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.6500
(b) Rs.700
(c) Rs.1500
(d) Rs.4000
The correct answers to the above question in:
Answer: (c)
Using Rule 1,
Let the sum lent to C be x
According to the question,
${2500 × 7 × 4}/100 + {x × 7 × 4}/100 = 1120$
or 2500 × 28 + 28x = 112000
or 2500 + x = 4000
or x = 4000 - 2500 = 1500
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Read more basic problems using formula Based Quantitative Aptitude Questions and Answers
Question : 1
What sum will amount to Rs.7000 in 5 years at 3$1/3$% simple interest ?
a) Rs.6500
b) Rs.6300
c) Rs.5000
d) Rs.6000
Answer »Answer: (d)
Using Rule 1,
P = ${A × 100}/{100 + r × t}$
=${7000 × 100}/{100 + 10/3 × 5}$
= ${7000 × 100 × 3}/350$ = Rs.6000
Question : 2
If the simple interest on a certain sum of money for 15 months at 7$1/2$% per annum exceeds the simple interest on the same sum for 8 months at 12$1/2$% per annum by Rs.32.50, then the sum of money (in ) is :
a) 312.50
b) 312
c) 3120.50
d) 3120
Answer »Answer: (d)
Using Rule 1,
Let the sum be x.
Using formula, I = $\text"PRT"/100$ we have
${x × 15/12 × 15/2}/{100 - x} - {x × 8/12 × 25/2}/100$
= 32.50
${25x}/2400$ = 32.50
$x = {32.50 × 2400}/25$ = 3120
Required sum = Rs.3120
Question : 3
A person deposited Rs.400 for 2 years, Rs.550 for 4 years and Rs.1,200 for 6 years. He received the total simple interest of Rs.1,020. The rate of interest per annum is
a) 5%
b) 10%
c) 20%
d) 15%
Answer »Answer: (b)
Using Rule 1,
Let the rate of interest be R per cent per annum.
${400 × 2 × R}/100 + {550 × 4 × R}/100$
+ ${1200 × 6 × R}/100 = 1020$
8R + 22 R +72 R = 1020
102 R= 1020
R = $1020/102$ = 10%
Question : 4
A sum of money at some rate of simple interest amounts to Rs.2,900 in 8 years and to Rs.3,000 in 10 years. The rate of interest per annum is
a) 2$1/2$%
b) 4%
c) 2%
d) 3%
Answer »Answer: (c)
Principal + interest for 8 years= Rs.2900... (i)
Principal + interest for 10 years = Rs.3000 ... (ii)
Subtracting equation (i) from (ii)
Interest for 2 years = Rs.100
Interest for 8 years
= $100/2 × 8$ = Rs.400
From equation (i),
Principal = Rs.(2900 - 400) = Rs.2500
Rate = ${S.I × 100}/{\text"Time × Principal"}$
= ${400 × 100}/{8 × 2500} = 2%$
Using Rule 12,
R = $({A_1 - A_2}/{A_2T_1 - A_1T_2})$ × 100
= $({2900 - 3000}/{3000 × 8 - 2900 × 10})$ × 100
=$({- 100}/{24000 - 29000}) × 100$
= ${-100}/{-5000}$ × 100 = 2%
Question : 5
A sum of money amounts to Rs.850 in 3 years and to Rs.925 in 4 years at some rate of simple interest. The sum is :
a) Rs.600
b) Rs.550
c) Rs.700
d) Rs.625
Answer »Answer: (d)
Interest for 1 year
= Rs.(925 - 850) = Rs.75
If a sum becomes $a_1$ in $t_1$ years and $a_2$ in $t_2$ years then rate of interest
= ${100(a_2 - a_1)}/({a_1t_2 - a_2t_1})%$
= ${100(925 - 850)}/{850 × 4 - 3 × 925} = 7500/625$ = 12%
Principal = ${SI × 100}/{\text"Time × Rate"$
= ${75 × 100}/{1 × 12}$ = Rs.625
Using Rule 12,
P = $({A_2T_1 - A_1T_2}/{T_1 - T_2})$
= ${925 × 3 - 850 × 4}/{3 - 4}$
= ${2775 - 3400}/{-1}$
= ${- 625}/{- 1}$ = Rs.625
Question : 6
In how many years will a sum of Rs.3,000 yield a simple interest of Rs.1,080 at 12% per annum ?
a) 2$1/2$ years
b) 3 years
c) 3$1/2$ years
d) 2 years
Answer »Answer: (b)
Using Rule 1,
Time = ${SI × 100}/{\text"Principal × Rate"$
= ${1080 × 100}/{3000 × 12} = 3$ years
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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