type 2 increase or decrease in interest rate Section-Wise Topic Notes With Detailed Explanation And Example Questions
MOST IMPORTANT quantitative aptitude - 6 EXERCISES
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Top 999+ Basic Simple Interest MCQ for BANK SSC UPSC Exam »
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New 899+ Simple Interest Questions For BANK & IBPS Exams »
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Top 799+ Simple Interest Aptitude Questions Answers Test »
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Top 999+ Aptitude Simple Interest MCQ: SSC Practice Test »
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Top 799+ Simple Interest Question and Answer Test for SSC »
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New 750+ Simple Interest MCQ with Ratios For All BANK SSC »
The following question based on simple interest topic of quantitative aptitude
(a) RS. 1042
(b) Rs. 1025
(c) Rs. 1024
(d) Rs. 1052
The correct answers to the above question in:
Answer: (d)
Using Rule 1,
S.I. = 956 - 800 = Rs. 156
Rate = ${\text"S.I." × 100}/\text" Principal × Time"$
= ${156 × 100}/{800 × 3}$ = 6.5%
New rate = (6.5 + 4)% = 10.5%
S.I. = ${\text"Principal × Time × Rate"/100$
= ${800 × 3 × 10.5}/100$ = Rs. 252
Amount = Rs.(800 + 252) = Rs.1052
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Read more increase or decrease in interest rate Based Quantitative Aptitude Questions and Answers
Question : 1
A sum of Rs.400 amounts to Rs.480 in 4 years. What will it amount to if the rate of interest is increased by 2%?
a) Rs.560
b) Rs.484
c) None of these
d) Rs.512
Answer »Answer: (d)
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
Interest = Rs.(480–400) = Rs.80
80 = ${400 × r × 4}/100$ ⇒ r = 5
Now, r = 7% (2% increase)
S.I. = ${400 × 7 × 4}/100$ = 112
Amount = Rs.(400+112) = Rs.512
Question : 2
The rate of simple interest per annum of bank being decreased from 5% to 3$1/2$%, the annual income of a person from interest was less by Rs. 105. The sum deposited at the bank was
a) Rs.7,200
b) Rs.6,000
c) Rs.7,000
d) Rs.6,800
Answer »Answer: (c)
Using Rule 1,
Amount deposited in bank = Rs.x (let)
Difference of rates
= 5 - $7/2 = 3/2%$ per annum
S.I. = ${\text"Principal × Time × Rate"/100$
${x × 1 × 3}/{100 × 2}$ = 105
$x = {105 × 200}/3$ = Rs.7000
Question : 3
A man loses Rs.55.50 yearly when the annual rate of interest falls from 11.5% to 10%. His capital (in rupees) is
a) 7400
b) 3700
c) 11100
d) 8325
Answer »Answer: (b)
Using Rule 1,
Let his capital be x.
According to the question,
${x × 11.5}/100 - {x × 10}/100$ = 55.50
or (11.5 - 10)x = 5550
or 1.5x = 5550
or $x = 5550/{1.5}$ = Rs.3700
Question : 4
A sum of money was invested at a certain rate of simple interest for 2 years . Had it been invested at 1% higher rate, it would have fetched Rs.24 more interest. The sum of money is :
a) Rs.1050
b) Rs.1200
c) Rs.9600
d) Rs.1000
Answer »Answer: (b)
${P × 1 × 2}/100 = 24$
P = $2400/2$ = Rs.1200
Using Rule 13,
$P_1 = P, R_1 = R, T_1$ = 2.
$P_2 = P, R_2 = R + 1, T_2$ = 2
S.I.= Rs. 24
24 = ${P(R +1)2 - PR2}/100$
2400 = 2PR + 2P - 2PR
P = Rs.1200
Question : 5
A sum was lent at simple interest at a certain rate for 2 years. Had it been lent at 3% higher rate, it would have fetched Rs.300 more. The original sum of money was :
a) Rs.6000
b) Rs.5000
c) Rs.4000
d) Rs.7000
Answer »Answer: (b)
If the principal be x, then
${x × 3 × 2}/100 = 300$
$x = {300 × 100}/{3 × 2}$ = Rs.5000
Using Rule 13.
$P_1 = P, R_1 = R, T_1$ = 2.
$P_2 = P, R_2 = R + 3, T_2$ = 2.
S.I.= Rs.300
300 = ${P × (R + 3) × 2 - PR2}/100$
300 = ${6P}/100$ = Rs.5000
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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