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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 50200 for 3 months is Rs 1380.5. What is the rate (in percentage) of interest per annum?

 

A) 11 B) 9
C) 9.5 D) 8.5
 
Answer & Explanation Answer: A) 11

Explanation:
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2 1331
Q:

The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 4% per annum is Rs 8. The sum is ______.

A) Rs 10000 B) Rs 20000
C) Rs 5000 D) Rs 15000
 
Answer & Explanation Answer: C) Rs 5000

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2 1327
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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3 1320
Q:

The Simple Interest(SI) for 16 years on an amount at particular rate is Rs 10000. If the principal is doubled at an interval of every 4 years and the rate is tripled at every such in terval, find the new Simple Interest(SI)

A) 632100 B) 689620
C) 602260 D) 647500
 
Answer & Explanation Answer: D) 647500

Explanation:
Let New SI be X

10000/16 = X/4(1*1+2*3+4*9+8*27)

10000/16=X/4(1+6+36+216)

X=647500

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1 1308
Q:

Simple interest on a certain sum of money for 3 years at 18% per annum is half the compound interest on Rs. 9000 for 2 years at 10% per annum. The sum placed on simple interest is:

A) Rs 3500 B) Rs 875
C) Rs 1750 D) Rs 1400
 
Answer & Explanation Answer: C) Rs 1750

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1 1307
Q:

The interest on Rs. 1250 for 6 years at the rate of 4% simple interest per annum will be

A) Rs. 360 B) Rs. 350
C) Rs. 375 D) Rs. 300
 
Answer & Explanation Answer: D) Rs. 300

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3 1304
Q:

Ms. Alina borrowed Rs.650 at 6% per annum simple interest. What amount will she pay to clear her debt after 4 years?

A) Rs. 165 B) Rs. 860
C) Rs. 806 D) Rs. 156
 
Answer & Explanation Answer: C) Rs. 806

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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
 
Answer & Explanation Answer: C) Rs. 330

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