Simple Interest Questions

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)  $S.I=\left(\frac{P×T×R}{100}\right)$

(ii)

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

Explanation:

0 357
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

Explanation:

0 356
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

Explanation:

1 350
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

Explanation:

7 321
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

Explanation:

1 312
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

Explanation:

2 299
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

Explanation:

1 295
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