Hello and welcome to exampundit. Here is a set of Quantitative Aptitude Quiz on Simple & Compound Interest based problems with Shortcut Solutions for Prelims exam of SBI Clerk 2018.
1. Virat invested a sum of money at a certain rate of simple interest for a period of 4 yrs. Had he invested the same sum for a period of 6 yrs the total interest earned by him would have been 50 % more than the earlier interest amount. What was the rate of interest percent per annum?
1) 4
2) 8
3) 5
4) can’t be determined
5) None of these
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Option: 4
Explanation: Principal and rate of interest both are unknown. Information is incomplete. So ans should be can’t be determined.
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2. Rs. 600 becomes Rs. 720 in 4 years when the interest is simple. If the rate of interest is increased by 2%, then what will be total amount?
1) 768
2) 752
3) 649
4) 846
5) None of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 1
Explanation: Simple interest= 720-600 = 120
Rate= 120 * 100/ 600 * 4 = 5
Rate is increased by 2%, rate will be ( 5 + 2) = 7%
SI= 600* 4 * 7/ 100 = 168
Amount= 600+ 168 = 768
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3. Akshay invests Rs. 1 lakhs at 12% p.a. for 1 yr. If he invests Rs. 500 more, he is eligible for 13% p.a. interest. How much more interest would he receive, if he accepted the second option?
1) 2065
2) 1065
3) 2056
4) 1056
5) None of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 2
Explanation: SI= 100000 * 12 * 1/ 100 = 12000
If he invests 500 more, Then SI= (100500 + 500) * 13 * 1/100 =13065
More interest= (13065-12000) = 1065
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4. A certain sum of money amounts to Rs. 756 in 2 yrs and to Rs. 873 in 3.5 yrs. Find the rate of interest.
1) 12
2) 14
3) 13
4) 15
5) None of these
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Option: 3
Explanation: In 2 yrs amounts to 756
In 3.5yrs amounts to 873
In 1.5 yrs amounts to =( 873 – 756) = 117
In 2 yrs amounts to = 117 * 2/1.5 = 156
Principle in 2 yrs = 756 – 156 = 600
Rate= 15600 / (600 * 2) = 13
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5. Divide Rs. 4758 into three parts so that their amounts after 2, 3, and 4 yrs respectively may be equal, the rate of interest being 5% per annum. Find amount of 1st part.
1) 1656
2) 1556
3) 1756
4) 1856
5) None of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 1
Explanation: 110/100: 115/100: 120/100
= 1/22: 1/23: 1/24
= 276: 264: 253
1st part = 1656
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6. If the difference between the simple interest and compound interest earned on an amount @ 15 p.c.p.a. at the end of 3 yrs is Rs. 595.35, what is the amount?
1) 9400
2) 8400
3) 6400
4) 7400
5) None of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 2
Explanation: Diff in 3 yrs= R* R * P (300+ R)/ 100*100*100
595.35 = 15 * 15 * P( 300+15) /1000000
P= 8400
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7. In the year 2016, 5000 students were admitted in a college. It is found that the number of students admitted is constantly increasing by 24% per year. How many students will be admitted in the college in the year 2018?
1) 7688
2) 7868
3) 7666
4) 7888
5) None of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 1
Explanation: 5000 [ 1 +24/100]^2 = 7688
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8. If the difference between simple interest and compound interest earned on a sum of money at the rate of 5% per yr for 2 yrs is Rs. 16, find the principal.
1) 6500
2) 6200
3) 6400
4) 6600
5) None of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 3
Explanation: Difference in 2 yrs= R*R* P/ 100*100
16 = 5 * 5 * P/10000
25 P = 160000
P= 6400
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9. A sum of money at compound interest amounts to thrice itself in 3 yrs. In how many years will it be 9 times itself?
1) 4
2) 6
3) 9
4) 8
5) None of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 2
Explanation: 3X = X [1+ R/100] ^3 3 = [1+ R/100] ^3
3^2 = [1 +R/100] ^3^2
9 = [1+ R/100] ^ 6
In 6 yrs amount will be 9 times.
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10. The compound interest on a certain sum of money for 2 yrs at 10% per annum is rs. 420. Find the simple interest at the same rate and for the same time.
1) 400
2) 200
3) 500
4) 600
5) None of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 1
Explanation: SI for 2 yrs at 10%= 20% of capital
Ci for 2 yrs at 10% =2 * 10 + 10*10/100 = 21% of capital
21% capital = 420
20% capital = 420 * 20/ 21 = 400
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Regards
Team Exampundit
1. Virat invested a sum of money at a certain rate of simple interest for a period of 4 yrs. Had he invested the same sum for a period of 6 yrs the total interest earned by him would have been 50 % more than the earlier interest amount. What was the rate of interest percent per annum?
1) 4
2) 8
3) 5
4) can’t be determined
5) None of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 4
Explanation: Principal and rate of interest both are unknown. Information is incomplete. So ans should be can’t be determined.
[/su_spoiler]
2. Rs. 600 becomes Rs. 720 in 4 years when the interest is simple. If the rate of interest is increased by 2%, then what will be total amount?
1) 768
2) 752
3) 649
4) 846
5) None of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 1
Explanation: Simple interest= 720-600 = 120
Rate= 120 * 100/ 600 * 4 = 5
Rate is increased by 2%, rate will be ( 5 + 2) = 7%
SI= 600* 4 * 7/ 100 = 168
Amount= 600+ 168 = 768
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3. Akshay invests Rs. 1 lakhs at 12% p.a. for 1 yr. If he invests Rs. 500 more, he is eligible for 13% p.a. interest. How much more interest would he receive, if he accepted the second option?
1) 2065
2) 1065
3) 2056
4) 1056
5) None of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 2
Explanation: SI= 100000 * 12 * 1/ 100 = 12000
If he invests 500 more, Then SI= (100500 + 500) * 13 * 1/100 =13065
More interest= (13065-12000) = 1065
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4. A certain sum of money amounts to Rs. 756 in 2 yrs and to Rs. 873 in 3.5 yrs. Find the rate of interest.
1) 12
2) 14
3) 13
4) 15
5) None of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 3
Explanation: In 2 yrs amounts to 756
In 3.5yrs amounts to 873
In 1.5 yrs amounts to =( 873 – 756) = 117
In 2 yrs amounts to = 117 * 2/1.5 = 156
Principle in 2 yrs = 756 – 156 = 600
Rate= 15600 / (600 * 2) = 13
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5. Divide Rs. 4758 into three parts so that their amounts after 2, 3, and 4 yrs respectively may be equal, the rate of interest being 5% per annum. Find amount of 1st part.
1) 1656
2) 1556
3) 1756
4) 1856
5) None of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 1
Explanation: 110/100: 115/100: 120/100
= 1/22: 1/23: 1/24
= 276: 264: 253
1st part = 1656
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6. If the difference between the simple interest and compound interest earned on an amount @ 15 p.c.p.a. at the end of 3 yrs is Rs. 595.35, what is the amount?
1) 9400
2) 8400
3) 6400
4) 7400
5) None of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 2
Explanation: Diff in 3 yrs= R* R * P (300+ R)/ 100*100*100
595.35 = 15 * 15 * P( 300+15) /1000000
P= 8400
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7. In the year 2016, 5000 students were admitted in a college. It is found that the number of students admitted is constantly increasing by 24% per year. How many students will be admitted in the college in the year 2018?
1) 7688
2) 7868
3) 7666
4) 7888
5) None of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 1
Explanation: 5000 [ 1 +24/100]^2 = 7688
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8. If the difference between simple interest and compound interest earned on a sum of money at the rate of 5% per yr for 2 yrs is Rs. 16, find the principal.
1) 6500
2) 6200
3) 6400
4) 6600
5) None of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 3
Explanation: Difference in 2 yrs= R*R* P/ 100*100
16 = 5 * 5 * P/10000
25 P = 160000
P= 6400
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9. A sum of money at compound interest amounts to thrice itself in 3 yrs. In how many years will it be 9 times itself?
1) 4
2) 6
3) 9
4) 8
5) None of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 2
Explanation: 3X = X [1+ R/100] ^3 3 = [1+ R/100] ^3
3^2 = [1 +R/100] ^3^2
9 = [1+ R/100] ^ 6
In 6 yrs amount will be 9 times.
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10. The compound interest on a certain sum of money for 2 yrs at 10% per annum is rs. 420. Find the simple interest at the same rate and for the same time.
1) 400
2) 200
3) 500
4) 600
5) None of these
[su_spoiler title="Answer & Solutions" style="fancy" icon="arrow-circle-1"]
Option: 1
Explanation: SI for 2 yrs at 10%= 20% of capital
Ci for 2 yrs at 10% =2 * 10 + 10*10/100 = 21% of capital
21% capital = 420
20% capital = 420 * 20/ 21 = 400
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Regards
Team Exampundit