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 Simple Interest Questions

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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:

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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3 2056
Q:

Simple interest on a sum of Rs 1400 for 3 years and 4 months is Rs 700. What is the rate (in percentage) of interest per annum?

A) 17 B) 15
C) 18 D) 12
 
Answer & Explanation Answer: B) 15

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3 2054
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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3 2053
Q:

On a certain principal if the Simple interest for two years is Rs 3000 and Compound interest for the two years is Rs 3225, what is the rate of Interest?

A) 7.5 percent B) 30 percent
C) 15 percent D) 22.5 percent
 
Answer & Explanation Answer: C) 15 percent

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3 2046
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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1 2029
Q:

The amount of simple interest accrued on an amount of Rs 28,500 in seven years is Rs 23,940 What is the rate of interest p.c.p.a ?

A) 10.5 B) 12.5
C) 11 D) 12
 
Answer & Explanation Answer: D) 12

Explanation:

Simple Interest = S.I= pnr/100 Given, S.I = 23940 , p = 28500 , n = 7 thus, r = 100x23940/28500x7 = 12

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4 2019
Q:

Both S.I. and C.I. is calculated with a similar rate of 10% per annum on a sum of rupees. If C.I. is calculated yearly for two years, then for what period must S.I. be evaluated such that S.I. = C.I.?

A) 4.2 years B) 2.1 years
C) 1.1 years D) 1.4 years
 
Answer & Explanation Answer: B) 2.1 years

Explanation:

Let time period of S.I. be T years.

Then for a principal amount, say P,

ATQ, as, S.I. = C.I. for rate =10%p.a. and

time for C.I. = 2(P x 10 x T)/100 = P{[ (100+10)/100 ]2-1}T/10 = [ 110/100 ]2–1 = [(11/10)2–1] = (121-100)/100T/10 = 21/100T = 21/10 = 2.1 years

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1 1993
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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3 1950