Quantitative Aptitude • Simple & Compound InterestEasy
What is the simple interest on ₹16,000 at 4% per year for 5 years?
A. ₹19,200
B. ₹640
C. ₹3,200✓ Correct Answer
D. ₹3,840
💡 Solution & Explanation
Simple interest = principal × rate × time ÷ 100 = 16,000 × 4 × 5 ÷ 100 = ₹3,200. The interest is the same every year (₹640 per year). The total amount after 5 years would be ₹19,200, but the question asks only for the interest.
More Quantitative Aptitude Simple & Compound Interest questions
- At what rate of simple interest per year will a sum of money double itself in 16 years?
- In how many years will ₹34,000 earn a simple interest of ₹20,400 at 15% per year?
- At what rate of simple interest per year will a sum of money double itself in 5 years?
- What will ₹1,450 amount to in 2 years at 20% per year compound interest, compounded annually?
- A sum of money doubles itself in 4 years at compound interest. In how many years will it become 16 times…