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Simple & Compound Interest Quiz-1

Dear Readers,

Maths is an important subject in CLAT,DULLB & Other Law Exams. In any of law exam, Maths carries weightage of 20 -25 % of questions. With focused practice good marks can be fetched from this section. These questions are very important in achieving your success in CLAT, DULLB and Other Law Exams..

Q1.Ramesh borrows Rs. 2000 and pays back after 3 years at 10% simple interest. The
amount paid by the man, is
  • Rs. 2400
  • Rs. 2600
  • Rs. 3000
  • Rs. 2750
Solution
SI = = 600

A = 2000 + 600 = 2600

Q2.The rates of simple interest in two banks A & B are in the ratio 5:4. A person wants to deposit his total savings in two banks such
that he received equal half yearly interest from both. He should deposit the savings in banks A & B in the ratio.
  • 5:2
  • 2:5
  • 4:5
  • 5:4
Solution
= T1 = T2, SI1 = SI2 & R1/R2 = 5/4

Q3A certain, sum of money at simple interest amounts to Rs 901 in years & to
Rs 986 in 4 years, both at simple interest. The rate of interest per annum is
  • 2.5%  
  • 3%
  • 4%
  • 5%
Solution
901 = + P; 85 =
PR = 3400
P = 986 - 4PR/100 = 986 - 136 = 850

PR = 3400 R = 4

Q4.For how many years should Rs 600 be invested at simple interest of 10% pa in
order to earn the same simple interest as is earned by investing Rs 800 at 12%
pa for 5 years?
  • 6
  • 8
  • 12
  • 16
Solution

T = 8 years


Q5.The simple interest on Rs 10 per 4 months at the rate of 3 paise per Rupee per months is
  • Rs. 1.20  
  • Rs 12
  • Rs 120
  • Rs 1200
Solution
SI = (10 x 4 x 3)/100 = 1.2

Q6. A sum of money trebles itself in 15 years 6 months. In how many years would. it double itself? 

  •  6 years 3 months
  •  7 years 9 months
  •  8 years 3 months
  •  9 years 6 months 
Solution
3P = P + SI = P + (P x R x 15.5)/100

2 = (31/ 200) R ; R = 400/31

2P = P + SI P = (P x R x T)/100


T =



Q7. Out of a sum of Rs. 625 a part was lent at 5% and other at 10% simple interest. If the interest on the first part after 2 years is equal to the interest on the second part after 4 years, then the second sum (in Rs.) is 

  •  125
  •  200
  •  250
  •  300
Solution
SI1 = SI2
625 - p = 4p p = 125
Q8.The SI on Rs 1820 from March 9, 1994 to May 21, 1994 at rate will be
  •  Rs 29 
  •  Rs 28.80
  •  Rs 28 
  •  Rs 27.30
Solution
may 21- march 9) 1994 = 2 month 12 days
= 2 = 2.4 month
SI = = 27.3


Q9.The difference between the interests (S.I.) received from two different banks on Rs 500 for 2 years is Rs 2.50. The difference between their rates is:
  •  0.1%
  • 0.5%
  • 0.25%
  • 2.5%
Solution
SI1 - SI2 = 2.5 =

=

Q10.In how many years will sum of money double itself at 12% simple interest per annum?

  •  7 years 6 months
  •  8 years 3 months
  •  8 years 4 months
  •  9 years 6 months 
Solution
 8 years 4 months



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