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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:

A sum fetched a total simple interest of Rs. 9648 at the rate of 12% per year in 6 years. What is the sum?

A) Rs 16080 B) Rs 10720
C) Rs 8040 D) Rs 13400
 
Answer & Explanation Answer: D) Rs 13400

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Q:

A sum of Rs 7500 is divided into two parts. The simple interest on first part at the rate of 12% per annum is equal to the simple interest on second part at the rate of 18%. What is the interest (in Rs) on each part for one year?

A) 600 B) 360
C) 480 D) 540
 
Answer & Explanation Answer: D) 540

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Q:

Srinivasan invests two equal amounts in two banks giving 8% and 12% rate of interest respectively. At the end of year the interest earned is Rs. 1500. Find the sum invested in each.

A) Rs. 5800 B) Rs. 15000
C) Rs. 7500 D) Rs. 17,000
 
Answer & Explanation Answer: C) Rs. 7500

Explanation:

Let the sum invested be x.
⇒ 8x/100 + 12x/100 = 1500
⇒ 20x = 150000
⇒ x = 7500

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Q:

A person lent certain sum of money at 10% per annum simple interest. In 20 years the interest amounted to Rs 500 more than the sum lent. What was the sum lent (in Rs)?

A) 200 B) 500
C) 1000 D) 250
 
Answer & Explanation Answer: B) 500

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Q:

A person invested a total sum of Rs 7900 in three different schemes of simple interest at 3%, 5% and 8% per annum. At the end of one year he got same interest in all three schemes. What is the money (in Rs) invested at 3%?

A) 2900 B) 3500
C) 4000 D) 5600
 
Answer & Explanation Answer: C) 4000

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Q:

The difference between the simple interest obtained by investing Rs. 'X' with 8% per annum for an year and by investing Rs. 'X+1400' with 8% per annum for two years is 240 Rs. Find the value of X.

A) 200 B) 100
C) 400 D) 300
 
Answer & Explanation Answer: A) 200

Explanation:

[(X+1400)*8*2/100] - [(X*8*1)/100]= 240
0.16X + 14*16 - 0.08X = 240
0.08X = 240 - 224
0.08X = 16
X = Rs. 200

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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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Q:

A certain sum of money triples itself in 5 years at simple interest. In how many years it will be five times?

A) 5 B) 8
C) 10 D) 15
 
Answer & Explanation Answer: C) 10

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