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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:

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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Q:

A man purchased a cycle for Rs.3000/- and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.

A) Rs. 260 B) Rs. 240
C) Rs. 280 D) Rs. 300
 
Answer & Explanation Answer: C) Rs. 280

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2 485
Q:

Puneet lent out Rs 30000 in two parts, one at 5% and the other at 9% interest. The yearly average interest comes out to be 6%. What are the amounts (inRs) that are lent at 5% and 9% respectively?

 

A) 20000, 10000   B) 22500, 7500  
C) 18000, 12000   D) 21000, 9000
 
Answer & Explanation Answer: B) 22500, 7500  

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Q:

Rs. x invested at 8% simple interest per annum for 5 years yields the same interest as that on Rs. y invested at 7.5% simple interest per annum for 6years. Find x : y.

A) 40:45 B) 5:6
C) 16:15 D) 9:8
 
Answer & Explanation Answer: D) 9:8

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Q:

Find the approximate simple interest on Rs. 2000 from March 9, 2010 to May 21, 2010 at 8.25% per annum.

A) Rs. 43 B) Rs. 37
C) Rs. 33 D) Rs. 40
 
Answer & Explanation Answer: C) Rs. 33

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Q:

A sum of Rs 800 becomes Rs 1000 in 2 years at simple interest. What is the per annum rate of interest (in percent)?

 

A) 12.5   B)  25  
C)  8.5   D)  17
 
Answer & Explanation Answer: A) 12.5  

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Q:

M borrowed some money for 1 year at certain simple interest. But the interest rate was increased to 2% which amounted to Rs.120. Find the principal amount.

A) Rs.4000 B) Rs.5000
C) Rs.6000 D) Rs.7000
 
Answer & Explanation Answer: C) Rs.6000

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Q:

The difference between simple interest on a certain sum at the rate of 6% per annum for 5 years and 6 years is 25.8. What is the sum (in Rs)?

 

A) 480 B)  430
C) 258 D) 516
 
Answer & Explanation Answer: B)  430

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