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Maths interest Test.16

**Quiz Instructions:**

- There will be 20 multiple choice question in this online test.
- Answer of the questions will change randomly each time you start this test.
- Practice this test at least 3 times if you want to secure High Marks.
- At the End of the Test you can see your Test score and Rating.

1 / 20

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

1. To find the interest, subtract the principal from the balance.

$618 – $600 = $18

2.Use the simple interest formula and solve for r.

I = Prt

18= 600 x r x (1/2)

r= 0.06 =6%

1. To find the interest, subtract the principal from the balance.

$618 – $600 = $18

2.Use the simple interest formula and solve for r.

I = Prt

18= 600 x r x (1/2)

r= 0.06 =6%

2 / 20

**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?**

Simple interest is given by the formula SI = (pnr/100), where p is the principal, n is the numberof years for which it is invested, r is the rate of interest per annum

In this case, Rs. 1250 has become Rs.10,000.

Therefore, the interest earned = 10,000 – 1250 = 8750.

8750 = [(1250 x n x 12.5)/100]

=> n = 700 / 12.5 = 56 years.

Simple interest is given by the formula SI = (pnr/100), where p is the principal, n is the numberof years for which it is invested, r is the rate of interest per annum

In this case, Rs. 1250 has become Rs.10,000.

Therefore, the interest earned = 10,000 – 1250 = 8750.

8750 = [(1250 x n x 12.5)/100]

=> n = 700 / 12.5 = 56 years.

3 / 20

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

4 / 20

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

Simple Interest (SI) for 1 year = 854-815 = 39

Simple Interest (SI) for 3 years = 39 × 3 = 117

Principal = 815 – 117 = Rs.698

Simple Interest (SI) for 1 year = 854-815 = 39

Simple Interest (SI) for 3 years = 39 × 3 = 117

Principal = 815 – 117 = Rs.698

5 / 20

**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.**

Let sum = P and original rate = R. Then

[(P * (R+2) * 3)/100] – [ (P * R * 3)/100] = 360

3P*(R+2) – 3PR = 36000

3PR + 6P – 3PR = 36000

6P = 36000

P = 6000

Let sum = P and original rate = R. Then

[(P * (R+2) * 3)/100] – [ (P * R * 3)/100] = 360

3P*(R+2) – 3PR = 36000

3PR + 6P – 3PR = 36000

6P = 36000

P = 6000

6 / 20

**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:**

S.I. for 3 years = Rs. (12005 – 9800) = Rs. 2205.

S.I. for 5 years = Rs.[ (2205/3) x 5 ] = Rs.3675

Principle = Rs.(9800-3675) = Rs.6125

Rate=12%

S.I. for 3 years = Rs. (12005 – 9800) = Rs. 2205.

S.I. for 5 years = Rs.[ (2205/3) x 5 ] = Rs.3675

Principle = Rs.(9800-3675) = Rs.6125

Rate=12%

7 / 20

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

8 / 20

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

Cash price = $3695

Deposit =1/3 of $3695

= $1231.67

Loan amount = $3695.00 − $1231.67

= $2463.33

Total cost of loan = $25.97 × 104

= $2700.88

Interest charged = total amount − loan

I = A − P

= 2700.88 − 2463.33

= 237.55

Cash price = $3695

Deposit =1/3 of $3695

= $1231.67

Loan amount = $3695.00 − $1231.67

= $2463.33

Total cost of loan = $25.97 × 104

= $2700.88

Interest charged = total amount − loan

I = A − P

= 2700.88 − 2463.33

= 237.55

9 / 20

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

Simple Interest, SI = (3875 – 2500) = Rs.1375

Principal, P = Rs. 2500

Time, T = 4 years

R = ?

R=100×SI/PT=100×13752/500×4

=100×1375/10000=13.75%

Simple Interest, SI = (3875 – 2500) = Rs.1375

Principal, P = Rs. 2500

Time, T = 4 years

R = ?

R=100×SI/PT=100×13752/500×4

=100×1375/10000=13.75%

10 / 20

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

11 / 20

**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?**

12 / 20

**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?**

P = Rs.900

SI = Rs.81

T = ?

R = 4.5%

T=100×SI/PR =100*81/900*4.5 =2 years

P = Rs.900

SI = Rs.81

T = ?

R = 4.5%

T=100×SI/PR =100*81/900*4.5 =2 years

13 / 20

**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:________?**

14 / 20

**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?**

Cash price = $21 000

Deposit = 10% × $21 000

= $2100

Loan amount = $21 000 − $2100

= $18 900

I=p*r*t/100

I=11340

Total amount = 18 900 + 11 340

= $30 240

regular payment = total amount /number of payments

Cash price = $21 000

Deposit = 10% × $21 000

= $2100

Loan amount = $21 000 − $2100

= $18 900

I=p*r*t/100

I=11340

Total amount = 18 900 + 11 340

= $30 240

regular payment = total amount /number of payments

15 / 20

**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?**

Let the original rate be R%. Then, new rate = (2R)%.

Note: Here, original rate is for 1 year(s); the new rate is for only 4 months i.e.1/3 year(s).

[(725 x r x1)/100] + [(362.50 x 2r x1)/(100 x 3)] = 33.50

R=3.46%

Let the original rate be R%. Then, new rate = (2R)%.

Note: Here, original rate is for 1 year(s); the new rate is for only 4 months i.e.1/3 year(s).

[(725 x r x1)/100] + [(362.50 x 2r x1)/(100 x 3)] = 33.50

R=3.46%

16 / 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________?**

17 / 20

**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?**

Let the sum invested in Scheme A be Rs. *x* and that in Scheme B be Rs. (13900 – *x*).

then , (x*14*2/100)+(13900-x)*11*2/100) =3508

28*x* – 22*x* = 350800 – (13900 x 22)

6*x* = 45000

*x* = 7500.

So, sum invested in Scheme B = Rs. (13900 – 7500) = Rs. 6400.

Let the sum invested in Scheme A be Rs. *x* and that in Scheme B be Rs. (13900 – *x*).

then , (x*14*2/100)+(13900-x)*11*2/100) =3508

28*x* – 22*x* = 350800 – (13900 x 22)

6*x* = 45000

*x* = 7500.

So, sum invested in Scheme B = Rs. (13900 – 7500) = Rs. 6400.

18 / 20

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

19 / 20

**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?**

20 / 20

**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?**