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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:

Simple interest on a sum for 10 years is equal to 5% of the principal. In how many years interest will be equal to the principal?

 

A) 100   B) 150
C) 200 D) 250
 
Answer & Explanation Answer: C) 200

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Q:

A sum of money invested at simple interest becomes 13/10 of itself in 2 years and 6 months. What is the rate (in percentage) of interest per annum?

 

A) 10 B) 15
C) 12 D) 18
 
Answer & Explanation Answer: C) 12

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Q:

Saathi deposited Rs. 825 in a bank that promised 8% simple interest per annum. If Saathi kept the money with the bank for 5 years, she will earn an interest of

A) Rs. 480 B) Rs. 280
C) Rs. 330 D) Rs. 290
 
Answer & Explanation Answer: C) Rs. 330

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Q:

A sum of money (P) doubles in 10 years. How much would it be in 20 years at the same rate of simple interest?

A) P B) 2P
C) 3P D) 4P
 
Answer & Explanation Answer: C) 3P

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Q:

The simple interest on a sum is 7/8 of the principal for 5 years. What is the rate (in percentage) of interest per annum?

 

A) 15 B) 17.5
C) 14 D) 22.5
 
Answer & Explanation Answer: B) 17.5

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Q:

What is the ratio of simple interest earned on certain amount at the rate of 12% p.a. for 9 years and that for 12 years?

A) 1:2 B) 2:3
C) 3:4 D) 4:5
 
Answer & Explanation Answer: C) 3:4

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Q:

What will be the maturity value, if Rs. 13,500 is deposited at a simple rate of interest of 12.5% for two years?

A) Rs. 15,187.50 B) Rs. 16,875.00
C) Rs. 16,875.50 D) Rs. 16,785.00
 
Answer & Explanation Answer: B) Rs. 16,875.00

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Q:

Ms. Sushmitha borrowed Rs. 900 at 6% per annum simple interest. What amount will she pay to clear her debt after 4 years?

A) 261 B) 1161
C) 1116 D) 216
 
Answer & Explanation Answer: C) 1116

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