Quantitative Aptitude

Simple and Compound Interest

3,394 Questions
All Simple interest and its inverse forms 768 Compound interest with annual compounding 742 Simple-interest growth and split sums 626 Difference between compound and simple interest 479 Half-yearly and quarterly compounding 252 Changing rates and fractional years 201 Installments (CI based) 190 Ratio of principal to interest 118 Population growth and depreciation 16

Simple and Compound Interest Questions

Multiple choice

What principal amount should Reema take at the rate of $10.5\%$ for 3 years and 4 months , to pay the interest of Rs.4200 ? How much amount would Reema have to pay ?

  1. Rs.12,000 , Rs.16,200

  2. Rs.1,000 , Rs.16,200

  3. Rs.12,000 , Rs.12,200

  4. Rs.1,000 , Rs.6,200
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Interest = (P * R * T) / 100. 4200 = (P * 10.5 * (3 + 4/12)) / 100. 4200 = (P * 10.5 * 3.333) / 100. 4200 = (P * 35) / 100. P = 420000 / 35 = 12000. Total amount = 12000 + 4200 = 16200.

Multiple choice

For higher education, Trusha borrows Rs. $9600$ from the post-office for $2\dfrac{1}{2}$ years at the rate of $ 9\%$. How much interest and amount would she pay back at the end of the term ?
  1. Interest $=$ Rs. $1050$, Amount $=$ Rs. $10,650$
  2. Interest $=$ Rs. $2160$, Amount $=$ Rs. $11,760$
  3. Interest $=$ Rs. $2760$, Amount $=$ Rs. $12,360$
  4. Interest $=$ Rs. $4720$, Amount $=$ Rs. $14,320$
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Principal = 9600, Time = 2.5 years, Rate = 9%. Simple Interest = (P * R * T) / 100 = (9600 * 9 * 2.5) / 100 = 96 * 22.5 = 2160. Amount = 9600 + 2160 = 11760.