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 Simple Interest Questions

Popular Latest Rated Important Formulae

FACTS  AND  FORMULAE  FOR  SIMPLE  INTEREST  QUESTIONS

 

 

1. Principal: The money borrowed or lent out for a certain period is called the principal or the sum.

 

2. Interest: Extra money paid for using other's money is called interest

 

3. Simple Interest (S.I.) : If the interest on a sum borrowed for a certain period is reckoned uniformly, then it is called simple interest.

Let Principal = P, Rate = R% per annum (p.a.) and Time = T years. Then,

(i)  S.I=P×T×R100

(ii)  P=100×S.IR×T ; R=100×S.IP×T and T=100×S.IP×R

Q:

The sum of money that will yield Rs. 60 as simple interest at 6% per annum in 5 years is

A) 200 B) 225
C) 175 D) 300
 
Answer & Explanation Answer: A) 200

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Q:

Dev lent Rs. 8000 to Jairam for 17 years and Rs. 4700 to Karnik for 16 years on simple interest at the same rate of interest and received Rs. 21120 in all from both of them as interest. The rate of interest per annum is:

A) 10.5 percent B) 10 percent
C) 11 percent D) 11.5 percent
 
Answer & Explanation Answer: B) 10 percent

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Q:

Rs. 750 invested for 3 months gave an interest of Rs. 18. What was the simple rate of interest per annum?

A) 9.6% B) 2.4%
C) 7.2% D) 12%
 
Answer & Explanation Answer: A) 9.6%

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Q:

A person lent Rs 10000 to B for 3 years and Rs 6000 to C for 4 years on simple interest at same rate of interest and received Rs 5400 in all from both of
them as interest. What is the rate of interest (in %)?

A) 10 B) 12
C) 20 D) 25
 
Answer & Explanation Answer: A) 10

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Q:

Simple interest on a sum for 12 months at the rate of 25% per annum is Rs 935.What is the value (in Rs) of sum?

A) 3740 B) 3200
C) 4410 D) 4720
 
Answer & Explanation Answer: A) 3740

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Q:

A sum of Rs. 1200 is lent to be paid back in 5 equal annual installments of Rs. 264 each. The rate of interest per annum is

A) 6% B) 8%
C) 2% D) 4%
 
Answer & Explanation Answer: C) 2%

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Q:

A sum fetched a total simple interest of Rs.5,400 at the rate of 12.5 %/yr in 4 years. What is the sum (in Rs)?

A) 11800 B) 12800
C) 9800 D) 10800
 
Answer & Explanation Answer: D) 10800

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Q:

A sum becomes Rs 1392 in 2 years and Rs 1488 in 3 years at simple interest. What is the rate (in percentage) of interest per annum?

A) 8 B) 10
C) 12 D) 8.5
 
Answer & Explanation Answer: A) 8

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