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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 simple and compound interest that can be earned in two years at the same rate is Rs 1500 and Rs 1575 respectively. What is the rate (% per annum) of interest?

A) 8 B) 10
C) 12 D) 5
 
Answer & Explanation Answer: B) 10

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Q:

Simple interest on a certain sum of money for 3 years at 8% per annum is half the compound interest on Rs 1200 for 2 years at 10% per annum. The sum placed on simple interest is

A) Rs 525 B) Rs 1050
C) Rs 260 D) Rs 420
 
Answer & Explanation Answer: A) Rs 525

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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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Q:

Simple interest on a certain sum of money for 3 years at 16% per annum is half the compound interest on Rs. 12000 for 2 years at 10% per annum. The sum placed on simple interest is

A) Rs 5250 B) Rs 1325
C) Rs 2100 D) Rs 2625
 
Answer & Explanation Answer: D) Rs 2625

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Q:

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
 
Answer & Explanation Answer: A) Rs. 900

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Q:

The rate of simple interest per annum at which a sum of money double itself in 162⁄3 yrs. is

A) 4% B) 5%
C) 6% D) 6 2/3%
 
Answer & Explanation Answer: C) 6%

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Q:

The simple interest on a certain sum of money at the rate of 5% per annum for 8 years is Rs. 840 . Rate of interest for which the same amount of interest can be received on the same sum after 5 years is

A) 7% B) 8%
C) 9% D) 10%
 
Answer & Explanation Answer: B) 8%

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Q:

Simple interest on a sum of Rs 3300 for 5 years is Rs 1980. What is the annual rate (in percentage) of interest?

 

A) 10 B) 15
C) 12 D) 9
 
Answer & Explanation Answer: C) 12

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