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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:

Simple interest on a sum of Rs 3300 for 5 years is Rs 1980. What is the annual rate (in percentage) of interest?

 

A) 10 B) 15
C) 12 D) 9
 
Answer & Explanation Answer: C) 12

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Q:

The effective annual rate of interest corresponding to a nominal rate of 7% per annum payable half­yearly is

A) 14 percent B) 14.25 percent
C) 7 percent D) 7.12 percent
 
Answer & Explanation Answer: D) 7.12 percent

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0 651
Q:

he difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 8% per annum is Rs 40. What is the sum?

A) Rs 12500 B) Rs 6250
C) Rs 25000 D) Rs 18750
 
Answer & Explanation Answer: B) Rs 6250

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Q:

If the amount received at the end of 2nd and 3rd year at Compound Interest on a certain Principal is Rs 22472, and Rs 23820.32 respectively, what is the rate of interest?

A) 3 percent B) 6 percent
C) 12 percent D) 10 percent
 
Answer & Explanation Answer: B) 6 percent

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Q:

A sum of 2,000, invested at the rate of 8.5% simple interest per annum for 6years will yield an interest of

A) Rs. 935 B) Rs. 1020
C) Rs. 510 D) Rs. 1275
 
Answer & Explanation Answer: B) Rs. 1020

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Q:

At 6% simple interest per annum a sum of money became Rs. 834 in 6.5 years. The sum initially invested was

A) Rs. 600 B) Rs. 626
C) Rs. 675 D) Rs. 650
 
Answer & Explanation Answer: A) Rs. 600

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Q:

A sum becomes Rs 8800 in 4 years at simple interest at the yearly interest rate of 25% per annum. What is the sum (in Rs)?

 

A) 4400 B) 6600
C) 7040 D) 6400
 
Answer & Explanation Answer: A) 4400

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Q:

Simple interest on a certain sum of money for 3 years at 5% per annum is Rs. 5250. What will be the compound interest on that sum at the same rate for the same period?

A) Rs. 5510.88 B) Rs. 5516.88
C) Rs. 5512.88 D) Rs. 5517.88
 
Answer & Explanation Answer: B) Rs. 5516.88

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