Simple Interest - Quantitative Aptitude (MCQ) questions for Q. 21232

Q.  A sum of Rs. 4000 amounts to Rs. 4600 in 5 years at a certain rate of simple interest. What would be the amount, if the rate of interest is increased by 3 %.
- Published on 25 Apr 16

a. Rs. 4900
b. Rs. 5000
c. Rs. 5200
d. Rs. 5600
e. None of these

ANSWER: Rs. 5200
 
Principal = Rs. 4000, Amount = Principal + SI = Rs. 4600
SI = Amount – Principal = 4600 – 4000 = Rs. 600
Given : Principal = Rs. 4000, Time = T = 5 years and SI = Rs. 600
SI =PRT/100
600 = 4000 *R * 5/100
600 = 200R
R = 3 % p.a.
Now the new interest rate is = 3% + 3% = 6 % p.a.
SI = PRT/ 100 = 4000 * 6 * 5/ 100 = Rs. 1200
Amount = Principal + SI
= 4000 + 1200
= 5200

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