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Quant  Simple Interest & Compound Interest Day 16
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Mission IBPS PO 2017 – Daily Free Mock Test
Quant Section : Simple Interest & Compound Interest Day 16
No Of Question: 10
Test Time: 10 Mins
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Question 1 of 10
1. Question
The compound interest on a certain sum for two years at 20% per annum is Rs 770. If the same sum is lent for 3 years at simple interest for 1% per month, find the interest obtained on the sum.
Correct
Option – D
let the sum be P.
CI = P(1 + 20/100)^{2} – P = 770
=> 1.44P – P = 770
=> 0.44P = 770
=> P = 1750
Now rate of interest = 1% pm = 12% p.a.
SI = 1750 × 12 × 3 / 1000 = 630
Incorrect
Option – D
let the sum be P.
CI = P(1 + 20/100)^{2} – P = 770
=> 1.44P – P = 770
=> 0.44P = 770
=> P = 1750
Now rate of interest = 1% pm = 12% p.a.
SI = 1750 × 12 × 3 / 1000 = 630

Question 2 of 10
2. Question
A sum of money was lent at 10% per annum compounded annually for 2 years. If the interest was compounded halfyearly, he would have received Rs. 440.50 more find the sum.
Correct
Option D
Let the sum be x.
When compounded annually,
Amount = x(1+10/100)
2 =121x/100
When compounded halfyearly,
Amount = x(1+5/100)
4 =194481x/160000
Now,
194481x/160000 121x/100 =440.5
=> 881x/160000 = 440.5
= x= 80000
Incorrect
Option D
Let the sum be x.
When compounded annually,
Amount = x(1+10/100)
2 =121x/100
When compounded halfyearly,
Amount = x(1+5/100)
4 =194481x/160000
Now,
194481x/160000 121x/100 =440.5
=> 881x/160000 = 440.5
= x= 80000

Question 3 of 10
3. Question
A certain money at certain rate was put for 5 years at simple interest. If it had been put for 3% higher rate, it would have fetched Rs 96 more. Find the sum in Rs?
Correct
Option – B
(SI)1 – (SI)2 = (PT)/100 x (R1 – R2)
96 = (P x 5/100) x (3)
So, P = 640
Incorrect
Option – B
(SI)1 – (SI)2 = (PT)/100 x (R1 – R2)
96 = (P x 5/100) x (3)
So, P = 640

Question 4 of 10
4. Question
Mohit invested some amount in a bank at a simple interest and got Rs 2365 after 3 years. Had he withdrawn the same money from the bank after 5 years then he would have got Rs 2655. Find out rate of interest offered by the bank and the money invested by Mohit respectively?
Correct
Option –B
Correct Choice : b
Solution :
Let the sum be P and annual interest be I.
From the 1
st condition, P + 3I = 2365 … (1)
According to the 2
nd condition, P + 5I = 2655 … (2)
On solving the equations we get, P = Rs 1930 and I = Rs 145
R = 145 × 100/1930 = 7.5% ( Approx)
Incorrect
Option –B
Correct Choice : b
Solution :
Let the sum be P and annual interest be I.
From the 1
st condition, P + 3I = 2365 … (1)
According to the 2
nd condition, P + 5I = 2655 … (2)
On solving the equations we get, P = Rs 1930 and I = Rs 145
R = 145 × 100/1930 = 7.5% ( Approx)

Question 5 of 10
5. Question
The simple interest accrued on an amount of Rs. 17,000 at the end of four years is Rs. 6,800. What would be the compound interest accrued on the same amount at the same rate in the same period?
Correct
Option A
R = ( SI × 100/ ( P × T) = 6800× 100 / (17000 × 4) = 10%
CI = P ( 1 + R /100)^{T} – P
= 17000{ ( 1.1)^{4} – 1 }
= 17000 × 1.464 – 1) = 7889.7
Incorrect
Option A
R = ( SI × 100/ ( P × T) = 6800× 100 / (17000 × 4) = 10%
CI = P ( 1 + R /100)^{T} – P
= 17000{ ( 1.1)^{4} – 1 }
= 17000 × 1.464 – 1) = 7889.7

Question 6 of 10
6. Question
A sum of money invested at simple interest amounts to Rs 5000 in three years and Rs 5450 in five years? What is the principal amount and approximate rate of interest?
Correct
Option – A
As we know that amount of simple interest that we get in each year remains same.
So let’s assume Principal Amount invested is Rs P and interest of one year is Rs A.
Hence according to the 1
st condition, P + 3A = 5000 .. (1)
Similarly, P + 5A = 5450 .. (2)
From both the equations we will get,
P = Rs 4325 and A = Rs 225
So, R = 225/4325 × 100 = 5.2%
Incorrect
Option – A
As we know that amount of simple interest that we get in each year remains same.
So let’s assume Principal Amount invested is Rs P and interest of one year is Rs A.
Hence according to the 1
st condition, P + 3A = 5000 .. (1)
Similarly, P + 5A = 5450 .. (2)
From both the equations we will get,
P = Rs 4325 and A = Rs 225
So, R = 225/4325 × 100 = 5.2%

Question 7 of 10
7. Question
The compound interest on a certain sum for 2 years at 20% per annum is Rs. 880. The simple interest on the same sum for double the time at half the rate percent per annum is:
Correct
Option – A
Let Principal = P
Compound interest at 20% per annum for 2 years = P(1+20/100)^{2}– P = 44% of P = 880
P = 2000
Now SI for 4 years @ 10 % = 40% of 2000 = 800
Incorrect
Option – A
Let Principal = P
Compound interest at 20% per annum for 2 years = P(1+20/100)^{2}– P = 44% of P = 880
P = 2000
Now SI for 4 years @ 10 % = 40% of 2000 = 800

Question 8 of 10
8. Question
Sam invested Rs. 20,000 @ 15% per annum for one year. If the interest is compounded half yearly, then what will be the amount received by Sam at the end of the year?
Correct
Option – B
P = Rs 20000; R = 15% p.a. = 7.5 % per halfyear;
T = 1 year = 2 halfyears
If an amount P is compounded at interest rate of r for T years then the total amount which we Will get = P (1 + r/100)^{T}
∴ Amount = Rs.[20000 X (1 +7.5/100) X (1 +7.5/100)]
= 23112.5
Incorrect
Option – B
P = Rs 20000; R = 15% p.a. = 7.5 % per halfyear;
T = 1 year = 2 halfyears
If an amount P is compounded at interest rate of r for T years then the total amount which we Will get = P (1 + r/100)^{T}
∴ Amount = Rs.[20000 X (1 +7.5/100) X (1 +7.5/100)]
= 23112.5

Question 9 of 10
9. Question
Vinod borrowed Rs 10000 from a bank at simple interest. After 4 years he paid Rs 6000 to the bank and again after 2 years he paid Rs 8000 to settle the loan. What is the interest rate at which Vinod borrowed the sum?
Correct
Option – C
Let’s assume interest rate = R%
Total interest paid by Vinod = Rs (6000 + 8000 – 10000)
= Rs 4000
Now total interest paid = Interest on Rs 10000 for 4 years + Interest on Rs 4000 (10000 – 6000) for 2 years
=> 4000 = (10000 X 4 X R)/100+(4000 X 2 X R)/100
=>4000 = 400R + 80R
480R = 4000
R = 8 1/3 %
Incorrect
Option – C
Let’s assume interest rate = R%
Total interest paid by Vinod = Rs (6000 + 8000 – 10000)
= Rs 4000
Now total interest paid = Interest on Rs 10000 for 4 years + Interest on Rs 4000 (10000 – 6000) for 2 years
=> 4000 = (10000 X 4 X R)/100+(4000 X 2 X R)/100
=>4000 = 400R + 80R
480R = 4000
R = 8 1/3 %

Question 10 of 10
10. Question
Ramesh borrowed Rs 30000 from a bank at a rate of 12% per annum for two years at simple interest and lends the same money to Mahesh at the rate of 12% for two years but he charged compound interest. What is the overall gain by Ramesh?
Correct
Option C
As we know that when an amount P is invested for two years at rate of R% per annum then the difference between SI and Ci = PR^{2}/100
Overall gain = 3000 × 0.12)^{2} = 432
Incorrect
Option C
As we know that when an amount P is invested for two years at rate of R% per annum then the difference between SI and Ci = PR^{2}/100
Overall gain = 3000 × 0.12)^{2} = 432
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