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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:

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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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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2 2225
Q:

The difference between compound interest compoundedevery 6 months and simple interest after 2 years is 248.10.The rate of interest is 10 percent. Find the sum

A) 12000 B) 14000
C) 16000 D) 18000
 
Answer & Explanation Answer: C) 16000

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6 2144
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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4 2129
Q:

What is the ratio of simple interest earned on certain amount at the rate of 12% p.a. for 9 years and that for 12 years?

A) 1:2 B) 2:3
C) 3:4 D) 4:5
 
Answer & Explanation Answer: C) 3:4

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23 2126
Q:

The simple interest on a sum of money for 10 years is Rs 3130. If the principal becomes 5 times after 5 years, then what will be the total interest (in Rs)obtained after 10 years?

A) 6260 B) 7825
C) 9390 D) 15650
 
Answer & Explanation Answer: C) 9390

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1 2103
Q:

Dev lent Rs. 8000 to Jairam for 17 years and Rs. 4700 to Karnik for 16 years on simple interest at the same rate of interest and received Rs. 21120 in all from both of them as interest. The rate of interest per annum is:

A) 10.5 percent B) 10 percent
C) 11 percent D) 11.5 percent
 
Answer & Explanation Answer: B) 10 percent

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Q:

Rs. 750 invested for 3 months gave an interest of Rs. 18. What was the simple rate of interest per annum?

A) 9.6% B) 2.4%
C) 7.2% D) 12%
 
Answer & Explanation Answer: A) 9.6%

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7 2061