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

Rs. x invested at 9% simple interest per annum for 5 years yields the same interest as that on Rs. y invested at 6.25% simple interest per annum for 8 years. Find x:y.

A) 16:15	B) 10:9
C) 45:50	D) 5:8

A) 16:15

B) 10:9

C) 45:50

D) 5:8

Answer & Explanation Answer: B) 10:9

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4 1172

The simple and compound interest that can be earned in two years at the same rate is Rs 1,000 and Rs 1,040 respectively. What is the rate (percent per annum) of interest?

A) 9	B) 10
C) 8	D) 11

A) 9

B) 10

C) 8

D) 11

Answer & Explanation Answer: C) 8

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3 1166

Calculate the simple interest if Rs. 1800 is invested for 10 years at a rate of 5% per annum.

A) Rs. 900	B) Rs. 450
C) Rs. 1800	D) Rs. 2700

A) Rs. 900

B) Rs. 450

C) Rs. 1800

D) Rs. 2700

Answer & Explanation Answer: A) Rs. 900

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0 1165

Alipta got some amount of money from her father. In how many years will the ratio of the money and the interest obtained from it be 10:3 at 6% simple interest per annum?

A) 7 years	B) 3 years
C) 5 years	D) 4 years

A) 7 years

B) 3 years

C) 5 years

D) 4 years

Answer & Explanation Answer: C) 5 years

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3 1162

If in 2 years at simple interest the principal increases by 18%, what will be the compound interest (in Rs) earned on Rs 7000 in 3 years at the same rate?

A) 1865.2	B) 2065.2
C) 1965.2	D) 1765.2

A) 1865.2

B) 2065.2

C) 1965.2

D) 1765.2

Answer & Explanation Answer: B) 2065.2

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1 1160

At 5% simple interest per annum a certain sum yields a total amount of Rs. 2,790 at the end of 3 1/4 years. The sum invested was

A) Rs. 2350	B) Rs. 2400
C) Rs. 2600	D) Rs. 2550

A) Rs. 2350

B) Rs. 2400

C) Rs. 2600

D) Rs. 2550

Answer & Explanation Answer: B) Rs. 2400

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5 1157

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

A) 5.5

B) 6

C) 8

D) 7

Answer & Explanation Answer: B) 6

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5 1145

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.