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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 interest earned on Rs. 2250 at the rate of 3% simple interest per annum for 2 years will be

A) Rs. 67.50 B) Rs. 135
C) Rs. 202.50 D) Rs. 225
 
Answer & Explanation Answer: B) Rs. 135

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Q:

Find the total Simple Interest on Rs. 500 at 7% per annum, on Rs. 700 at 10% per annum and on Rs. 1000 at 4% per annum for 3 years.

A) 435 B) 500
C) 700 D) 1000
 
Answer & Explanation Answer: A) 435

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Q:

R borrowed Rs. 1,200 at 13% per annum simple interest. What amount will R pay to clear the debt after 5 years?

A) Rs.1,860 B) Rs.1,800
C) Rs.1,980 D) Rs.2,000
 
Answer & Explanation Answer: C) Rs.1,980

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Q:

The simple interest on a sum is 5/9 of the principal for 25 years. What is the rate (in percentage) of interest per annum?

 

A) 25/9   B) 9/2  
C) 20/9   D) 15/4
 
Answer & Explanation Answer: C) 20/9  

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Q:

Some part of Rs 17500 was lent at the rate of 24% per annum simple interest and the remaining part at the rate of 10% per annum simple interest. The total interest received after 5 years is Rs 13300. What is the ratio of money lent at the rate of 24% and 10%?

 

A) 12 : 13 B) 3 : 4
C) 3 : 2 D) 13 : 22
 
Answer & Explanation Answer: D) 13 : 22

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Q:

What is the ratio of simple interest earned on certain amount at the rate of 12% for 6 years and that for 12 years?

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

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Q:

A sum of Rs 4000 becomes Rs 7000 in 6 years at simple interest. If the rate of interest becomes double of itself, then what will be the amount (in Rs) after 6 years?

 

A)  8500 B)  9000
C)  8000 D) 10000
 
Answer & Explanation Answer: D) 10000

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