7})$
= $({2040 - 5040}/{- 5})$
= ${- 3000}/{- 5}$ = Rs.600
Question : 3
A man lent Rs.60,000, partly at 5% and the rest at 4% simple interest. If the total annual interest is Rs.2560, the money lent at 4% was
a) Rs.44000
b) Rs.40000
c) Rs.45000
d) Rs.30000
Answer »Answer: (a)
Using Rule 1Simple Interest (S.I.)= ${\text"Principal × Rate × Time"/100$ orS.I. = ${\text"P × R × T"/100$P = ${\text"S.I." × 100}/\text"R × T"$, R = ${\text"S.I." × 100}/\text"P × T"$, T = ${\text"S.I." × 100}/\text"P × R"$ A = P + S.I. or S.I. = A - P
Let the amount lent at 4% be x
Amount lent at 5% = (60000 - x )
According to the question,
${(60000 - x) × 5 × 1}/100 + {x × 4 × 1}/100$ = 2560
300000 - 5x + 4x = 256000
x = 300000 - 256000 = Rs.44000
Question : 4
A money lender finds that due to fall in the annual rate of interest 8% to 7$3/4$% , his yearly income diminishes by Rs.61.50. His capital is
a) Rs.23800
b) Rs.22400
c) Rs.26000
d) Rs.24600
Answer »Answer: (d)
Difference in rate
= $(8 - 7{3}/4)% = 1/4$%
Let the capital be Rs.x.
$1/4$% of x = 61.50
x = 61.50 × 100 × 4 = Rs.24600
Question : 5
Rs.800 becomes Rs.956 in 3 years at a certain rate of simple interest. If the rate of interest is increased by 4%, what amount will 800 become in 3 years ?
a) Rs.1025
b) Rs.1020.80
c) Rs.1050
d) Rs.1052
Answer »Answer: (d)
Using Rule 1,
S.I. = 956 - 800 = Rs.156
Rate = ${S.I. × 100}/{Principal × Time}$
= ${156 × 100}/{800 × 3}$ = 6.5% per annum
New rate = 10.5%
S.I. = ${\text"Principal × Rate × Time"/100$
= ${800 × 3 × 10.5}/100$ = Rs.252
Amount = 800 + 252 = Rs.1052
Question : 6
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
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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