Simple and Compound Interest Aptitude Questions and Answers:


Overview:


Questions and Answers Type:MCQ (Multiple Choice Questions).
Main Topic:Quantitative Aptitude.
Quantitative Aptitude Sub-topic:Simple and Compound Interest Aptitude Questions and Answers.
Number of Questions:10 Questions with Solutions.

  1. A man deposited \(Rs.1000\) in a bank at the rate of \(5 \ \%\) for two years. Find the simple interest on the principal amount?

    1. \(Rs.120\)
    2. \(Rs.112\)
    3. \(Rs.105\)
    4. \(Rs.100\)


Answer: (d) \(Rs.100\)

Solution: Given, principal amount (P) = \(Rs.1000\)

rate of interest (R) = \(5 \ \%\)

time period (T) = \(2\) years, $$ SI = \frac{P \ R \ T}{100} $$ $$ = \frac{1000 \times 5 \times 2}{100} $$ $$ SI = Rs.100 $$

  1. If a principal amount become two times in five years, then find the rate of interest on the principal amount?

    1. \(10 \ \%\)
    2. \(15 \ \%\)
    3. \(20 \ \%\)
    4. \(25 \ \%\)


Answer: (c) \(20 \ \%\)

Solution: Given, Let principal amount (P) = \(Rs.k\)

after five years the amount = \(Rs.2k\)

interest on principal amount = \(2k - k\) = \(Rs.k\), $$ SI = \frac{P \ R \ T}{100} $$ $$ k = \frac{k \times R \times 5}{100} $$ $$ R = \frac{20 \ k}{k} = 20 \ \% $$

  1. In how many years a principal amount become double, if rate of interest is \(10 \ \%\)?

    1. \(5 \ years\)
    2. \(10 \ years\)
    3. \(15 \ years\)
    4. \(20 \ years\)


Answer: (b) \(10 \ years\)

Solution: Given, Let principal amount (P) = \(Rs.k\)

simple interest = \(2k - k\) = \(Rs.k\)

rate of interest (R) = \(10 \ \%\), then $$ SI = \frac{P \ R \ T}{100} $$ $$ k = \frac{k \times 10 \times T}{100} $$ $$ T = 10 \ years $$

  1. In how many years a principal amount become four times, if rate of interest is \(25 \ \%\)?

    1. \(20 \ years\)
    2. \(10 \ years\)
    3. \(12 \ years\)
    4. \(15 \ years\)


Answer: (c) \(12 \ years\)

Solution: Given, Let principal amount (P) = \(Rs.k\)

simple interest = \(4k - k\) = \(Rs.3k\)

rate of interest (R) = \(25 \ \%\), then $$ SI = \frac{P \ R \ T}{100} $$ $$ 3k = \frac{k \times 25 \times T}{100} $$ $$ T = 12 \ years $$

  1. If a principal amount become six times in ten years, then find the rate of interest on the principal amount?

    1. \(20 \ \%\)
    2. \(30 \ \%\)
    3. \(40 \ \%\)
    4. \(50 \ \%\)


Answer: (d) \(50 \ \%\)

Solution: Given, Let principal amount (P) = \(Rs.k\)

after ten years the amount = \(Rs.6k\)

interest on principal amount = \(6k - k\) = \(Rs.5k\), $$ SI = \frac{P \ R \ T}{100} $$ $$ 5k = \frac{k \times R \times 10}{100} $$ $$ R = \frac{50 \ k}{k} = 50 \ \% $$

  1. A girl deposited \(Rs.2000\) in a bank at the rate of \(10 \ \%\) for five years. Find the total amount after the maturity period?

    1. \(Rs.1000\)
    2. \(Rs.2500\)
    3. \(Rs.3000\)
    4. \(Rs.3500\)


Answer: (c) \(Rs.3000\)

Solution: Given, principal amount (P) = \(Rs.2000\)

rate of interest (R) = \(10 \ \%\)

time period (T) = \(5\) years, $$ SI = \frac{P \ R \ T}{100} $$ $$ = \frac{2000 \times 10 \times 5}{100} $$ $$ SI = Rs.1000 $$ total amount after maturity period, $$ A = P + SI $$ $$ = 2000 + 1000 $$ $$ = Rs.3000 $$

  1. A women deposited a certain amount in a bank at the rate of \(10 \ \%\) for five years. If after five years the women got interest amount \(Rs.1000\), then find the principal amount?

    1. \(Rs.1000\)
    2. \(Rs.2000\)
    3. \(Rs.3000\)
    4. \(Rs.4000\)


Answer: (b) \(Rs.2000\)

Solution: Given, rate of interest (R) = \(10 \ \%\)

time period (T) = \(5\) years

simple interest (SI) = \(Rs.1000\), then $$ SI = \frac{P \ R \ T}{100} $$ $$ 1000 = \frac{P \times 10 \times 5}{100} $$ $$ P = Rs.2000 $$

  1. If a principal amount become double in three years, then find the rate of interest on the principal amount?

    1. \(30.5 \ \%\)
    2. \(32.2 \ \%\)
    3. \(35.2 \ \%\)
    4. \(33.3 \ \%\)


Answer: (d) \(33.3 \ \%\)

Solution: Given, Let principal amount (P) = \(Rs.k\)

after three years the amount = \(Rs.2k\)

interest on principal amount = \(2k - k\) = \(Rs.k\), $$ SI = \frac{P \ R \ T}{100} $$ $$ k = \frac{k \times R \times 3}{100} $$ $$ R = \frac{100 \ k}{3 \ k} = 33.3 \ \% $$

  1. The amount \(Rs.5000\) is deposited in a bank at the rate of \(20 \ \%\) for two years. Find the total amount after the maturity period?

    1. \(Rs.5000\)
    2. \(Rs.6000\)
    3. \(Rs.7000\)
    4. \(Rs.8000\)


Answer: (c) \(Rs.7000\)

Solution: Given, principal amount (P) = \(Rs.5000\)

rate of interest (R) = \(20 \ \%\)

time period (T) = \(2\) years, $$ SI = \frac{P \ R \ T}{100} $$ $$ = \frac{5000 \times 20 \times 2}{100} $$ $$ SI = Rs.2000 $$ total amount after maturity period, $$ A = P + SI $$ $$ = 5000 + 2000 $$ $$ = Rs.7000 $$

  1. A man deposited \(Rs.10,000\) in a bank and after maturity period the man got the total amount \(Rs.12,000\), then find the interest amount on the principal?

    1. \(Rs.1000\)
    2. \(Rs.2000\)
    3. \(Rs.3000\)
    4. \(Rs.4000\)


Answer: (b) \(Rs.2000\)

Solution: Given, principal amount (P) = \(Rs.10,000\)

total amount (A) = \(Rs.12,000\), then $$ SI = A - P $$ $$ SI = 12,000 - 10,000 $$ $$ SI = Rs.2000 $$