SI & CI Questions Answers MCQ For Bank & SSC Exam 2018 : Set-3

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SI & CI Questions Answers MCQ

Simple Interest and Compound Interest Questions Bank Exams 2018. Welcome to the www.letsstudytogether.co online Quant section. If you are preparing for SBI Clerk, and SBI PO, SSC, Railways  exams 2017-18, you will come across a section on Quantitative Aptitude Section. Here we are providing you with Quant quiz on “SI & CI Questions Answers MCQ ” based on the latest pattern for your daily practice.

This “SI & CI Questions Answers MCQ ” is also important for other banking exams such as SBI PO, IBPS Clerk, SBI Clerk, IBPS RRB Officer, IBPS RRB Office Assistant, IBPS SO, SBI SO and other competitive exams.

 SI & CI Questions Answers MCQ For IBPS Exam: Set-3


1. A person invests some amount at 5% per annum and another amount at 9% per annum. If two-third of the first amount is equal to the four-fifth of the second amount, and total interest earned in 2 years is Rs. 2070, what was the total sum invested?

A. Rs 18000

B. Rs 17500

C. Rs 15180

D. Rs 15240

E. Rs. 16320

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Option – C

Let the first amount be ‘x’ and the second amount be ‘y’

(2/3)*x = (4/5)*y

=> x = 1.2y

Total interest earned in 2 years = 2070

or, (x*5*2)/100 + (y*9*2)/100 = 2070

or, (1.2y)*5 + (y*9) = 2070*100/2

or, 15y = 2070*200 => y = 6900

So, x = 1.2y = 69000*1.2 = 8280

Therefore, total sum invested = 6900+8280 = Rs.15180

2. Shikha invested a total of Rs. 1500 in two different schemes offering simple interest of 6% and 4% respectively. In two years time, the scheme offering higher interest rate gives Rs. 100 more interest than the scheme offering the lower rate. What was the ratio of amount invested at higher interest rate to the other amount?

A. 4 : 15

B. 11 : 4

C. 4 : 11

D. 15 : 11

E. 11 : 15

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 Option – B

Let the sum invested by Shikha in the Scheme offering higher interest rate be ‘x’

So, Sum invested by Shikha in another scheme = (1500-x)

Thus, (x*6*2) /100 – [(1500-x)*4*2]/100 = 100

(12x/100) + (8x/100) – 120 = 100

On solving, x = Rs. 1100

Another amount = 1500 – 1100 = Rs. 400

Thus, the required ratio = 11 : 4

3. An amount is invested in two schemes, Scheme-A and Scheme-B. Ratio of investment in A to that of B is 17:8. Scheme-A gives interest after 2 years at 10% compound interest while Scheme-B gives interest after 2 years at 21% simple interest. What will be the ratio of interest earned through Scheme-A to that of SchemeB?

A. 8 : 17

B. 16 : 17

C. 17 : 16

D. 17 : 4

E. 17 : 8

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 Option – C

Amount invested in Scheme-A = 17x

Amount invested in Scheme-B = 8x

Interest earned through Scheme-A = (17x)*(1+10/100)

2 – (17x) = (17x)*(0.21)

Interest earned through Scheme-B = (8x)*(21)*2/100 = (8x)*(0.42)

Therefore, required ratio = (17x)*(0.21) : (8x)*(0.42) = 17 : 16

4.  `24. James and Paul together borrowed Rs. 10,000 from Scarlet. James borrowed the money at 15% simple interest while Paul borrowed the money at 18% simple interest. After 2 years both of them returned the money to scarlet with interest. It was found that the interest returned by James was Rs. 360 more than that of Paul. How much money did James borrow from Scarlet?

A. Rs 4500

B. Rs 2500

C. Rs 6000

D. Rs 4000

E. Rs. 7500

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 Option – C

Let the money lent to James = Rs P

Then, money lent to Paul = Rs (10000 – P) [as total amount = Rs 10000]

SI for amount borrowed by James = (P x 15 x 2)/100 = 3P/10

SI for amount borrowed by Paul = {(10000 – P) x 18 x 2}/100 = 9/25 (10000 – P)

According to the given condition, (3P/10) – [(9/25) x (10000 – P)] = 360

=> (3P/10) – 3600 + 9P/25 = 360

=> 3P/10 + 9P/25 = 360 + 3600

=> 33P/50 = 3960

=> P = 3960 x 50/33

=> P = Rs. 6000

5. The compound interest on a certain amount of money for 1 year, compounded half yearly is Rs. 144 more than the simple interest on the same amount of money at same rate of interest and for same time period. If, the rate of interest is 12% per annum what is the principal amount?

A. Rs 20000

B. Rs 36000

C. Rs 45000

D. Rs 40000

E. Rs. 50000

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 Option – D

Let, the principal amount be Rs. ‘P’

CI = P*[{1 + (12/200)}

1*2 – 1]

= P*[{1 + 6/100}

2 – 1]

= P*{(53/50)

2 – 1}

= P*{(2809 – 2500)/2500}

= (309/2500)*P

And,

SI = (P*12*1)/100

= (3/25)*P

Now, according to the question,

(309/2500)P – (3/25)P = 144

P*(9/2500) = 144

P = (144*2500)/9

= Rs. 40000

6. Raghav invested Rs. 5000 in each of the two schemes, A and B. Scheme A matures in 3 years and gives 10% compound interest, compounded yearly while Scheme B matures in 4 years and gives 10% simple interest. What would the total amount received by Raghav on maturity from the two schemes?

A. Rs 14500

B. Rs 11500

C. Rs 12555

D. Rs 13655

E. Rs. 14555

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 Option – D

Maturity amount from Scheme A = 5000*[1+(0.1)]

3 = 5000*(1.1)*(1.1)*(1.1) = Rs. 6655

Maturity amount from Scheme B = 5000+[5000*10*4/100] = Rs. 7000

Therefore, total maturity amount received by Raghav from the two schemes = 6655+7000 = Rs. 13655

7. A man possessing Rs. 8000, lent a part of it at 10% simple interest and the remaining at 6% simple interest. His income after 4.5 years is Rs. 2880. Find the income generated by the sum lent at 10% at the end of 2 years.

A. Rs 800

B. Rs 900

C. Rs 1200

D. Rs 1350

E. Rs. 1400

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 Option – A

Annual interest income = 2880/4.5 = Rs. 640.

This implies an annual average rate of 8% per annum.

Thus 50% of Rs. 8000 is lent at 10%.

Income generated in 2 years by Rs. 4000 at 10% per annum = Rs. 800

8. A money-lender gives Rs. 9600 to ‘A’ for 4 years and Rs. 16000 to ‘B’ for 5 years both at same rate of interest. Find the rate of interest (same for both A and B) per annum if the moneylender gets Rs. 9472 as total interest combined from both?

A. 9.5 %

B. 9 %

C. 6.5 %

D. 8 %

E. 7.5 %

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 Option – D

Let “R” be the rate of interest.

So according to question,

(9600*4*R)/100 + (16000*5*R)/100 = 9472

1184R = 9472

R = 9472/1184 = 8

9. A person invests a principal of Rs.18000 for a period of 2 years at 10% interest, compounded annually, and the resulting amount for a further 3 years at 5% p.a. simple interest. Another person invests a principal of Rs.22000 for 2 years at 10% p.a compound interest compounded annually and the resulting amount for a further 3 years at 5% p.a simple interest. What is the difference in the interest earned on the principal by the two persons?

A. Rs 1906

B. Rs 2200

C. Rs 1566

D. Rs 1542

E. None of these

Show Correct Answers

 Option – C

For the first person:

Amount earned after two years = 18000(1 + 10/100)

2 = Rs 21780

So, interest earned = 21780 – 18000 = Rs.3780

Interest earned at 5% p.a. for 3 years = 21780*5*3/100 = Rs 3267

Total interest earned = 3780 + 3267 = Rs.7047

For the second person:

Amount earned after two years at 10% compound interest = 22000(1 + 10/100)

2 = Rs.26620

Interest earned = 26620 – 22000 = Rs.4620

Interest earned at 5% p.a. for 3 years = 26620*5*3/100 = Rs.3993

Total interest earned = 4620 + 3993 = Rs.8613

Difference in the interest earned = 8613 – 7047 = Rs.1566

10. A sum of Rs.25000 is initially invested at a rate of 8% p.a. simple interest for ‘y’ years and then the entire amount obtained is re-invested at 10% p.a. compound interest for two years. The compound interest obtained after ‘y + 2’ years is Rs.1990 less than the interest obtained when, a sum of Rs.13600 at 12.5% p.a. simple interest is invested for ‘y+2’ years. What is the simple interest obtained on the sum of Rs.25000?

A. Rs 5750

B. Rs 6800

C. Rs 6000

D. Rs 54000

E. None of these

Show Correct Answers

 Option – C

Simple interest = p*n*r/100 = 25000*y*8/100 = 2000y.

So, amount after ‘y’ years = 25000+2000y.

Now, this amount is invested at 10% p.a compound interest for 2 years.

Amount obtained at compound interest = p*(1+(r/100))

n = (25000 + 2000y)*(1 + (10/100))

2= (25000 +

2000y)*1.1

2 = (25000 + 2000y)*1.21 = 30250 + 2420y

So, total interest = Amount – Principle = 30250 + 2420y – 25000 – 2000y = 420y + 5250

Now, simple interest obtained on Rs.13600 at 12.5% for ‘y+2’ years = 13600*12.5*(y+2)/100 = 1700y +

3400

According to question, 420y + 5250 = 1700y + 3400 – 1990

=> (1700 – 420) *y = – 3400 + 1990 + 5250 = 3840

=> 1280y = 3840

So, y = 3840/1280 = 3 years.

Therefore SI obtained on 25000 = 2000y=2000*3= Rs. 6000


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