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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:

Ravi invested Rs.P in a scheme A offering simple interest at 10% p.a. for two years. He invested the whole amount he received from scheme A, in another scheme (B) offering simple interest at 12% p.a. for five years. If the difference between the interests earned from schemes A and B was Rs. 13,00/, what is the value of P ?

A) 2500 B) 2000
C) 3000 D) 3500
 
Answer & Explanation Answer: A) 2500

Explanation:

It is given that the initial amount invested in scheme A is Rs P at 10%per Annum S.I. =PTR/100 = P x 10 x 2/100 Now the total amount after 2 years is = 1.2P New Rate of interest = 12% per annum Time = 5 years S.I for next 5 years when new principal amount is 1.2 P = 1.2Px12x5/100 = 0.72P Total amount after 5 years at 12% per annun = 1.72P Given that 1.72P - 1.2P = 1300 P = 1300/0.52 P = Rs. 2500

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Q:

Simple interest on a sum for eight months at 6% per annum is Rs 340.What is the value (in Rs) of sum?

A) 8500 B) 9500
C) 8000 D) 6800
 
Answer & Explanation Answer: A) 8500

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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:

The difference between compound interest compoundedevery 6 months and simple interest after 2 years is 248.10.The rate of interest is 10 percent. Find the sum

A) 12000 B) 14000
C) 16000 D) 18000
 
Answer & Explanation Answer: C) 16000

Explanation:

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Q:

The simple interest on a sum of money for 10 years is Rs 3130. If the principal becomes 5 times after 5 years, then what will be the total interest (in Rs)obtained after 10 years?

A) 6260 B) 7825
C) 9390 D) 15650
 
Answer & Explanation Answer: C) 9390

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Q:

The simple interest accrued on a sum of money at the end of four years is 1/5th of its principal. What is the rate of interest per annum?

A) 4% B) 5%
C) 6% D) Inadequate data
 
Answer & Explanation Answer: B) 5%

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Q:

A sum amounts to Rs 7727.104 at the rate of 12% per annum compounded annually after three years. What is the value of principal (in Rs)?

A) 5000 B) 5200
C) 5350 D) 5500
 
Answer & Explanation Answer: D) 5500

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Q:

The sum of money that will yield Rs. 60 as simple interest at 6% per annum in 5 years is

A) 200 B) 225
C) 175 D) 300
 
Answer & Explanation Answer: A) 200

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