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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:

The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 12% per annum is Rs 72. What is the value of given sum (in Rs)?

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

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Q:

Ms. Sushmitha borrowed Rs. 900 at 6% per annum simple interest. What amount will she pay to clear her debt after 4 years?

A) 261 B) 1161
C) 1116 D) 216
 
Answer & Explanation Answer: C) 1116

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1 1312
Q:

A sum of money of Rs. 1000 is lent out in two parts in such a way that the interest on one part at 10% per annum for 5 years is equal to another at 5% for 10 years. Calculate the sum lent out at 5%.

A) Rs. 500 B) Rs. 800
C) Rs. 1000 D) Rs. 1200
 
Answer & Explanation Answer: A) Rs. 500

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0 1309
Q:

M borrowed some money for 1 year at certain simple interest. But the interest rate was increased to 2% which amounted to Rs.120. Find the principal amount.

A) Rs.4000 B) Rs.5000
C) Rs.6000 D) Rs.7000
 
Answer & Explanation Answer: C) Rs.6000

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0 1294
Q:

Simple interest on a sum of Rs 67400 for 14 months is Rs 4718. What is the rate (in percentage) of interest per annum?

A) 5.5 B) 6
C) 8 D) 7
 
Answer & Explanation Answer: B) 6

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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 1287
Q:

A man purchased a cycle for Rs.3000/- and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.

A) Rs. 260 B) Rs. 240
C) Rs. 280 D) Rs. 300
 
Answer & Explanation Answer: C) Rs. 280

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Q:

The interest earned on Rs. 3675 at the rate of 4% simple interest per annum for 2 years will be

A) Rs. 294 B) Rs. 289.50
C) Rs. 292 D) Rs. 288.50
 
Answer & Explanation Answer: A) Rs. 294

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7 1275