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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 person borrows some money for 4 years at the rate of simple interest. If the ratio of principal and total interest is 5 : 1, then what is the rate ( in percentage) of interest?

A) 5 B) 25
C) 10 D) 20
 
Answer & Explanation Answer: A) 5

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2 1719
Q:

The difference between compound interest and simple interest on Rs. 5000 for 2 years at 8% per annum payable yearly is

A) Rs.30 B) Rs.31
C) Rs.33 D) Rs.32
 
Answer & Explanation Answer: D) Rs.32

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1 1707
Q:

A sum fetched a total simple interest of Rs 1200 at the rate of 7.5%/yr in 4 years. What is the sum (in Rs)?

A) 4000 B) 6000
C) 8000 D) 7500
 
Answer & Explanation Answer: A) 4000

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1 1706
Q:

How much simple interest will Rs. 4000 earn in 18 months at 12% per annum?

A) Rs.216 B) Rs.360
C) Rs.720 D) Rs.960
 
Answer & Explanation Answer: C) Rs.720

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4 1702
Q:

Simple interest on a certain sum of money for 3 years at 8% per annum is half the compound interest on Rs. 16000 for 2 years at 10% per annum. The sum placed on simple interest is:

A) Rs 14000 B) Rs 3500
C) Rs 7000 D) Rs 5600
 
Answer & Explanation Answer: C) Rs 7000

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0 1702
Q:

The difference between compound interest and simple interest on a sum for 2 year at 20% per annum is Rs 200. If the interest is compounded half yearly, then what is the difference (in Rs) between compound and simple interest for 1st year?

A) 50 B) 75
C) 100 D) 150
 
Answer & Explanation Answer: A) 50

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3 1698
Q:

A sum fetched a total simple interest of Rs 5320 at the rate of 7% per year in 5 years. What is the sum?

A) Rs 18240 B) Rs 12160
C) Rs 15200 D) Rs 9120
 
Answer & Explanation Answer: C) Rs 15200

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2 1691
Q:

A sum fetched a total simple interest of Rs. 8100 at the rate of 6% per year in 9 years. What is the sum?

A) Rs 15000 B) Rs 18000
C) Rs 12000 D) Rs 9000
 
Answer & Explanation Answer: A) Rs 15000

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