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NMAT Simple Interest — practice questions — page 2

Explore 53 free Simple Interest questions in NMAT Quantitative Aptitude. Open each question or exercise to read its content, reference answers and available explanation.

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Simple Interest questions and exercises with answers

Showing questions 31–53 of 53.

Which quantity does this describe?Read the answer and worked solution →More simple interestRead the answer and worked solution →True or false: what changes and what does notRead the answer and worked solution →Order the steps: total repayment under simple interestRead the answer and worked solution →Complete the simple interest pictureRead the answer and worked solution →Assertion and reason: simple interestRead the answer and worked solution →Two are true, one is notRead the answer and worked solution →Spot the odd one outRead the answer and worked solution →Tap every statement true of simple interestRead the answer and worked solution →Flip and pair: quantity with descriptionRead the answer and worked solution →Naming the partsRead the answer and worked solution →True or false: interest in everyday lifeRead the answer and worked solution →Paid to you, or paid by you?Read the answer and worked solution →Three of these are wrong. Find the one that holds.Read the answer and worked solution →Interest, in the banking sense, is best described as:Read the answer and worked solution →A sum of 10,000 is borrowed at 15% per annum simple interest for 2 years. The amount repayable is:Read the answer and worked solution →Find the simple interest on 15,000 at 5% per annum for 2 years.Read the answer and worked solution →Compound interest differs from simple interest because compound interest is calculated on:Read the answer and worked solution →20,000 is borrowed for 2 years at 8% compounded annually. The compound interest is:Read the answer and worked solution →For 10,000 at 10% per annum for 2 years, compound interest exceeds simple interest by:Read the answer and worked solution →Find the simple interest on 5,000 at 8% per annum for 3 years.Read the answer and worked solution →At simple interest, a sum doubles itself in 8 years. The annual rate is:Read the answer and worked solution →For the same principal, rate and a period of one year, compound interest compounded annually is:Read the answer and worked solution →

Worked practice questions

Which quantity does this describe?

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Items
  1. Item
    The sum originally lent
    Category
    Principal
  2. Item
    What the rate is applied to
    Category
    Principal
  3. Item
    The extra money earned
    Category
    Interest
  4. Item
    What the bank adds each year
    Category
    Interest
  5. Item
    Principal plus interest
    Category
    Amount
  6. Item
    The final sum repaid
    Category
    Amount
Categories
  1. Item
    Principal
  2. Item
    Interest
  3. Item
    Amount
Naming the parts correctly is most of an interest question. Source: syllabus Maths, Ch 7 Comparing Quantities.

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More simple interest

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Questions
  1. Question
    20,000 at 10% per annum earns, in one year
    Choices
    1. 200
    2. 20,000
    3. 2,000
    Correct choice
    2,000
  2. Question
    Over three years that is
    Choices
    1. 6,000
    2. 2,000
    3. 3,000
    Correct choice
    6,000
  3. Question
    The amount after three years is
    Choices
    1. 20,000
    2. 26,000
    3. 6,000
    Correct choice
    26,000
  4. Question
    Doubling the term does what to simple interest?
    Choices
    1. halves it
    2. leaves it alone
    3. doubles it
    Correct choice
    doubles it
The interest is the same each year, so it scales with the number of years. Source: syllabus Maths, Ch 7 Comparing Quantities.

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True or false: what changes and what does not

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Questions
  1. Statement is true
    Yes
    Statement
    The principal stays the same throughout the term.
  2. Statement is true
    Yes
    Statement
    The yearly interest stays the same throughout the term.
  3. Statement is true
    Yes
    Statement
    The amount grows each year.
  4. Statement is true
    No
    Statement
    The yearly interest grows each year.
  5. Statement is true
    Yes
    Statement
    The rate is quoted per annum.
Under simple interest the base never moves. Source: syllabus Maths, Ch 7 Comparing Quantities.

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