• This is an assessment test.
  • To draw maximum benefit, study the concepts for the topic concerned.
  • Kindly take the tests in this series with a pre-defined schedule.

Arithmetic: Simple Interest Test - 2

Congratulations - you have completed Arithmetic: Simple Interest Test - 2.You scored %%SCORE%% out of %%TOTAL%%.You correct answer percentage: %%PERCENTAGE%% .Your performance has been rated as %%RATING%%
Your answers are highlighted below.
Question 1
Maninder owes Prashant Rs. 1573, payable one and a half yr hence. Also Prashant owes Maninder Rs.1444.50, payable 6 months hence. If they want to settle the account forthwith, keeping 14% as the rate of interest, then who should pay whom and how much?
A
Maninder to Prashant, Rs. 28.50
B
Maninder to Prashant, Rs. 50
C
Prashant to Maninder, Rs. 37.50
D
Prashant to Maninder, Rs. 50
Question 1 Explanation: 
Let the present value of what Maninder owes Prashant be Rs v.
=> Then, v + {(v x 14 x 3) / (2 x 100)} = 1573
=> v+ (21/100) v =1573
=> 121v/100 = 1573
=> v= (1573 x 100)/121=Rs. 1300
Let u be the present value of what Prashant owes Maninder.
=> u +u x (1/2) x (14/100) = Rs 1444.50
=> u +(7/100u) = 1444.50
=> u= (1444.50 x100)/107 = Rs. 1350
Hence, Prashant owes Rs 50 to Maninder
Question 2
A computer is available for Rs. 39000 cash or Rs. 17000 as cash down payment followed by five monthly instalments of Rs. 4800 each. What is the rate of interest per annum under the instalment plan?
A
35.71%
B
37.71%
C
36.71%
D
38.71%
Question 2 Explanation: 
Given statements are:
Cash price of computer, CP= Rs39000
Cash down payment, DP= Rs 17000
Balance due, after lst instalment, BD = Rs22000
P = value of instalment = Rs. 4800
n = no. of instalments = 5
R = rate of interest
=> (1+nR/1200) BD = [1+ {(n-1) R/2400}] nP
=> (1+5R/1200)22000 = [1+ {4R/2400}] x 5x 4800
=> (1+5R/1200)11 = (1+ 4R/2400) x 12
=> 11 + 55R/1200 = 12 + (24R/1200)
=> {55R/1200 – 24R/1200} = 1 =>(31R/1200) =1
=> R= 1200/31 = 38.71%
Question 3
Sumit lent some money to Mohit at 5% per annum simple interest. Mohit lent the entire amount to Birju on the same day at 81/2 % per annum. In this transaction after a year, Mohit earned a profit of Rs. 350. Find the sum of money lent by Sumit to Mohit.
A
Rs 10000
B
Rs 9000
C
Rs 10200
D
None of these
Question 3 Explanation: 
Let a be the amount lent by Sumit at 5% rate
So therefore according to the question
81/2 % of a- 5% of a = 350
17a/200 – 5a/100 = 350
7a/200 =3500
a = 10000
Question 4
A scooter costs Rs. 25000 when it is brand new. At the end of each year, its value is only 80% of what it was at the beginning of the year. What is the value of the scooter at the end of the 3 yr?
A
Rs 12500
B
Rs 10000
C
Rs 12800
D
Rs 12000
Question 4 Explanation: 
Since the value is decreased every year by 80%
So the current cost of scooter is = 25000 x 80/100 x 80/100 x 80/100
=Rs 12800
Question 5
Ravi gave Rs 1200 on loan. Some amount he gave at 4% per annum simple interest and remaining at 5% per annum simple interest. After two years, he got Rs110 as interest. Then, the amounts given at 4% and 5% per annum simple interest are, respectively?
A
Rs 500, Rs 700
B
Rs 800, Rs 300
C
Rs 400, Rs 800
D
Rs 1100, Rs 1100
Question 5 Explanation: 
Let the amount given at 4% per annum be Rs a
:. Amount given at 5% per annum = Rs (1200 - a)
=> {(a x 4 x 2)/100} + {(1200 - a) x 5 x 2}/100 = 110
=> {- 2a + 12000}/100 = 110
And =>(1200 – a) = 1200 – 500 = Rs 700
Once you are finished, click the button below. Any items you have not completed will be marked incorrect. Get Results
There are 5 questions to complete.
List
Return
Shaded items are complete.
12345
End
Return

Simple Interest (Complete Lesson): Table of Contents

Practice Tests




Pin It on Pinterest