09/01/2021 Simple Interest Solved Questions | Practice Problems - Hitbullseye

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Directions: Answer the following practice questions as per the best of your judgment. These
questions are based on simple interest.

Q.1.If Rs. 4 becomes Rs. 10 in 50 years at simple interest, the rate % p.a. is
a) 5 %

b) 2 1/2 %

c) 3 1/3 %

d) 3 %

e) 6 %

Answer & Explanation

Sol : Option D
Explanation: SI = 10 – 4 = 6 therefore, 6 = (4xRx50)/100 → R = 3 %.

Q.2. Find out the capital required to earn a monthly interest of Rs. 210 at 7 % simple interest.

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a) Rs. 24000

b) Rs. 30000

c) Rs. 18000

d) Rs. 36000

e) Rs. 72000

Answer & Explanation

Sol : Option D
Explanation: 210 = (Px7x1)/100x12 → P = 36000

Q.3. If Rs. 460 amounts to Rs. 640 in 6 years, what will it amount to in 2 years at the same rate %?
a) Rs.520

b) Rs. 585

c) Rs. 700

d) Rs. 640

e) Rs. 685

Answer & Explanation

Sol : Option A
Explanation: Interest for 6 years = 640 – 460 = Rs.180
therefore, Interest for 2 years = (180/6)x2 = Rs.60
therefore, 460 will become 460 + 60 = Rs. 520 after 2 years

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09/01/2021 Simple Interest Solved Questions | Practice Problems - Hitbullseye
Q.4.A certain sum of money amounts to 7/4 of itself in 3 years. The rate percent p.a. is
a) 25 %

b) 20 %

c) 15%

d) 10 %

e) 5 %

Answer & Explanation

Sol : Option A
Explanation: R=[100(x-1)]/t % therefore, R = [100(7/4-1)]/3 = 25%

Q.5.In what time will Rs. 25 become Rs. 37 at % p.a. simple interest?
a) 1/2 Years

b) 2 Years

c) 2 1/4 Years

d) 2 1/2 Years

e) 3 Years

Answer & Explanation

Sol : Option E
Explanation: Interest =37 – 25 = 12 → 12 = (25/100)x16xT → T = 3 years

Must Read Simple Interest Articles

Simple Interest: Theory & Concepts Simple Interest Practice Problems: Level 01
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Interest.php)
Simple Interest: Solved Examples
(https://www.hitbullseye.com/Simple-Interest-
Questions-with-Solutions.php)

Q.6.The simple interest on a sum of money is of the principal and the number of years is equal to
the rate % p.a. The rate % p.a. is
a) 5 %
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09/01/2021 Simple Interest Solved Questions | Practice Problems - Hitbullseye
a) 5 %

b) 2 1/3%

c) 10 %

d) 9 %

e) 3 1/3%

Answer & Explanation

Sol : Option A
Explanation: = P/4 =(PxRxR)/100 → R2 =25% → R = 5%

Q7.A moneylender lends Rs. 60 and collects Rs. 66 at the end of four months. The rate of interest
p.a. is
a) 5 %

b) 10 %

c) 20 %

d) 30 %

e) 9 %

Answer & Explanation

Sol : Option D
Explanation: Interest = 66 – 60 = 6 therefore, 6 = 60/100 x R x 4/12 ⇒ R= 30%.

Q8.A four year Indira Vikas certificate with a maturity value of Rs. 700 is purchased for Rs. 500.
The rate % p.a. is
a) 15 %

b) 7 1/2 %

c) 5 %

d) 10 %

e) 7 %

Answer & Explanation

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09/01/2021 Simple Interest Solved Questions | Practice Problems - Hitbullseye

Sol : Option D
Explanation: Interest = 200 ⇒ 200 = (500 x R x 4)/100 ⇒ R = 10 %.

Q9.In what time period will Rs. 10,000 earn an interest of Rs. 2,000 at 10 % p.a.?
a) 2 years

b) 5 years

c) 6 years

d) 3 years

e) 7 years

Answer & Explanation

Sol : Option A
Explanation: 2000 = (10,000x10xT)/100
T = 2 years

Q10.Anoop borrowed Rs. 800 at 6 % p.a. & Rs. 1200 at 7 % p.a. for the same duration. He had to
pay Rs. 1584 in all as interest. Find the time period.

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a) 10 years

b) 11 years

c) 12 years

d) 13 years

e) 15 years

Answer & Explanation

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09/01/2021 Simple Interest Solved Questions | Practice Problems - Hitbullseye

Sol : Option C
Explanation: Interest at 1st rate for 1 year = 800 x (6x1)/100 = Rs. 48.
Interest for 1 year at 2nd rate = 1200 x (7 x 1)/100 = Rs. 84
therefore, Total interest for 1 year = Rs. 132.
Hence, the required time = 1584/132 = 12 years.

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