Simple & Compound Interest MCQ Questions Answers – Quantitative Aptitude
Interest is a fundamental concept in finance and mathematics, playing a crucial role in various financial decisions and calculations. Whether you’re a student preparing for an exam or an individual seeking to enhance your financial literacy, understanding simple and compound interest is essential. In this article, we’ll delve into some quantitative multiple-choice questions (MCQs) related to simple and compound interest, along with their detailed answers.
1) The simple interest on a sum of money is equal to the principle and the number of year is equal to the rate percent per annum. The rate percent is
a) 25 %
b) 100 %
c) 10 %
d) 12 %
2) A borrowed Rs 5000 from B at simple interest. After 4 yr, B received Rs 1000 more than the amount given to B on loan. The rate of interest was
a) 5%
b) 25 %
C) 20 %
d) 4%
3) If the simple interest on Rs 1500 increases by Rs 30, when the time increases by 8 yr. The arte precent per annum is
a) 0.5%
b) 0.25%
c) 0.755
d) 1.25%
4) A sum of money placed at compound interest thrice itself in 4 yr. In how many years will it amount to 27 times itself ?
a) 12 yr
b) 15 yr
c) 14 yr
d) `10 yr
5)The simple interest on a certain sum of money for 3 yr at 5 percent is Rs 1324.05. What is the simple interest ?
a) Rs 1260
b) Rs 1560
c) Rs 1160
d) Rs 1360
6) Michael Bolton has $90,000 with him. He purchases a car, a laptop and a flat for $15,000, $13,000 and $35,000 respectively and puts the remaining money in a bank deposit that pays compound interest @15% per annum. After 2 years, he sells off the three items at 80% of their original price and also withdraws his entire money from the bank by closing the account. What is the total change in his asset?
(a) –4.5%
(b) +3.5%
(c) –4.32%
(d) +5.5%
7) At what percent will the compound interest, does a sum of money become 27 times in 3 yr ?
a) 100 %
b) 150%
c) 75%
d) 200%
8) At what rate of interest per annum will a sum becomes 5 times in 20 yr at SI ?
a) 20%
b) 16%
c) 25%
d) 10%
9) The RBI lends a certain amount to the SBI on simple interest for two years at 20%. The SBI gives this entire amount to Bharti Telecom on compound interest for two years at the same rate annually. Find the percentage earning of the SBI at the end of two years on the entire amount.
(a) 4%
(b) 3(1/7)%
(c) 3(2/7)%
(d) 3(6/7)%
10) A sum was put at a certain rate for 3 yr. Had it been put at 4% high rate, it would have fetched Rs 600 more. The sum was
a) Rs 5000
b) Rs 4000
c)Rs 6000
d) Rs 3000