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 Simple Interest Questions

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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 interest accrued on a sum of money at the end of four years is 1/5th of its principal. What is the rate of interest per annum?

A) 4% B) 5%
C) 6% D) Inadequate data
 
Answer & Explanation Answer: B) 5%

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Q:

If a certain sum of money become thrice of itself in 5 years 4 months at simple interest, then what will be the yearly rate of interest (in %)?

A) 18.75 B) 27.5
C) 37.5 D) 42.25
 
Answer & Explanation Answer: C) 37.5

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1 1556
Q:

At 9.5% simple interest per annum a sum of money became Rs. 942 in 6 years. The sum initially invested was:

A) 600 B) 616
C) 626 D) 636
 
Answer & Explanation Answer: A) 600

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3 1551
Q:

What is the rate of interest (in %) if simple interest earned on a certain sum for the 3 years is Rs 6,000 and compound interest earned for 2 years is Rs 4,160?

A) 9 B) 8
C) 12 D) 6
 
Answer & Explanation Answer: B) 8

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5 1538
Q:

Simple interest on a sum for eight months at 6% per annum is Rs 340.What is the value (in Rs) of sum?

A) 8500 B) 9500
C) 8000 D) 6800
 
Answer & Explanation Answer: A) 8500

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1 1530
Q:

A certain sum of money amounts to Rs 918 in 2 years and Rs 969 in 3.5 years at simple interest. What is the rate of interest (in %)?

 

A) 4 B) 5
C) 6 D) 8
 
Answer & Explanation Answer: A) 4

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5 1491
Q:

Ravi invested Rs.P in a scheme A offering simple interest at 10% p.a. for two years. He invested the whole amount he received from scheme A, in another scheme (B) offering simple interest at 12% p.a. for five years. If the difference between the interests earned from schemes A and B was Rs. 13,00/, what is the value of P ?

A) 2500 B) 2000
C) 3000 D) 3500
 
Answer & Explanation Answer: A) 2500

Explanation:

It is given that the initial amount invested in scheme A is Rs P at 10%per Annum S.I. =PTR/100 = P x 10 x 2/100 Now the total amount after 2 years is = 1.2P New Rate of interest = 12% per annum Time = 5 years S.I for next 5 years when new principal amount is 1.2 P = 1.2Px12x5/100 = 0.72P Total amount after 5 years at 12% per annun = 1.72P Given that 1.72P - 1.2P = 1300 P = 1300/0.52 P = Rs. 2500

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1 1474
Q:

Simple interest on a sum for 12 months at the rate of 25% per annum is Rs 935.What is the value (in Rs) of sum?

A) 3740 B) 3200
C) 4410 D) 4720
 
Answer & Explanation Answer: A) 3740

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