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Quantitative Aptitude - Arithmetic Ability/
Simple Interest

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) $S . I = (\frac{P \times T \times R}{100})$

(ii) $P = (\frac{100 \times S . I}{R \times T}); R = (\frac{100 \times S . I}{P \times T}) a n d T = (\frac{100 \times S . I}{P \times R})$

The simple interest on a sum for 5 years is Rs 16800. The rate of interest for the first 3 years is 8% per annum and for the next 2 years is 12% per annum. What is the value (in Rs) of sum?

A) 30000	B) 38000
C) 32000	D) 35000

A) 30000

B) 38000

C) 32000

D) 35000

Answer & Explanation Answer: D) 35000

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3 1543

Alipta got some amount of money from her father. In how many years will the ratio of the money and the interest obtained from it be 10:3 at 6% simple interest per annum?

A) 7 years	B) 3 years
C) 5 years	D) 4 years

A) 7 years

B) 3 years

C) 5 years

D) 4 years

Answer & Explanation Answer: C) 5 years

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3 1535

A sum of money (P) doubles in 10 years. How much would it be in 20 years at the same rate of simple interest?

A) P	B) 2P
C) 3P	D) 4P

A) P

B) 2P

C) 3P

D) 4P

Answer & Explanation Answer: C) 3P

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2 1533

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

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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8 1525

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

A) 8

B) 10

C) 12

D) 8.5

Answer & Explanation Answer: A) 8

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2 1522

If the time increases by 5 years, then simple interest increases by Rs 3000 on a sum of Rs 5000. What is the rate (in percentage) of interest per annum?

A) 15	B) 12
C) 10	D) 6

A) 15

B) 12

C) 10

D) 6

Answer & Explanation Answer: B) 12

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4 1521

The simple and compound interest that can be earned in two years at the same rate is Rs 1500 and Rs 1575 respectively. What is the rate (% per annum) of interest?

A) 8	B) 10
C) 12	D) 5

A) 8

B) 10

C) 12

D) 5

Answer & Explanation Answer: B) 10

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2 1520

Rs. x invested at 9% simple interest per annum for 5 years yields the same interest as that on Rs. y invested at 6.25% simple interest per annum for 8 years. Find x:y.