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Quantitative Aptitude - Arithmetic Ability/
Simple Interest

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) $S . I = (\frac{P \times T \times R}{100})$

(ii) $P = (\frac{100 \times S . I}{R \times T}); R = (\frac{100 \times S . I}{P \times T}) a n d T = (\frac{100 \times S . I}{P \times R})$

A sum fetched a total simple interest of Rs. 7728 at the rate of 7% per year in 8 years. What is the sum?

A) Rs 13800	B) Rs 16560
C) Rs 11040	D) Rs 8280

A) Rs 13800

B) Rs 16560

C) Rs 11040

D) Rs 8280

Answer & Explanation Answer: A) Rs 13800

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5 1512

Find the simple interest on Rs. 50 for 6 months at the rate of 10 paise per rupee per month.

A) Rs.35	B) Rs.40
C) Rs.25	D) Rs.30

A) Rs.35

B) Rs.40

C) Rs.25

D) Rs.30

Answer & Explanation Answer: D) Rs.30

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2 1511

What is the ratio of simple interest earned on certain amount at the rate of 12% for 6 years and that for 12 years?

A) 1:2	B) 2:3
C) 3:4	D) 4:5

A) 1:2

B) 2:3

C) 3:4

D) 4:5

Answer & Explanation Answer: A) 1:2

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6 1481

Simple interest on a sum for 18 months at 14% per annum is Rs 1365.What is the value (in Rs) of sum?

A) 6100	B) 7300
C) 8100	D) 6500

A) 6100

B) 7300

C) 8100

D) 6500

Answer & Explanation Answer: D) 6500

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4 1480

A sum of Rs 4000 becomes Rs 7000 in 6 years at simple interest. If the rate of interest becomes double of itself, then what will be the amount (in Rs) after 6 years?

A) 8500	B) 9000
C) 8000	D) 10000

A) 8500

B) 9000

C) 8000

D) 10000

Answer & Explanation Answer: D) 10000

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7 1476

A money lender lends Rs. 400 for 3 years to a person and lends Rs. 500 for 4 years to the other person at the same rate of simple interest. If altogether he receives Rs. 160 as interest, what is the rate of interest per annum ?

A) 5%	B) 7%
C) 9%	D) 10%

A) 5%

B) 7%

C) 9%

D) 10%

Answer & Explanation Answer: A) 5%

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3 1457

A sum becomes Rs 1392 in 2 years and Rs 1488 in 3 years at simple interest. What is the rate (in percentage) of interest per annum?

A) 8	B) 10
C) 12	D) 8.5

A) 8

B) 10

C) 12

D) 8.5

Answer & Explanation Answer: A) 8

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2 1441

Rs. x invested at 8% simple interest per annum for 5 years yields the same interest as that on Rs. y invested at 7.5% simple interest per annum for 6years. Find x : y.