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Interest MCQs

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1

A trader owes a merchant Rs. 10,028 due 1 year hence. The trader wants to settle the account after 3 months. If the rate of interest 12% per annum, how much cash should he pay?

Option A: Rs. 9025.20

Option B: Rs. 9200

Option C: Rs. 9600

Option D: Rs. 9560

Correct Answer: Rs. 9200 ✔


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2

Rs. 800 amounts to Rs. 920 in 3 years at simple interest. If the interest rate is increased by 3%, it would amount to how much ?

Option A: Rs. 992

Option B: Rs. 1112

Option C: Rs. 1056

Option D: Rs. 1182

Correct Answer: Rs. 992 ✔


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3

A sum was put a simple interest at a certain rate for 2 years. Had it been put at 4% higher rate, it would have fetched Rs. 60 more. The sum is:

Option A: Rs.750

Option B: Rs.700

Option C: Rs.940

Option D: Rs.820

Correct Answer: Rs.750 ✔


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4

A man invests a certain sum of money at 6% per annum simple interest and another sum at 7% per annum simple interest. His income from interest after 2 years was Rs. 354. One-forth of the first sum is equal to one-fifth of the second sum. The total sum invested was :

Option A: Rs.3100

Option B: Rs.2700

Option C: Rs.2200

Option D: Rs.1800

Correct Answer: Rs.2700 ✔


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5

You deposit $600 into a 6 month certificate of deposit. After 6 months the balance is $618. Find the simple annual interest rate

Option A: 6%

Option B: 5%

Option C: 7%

Option D: 8%

Correct Answer: 6% ✔


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6

How long will it take for a sum of money to grow from Rs.1250 to Rs.10,000, if it is invested at 12.5% p.a simple interest?

Option A: 65 years

Option B: 56 years

Option C: 45 years

Option D: 57 years

Correct Answer: 56 years ✔


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7

What is the rate of interest at which Rs.150 becomes Rs. 220 in 10 years.

Option A: 11/3%

Option B: 14/3%

Option C: 12%

Option D: 14%

Correct Answer: 14/3% ✔


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8

A sum of money at simple interest amounts to Rs. 815 in 3 years and to Rs. 854 in 4 years. The sum is :________?

Option A: Rs. 700

Option B: Rs. 690

Option C: Rs. 650

Option D: Rs. 698

Correct Answer: Rs. 698 ✔


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9

A sum was put at simple interest at a certain rate for 3 years. Had it been put at 2% higher rate, it would have fetched Rs 360 more. Find the sum.

Option A: Rs.4000

Option B: Rs.9000

Option C: Rs.5000

Option D: Rs.6000

Correct Answer: Rs.6000 ✔


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10

A sum of money amounts to Rs. 9800 after 5 years and Rs. 12005 after 8 years at the same rate of simple interest. The rate of interest per annum is:

Option A: 5%

Option B: 8%

Option C: 12%

Option D: 15%

Correct Answer: 12% ✔


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11

A sum of Rs. 2500 amounts to Rs. 3875 in 4 years at the rate of simple interest. What is the rate of interest?

Option A: 12.25%

Option B: 12%

Option C: 6%

Option D: 13.75%

Correct Answer: 13.75% ✔


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12

A sum of money becomes 7⁄5 of itself in 4 years at a certain rate of simple interest. The rate per annum is :

Option A: 9%

Option B: 10%

Option C: 11%

Option D: 12%

Correct Answer: 10% ✔


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13

If there is a total of 104 weekly instalments and a third deposit, find the interest charged

Option A: 237.55

Option B: 337

Option C: 443

Option D: 334

Correct Answer: 237.55 ✔


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14

What annual installment will discharge a debt of Rs 1092 due in 3 years at 12% simple interest?

Option A: Rs.325

Option B: Rs.545

Option C: Rs.560

Option D: Rs.550

Correct Answer: Rs.325 ✔


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15

If the simple interest on a certain sum of money after 3 1⁄8 years is 1⁄4 of the principal, what is the rate of interest per annum?

Option A: 6%

Option B: 4%

Option C: 8%

Option D: 12%

Correct Answer: 8% ✔


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16

How much time will it take for an amount of Rs. 900 to yield Rs. 81 as interest at 4.5% per annum of simple interest?

Option A: 2 years

Option B: 3 years

Option C: 1 year

Option D: 4 years

Correct Answer: 2 years ✔


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17

A sum was put a simple interest at a certain rate for 2 years. Had it been put at 4% higher rate, it would have fetched Rs. 60 more. The sum is:________?

Option A: Rs.750

Option B: Rs.700

Option C: Rs.820

Option D: Rs.940

Correct Answer: Rs.750 ✔


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18

A car is purchased on hire-purchase. The cash price is $21 000 and the terms are a deposit of 10% of the price, then the balance to be paid off over 60 equal monthly installments. Interest is charged at 12% p.a. What is the monthly installment?

Option A: $503

Option B: $504

Option C: $505

Option D: $506

Correct Answer: $504 ✔


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19

A sum of Rs. 725 is lent in the beginning of a year at a certain rate of interest. After 8 months, a sum of Rs. 362.50 more is lent but at the rate twice the former. At the end of the year, Rs. 33.50 is earned as interest from both the loans. What was the original rate of interest?

Option A: 3.46%

Option B: 4.5%

Option C: 5%

Option D: 6%

Correct Answer: 3.46% ✔


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20

A lends Rs. 1500 to B and a certain sum to C at the same time at 8% per annum simple interest. If after 4 years, A altogether receives Rs. 1400 as interest from B and C, then the sum lent to C is________?

Option A: Rs.2875

Option B: Rs.1885

Option C: Rs.2245

Option D: Rs.2615

Correct Answer: Rs.2875 ✔


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21

Mr. Tassawar Javed invested an amount of Rs. 13,900 divided in two different schemes A and B at the simple interest rate of 14% p.a. and 11% p.a. respectively. If the total amount of simple interest earned in 2 years be Rs. 3508, what was the amount invested in Scheme B?

Option A: Rs. 6400

Option B: Rs. 6500

Option C: Rs. 7200

Option D: Rs. 7500

Correct Answer: Rs. 6400 ✔


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22

The simple interest on Rs.500 at 6% per annum from May 3rd to July 15th in the same year is_________?

Option A: Rs.8

Option B: Rs.6

Option C: Rs.4

Option D: Rs.9

Correct Answer: Rs.6 ✔


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23

An amount of 5,000 is invested at a fixed rate of 8 per cent per annum. What amount will be the value of the investment in five years time, if the interest is compounded every six months?

Option A: 7401.22

Option B: 3456

Option C: 4567

Option D: 7890

Correct Answer: 7401.22 ✔


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24

A father left a will of Rs.35 lakhs between his two daughters aged 8.5 and 16 such that they may get equal amounts when each of them reach the age of 21 years. The original amount of Rs.35 lakhs has been instructed to be invested at 10% p.a. simple interest. How much did the elder daughter get at the time of the will?

Option A: 17.5 lakhs

Option B: 21 lakhs

Option C: 15 lakhs

Option D: 20 lakhs

Correct Answer: 21 lakhs ✔


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25

What is the present worth of Rs. 132 due in 2 years at 5% simple interest per annum ?

Option A: Rs. 112

Option B: Rs. 118.80

Option C: Rs. 120

Option D: Rs. 122

Correct Answer: Rs. 120 ✔


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26

Nabeela took a loan of Rs. 1200 with simple interest for as many years as the rate of interest. If she paid Rs. 432 as interest at the end of the loan period, what was the rate of interest ?

Option A: 3.6

Option B: 6

Option C: 18

Option D: Cannot be determined

Correct Answer: 6 ✔


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27

A man took a loan from a bank at the rate of 12% p.a. simple interest. After 3 years he had to pay Rs. 5400 interest only for the period. The principal amount borrowed by him was :

Option A: Rs. 2000

Option B: Rs. 10,000

Option C: Rs. 15,000

Option D: Rs. 20,000

Correct Answer: Rs. 15,000 ✔


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28

A sum of Rs. 12,500 amounts to Rs. 15,500 in 4 years at the rate of simple interest What is the rate of interest ?

Option A: 3%

Option B: 4%

Option C: 5%

Option D: 6%

Correct Answer: 6% ✔


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29

A sum of money amounts to Rs 9800 after 5 years and Rs. 12005 after 8 years at the same rate of simple interest. The rate of interest per annum is :

Option A: 5%

Option B: 8%

Option C: 12%

Option D: 15%

Correct Answer: 12% ✔


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30

A sum of money trebles itself in 15 years, 6 months. In how many years would it double itself ?

Option A: 6 years 3 months

Option B: 7 years 9 months

Option C: 8 years 3 months

Option D: 9 years 6 months

Correct Answer: 7 years 9 months ✔


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31

What will be the ratio of simple interest earned by certain amount at the same rate of interest for 6 years and that for 9 years ?

Option A: 1 : 3

Option B: 1 : 4

Option C: 2 : 3

Option D: Data inadequate

Correct Answer: 2 : 3 ✔


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32

An automobile financier claims to be lending money at simple interest, but he includes the interest every six months for calculating the principal. If he is charging an interest of 10%, the effective rate of interest becomes :_________?

Option A: 10%

Option B: 10.25%

Option C: 10.50%

Option D: None of these

Correct Answer: 10.25% ✔


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