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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:

Car is purchased on hire-purchase. The cash price is $21 000 and the terms are a deposit of 10% of the price, then the balance to be paid off over 60 equal monthly instalments. Interest is charged at 12% p.a.   What is the total cost of the car?

A) 30.240 B) 31.240
C) 33.240 D) 32,240
 
Answer & Explanation Answer: D) 32,240

Explanation:

Total cost = deposit + instalment amount × number of instalments

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Q:

A person got Rs.48 more when he invested a certain sum at compound interest instead of simple interest for two years at 8% p.a. Find the sum  ?

A) Rs.8000 B) Rs.6500
C) Rs.7500 D) Rs.5000
 
Answer & Explanation Answer: C) Rs.7500

Explanation:

p=d×1002R2 

Where d is difference, r is rate of interest. 

=> (48 x 100 x 100) / 8 x 8 = Rs.7500

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Q:

Find the simple interest on Rs.600 for 11 months at 5 paisa per month ?

A) Rs. 30 B) Rs. 3.30
C) Rs. 33 D) Rs. 330
 
Answer & Explanation Answer: B) Rs. 3.30

Explanation:

I = (600x11x5)/100 = 330 Paise = Rs. 3.30

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Q:

A car is purchased on hire-purchase. The cash price is $21 000 and the terms are a deposit of 10% of the price, then the balance to be paid off over 60 equal monthly instalments. Interest is charged at 12% p.a.  What is the monthly instalment?

A) $503 B) $504
C) $505 D) %506
 
Answer & Explanation Answer: B) $504

Explanation:

Cash price = $21 000

Deposit = 10% × $21 000 = $2100 

Loan amount = $21000 − $2100 = $18900

I=p x r x t/100 

I=11340

Total amount = 18900 + 11340 = $30240

Regular payment = total amount /number of payments

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Q:

Ronika deposited Rs.7000 which amounted to Rs.9200 after 3 years at simple interest. Had the interest been 2% more. She would get how much ?

A) 9850 B) 9500
C) 9620 D) 9760
 
Answer & Explanation Answer: C) 9620

Explanation:

As the interest rate increases by 2%
=> (7000x3x2)/100 = 420
                                   9200
                                  --------
                                   9620

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Q:

The present of Rs.169 due in 2years at 4% per annum compound interest is

A) Rs.150.50 B) Rs.154.75
C) Rs.156.25 D) Rs.158
 
Answer & Explanation Answer: C) Rs.156.25

Explanation:

Present worth = 169/(1+4/100)^n = 156.25

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Q:

The simple interest at y% for 'y' years will be Rs. y on a sum. Find the principal amount.


 

A) 100/y B) 100 x y
C) 100y2 D) 100 ÷ y2
 
Answer & Explanation Answer: A) 100/y

Explanation:
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Q:

An amount doubles itself in 15 years. what is the rate of interest ?

A) 7.85 % B) 9.41%
C) 6.66 % D) 4.21 %
 
Answer & Explanation Answer: C) 6.66 %

Explanation:

Let the principle be Rs. P
As the amount double itself the interest is Rs. P too
So P = P x r x 15/100
=> r = 100/15 = 20/3 % = 6.66 %.

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