# Simple Interest Questions Model Questions & Answers, Practice Test for rbi grade b prelims 2024

#### rbi grade b prelims 2024 SYLLABUS WISE SUBJECTS MCQs

Question :1

Arun invested a sum of money at a certain rate of simple interest for a period of four years. Had he invested the same sum for a period of six years the total interest earned by him would have been fifty percent more than the earlier interest amount. What was the rate of interest per cent per annum ?

Question :2

What amount of C.I. can be obtained on an amount of Rs.8,840 at the rate of 5 p.c.p.a at the end of 3 years?

Amt = 8840\$(1 + 5/100)^3\$ = 10233.405

CI = Amt – Principal

= 10233.405 – 8840

=1393.405

Question :3

Surya borrowed Rs.25,000 @ 15% p.a. S.I. for 5 years. After 5 years he repaid Rs.15,000 and promised to pay the balance amount after 3 years. Find the amount repayable as final settlement.

SI = \${25,000 × 15 × 3}/100 = 18750\$

Amt = 25000 + 18750 = 43750

Balance = 43750 – 15000 = 28750

SI = \${28750 × 15 × 3}/100\$ = 12937.5

Amt = 28750 + 12937.5 = 41687.5

Question :4

A certain sum of money triple itself in 8 years. In how many years it will be five times?

It triple itself in 8 years, which makes interest equal to 200% of principal.

So, 200% is added in 8 years

Hence, 400% which makes the whole amount equal to five times of the principal, which will be added in 16 years

Question :5

If the compound interest on a certain sum of money for 3 years at 10% p.a. be Rs. 993, what would be the simple interest ?

Let Principal = Rs. P

\$P(1 + 10/100)^3 - P\$ = 993

⇒ \$(11/10 × 11/10 × 11/10 - 1)P = 993\$

⇒ \$({1331 - 1000}/1000)P = 993\$ or ,

P = \${993 × 1000}/331 = 3000\$

∴ Simple interest = Rs. \$({3000 × 3 × 10}/100)\$ = Rs. 900

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