Simple Interest Questions

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:

A sum of Rs. 1200 is lent to be paid back in 5 equal annual installments of Rs. 264 each. The rate of interest per annum is

A) 6% B) 8%
C) 2% D) 4%
 
Answer & Explanation Answer: C) 2%

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: Bank Exams

3 1022
Q:

A sum of Rs 8000 is divided into two parts. The simple interest on first part at the rate of 21% per annum is equal to the simple interest on second part at the rate of 35% per annum. What is the interest (in Rs) of each part?

A) 1050 B) 840
C) 1400 D) 1220
 
Answer & Explanation Answer: A) 1050

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: Bank Exams

1 1015
Q:

A sum of Rs 15200 is divided into two parts. The simple interest on first part at the rate of 25% per annum is equal to the simple interest on second part at the rate of 13% per annum. What is the interest (in Rs) of each part?

A) 2500 B) 1300
C) 3250 D) 1625
 
Answer & Explanation Answer: B) 1300

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: Bank Exams

6 1015
Q:

An amount fetched a total simple interest of Rs. 3200 at the rate of 6.25 %/yr in 4 years. What is the amount (in Rs)?

A) 13800 B) 11800
C) 12800 D) 14800
 
Answer & Explanation Answer: C) 12800

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: Bank Exams

0 1015
Q:

Rohan borrowed a certain sum of money at simple interest. Rate of interest was 3% per annum for first 3 years, 4% per annum for next 5 years and 6% per annum for next 7 years. If he paid Rs 2059 as interest, then what is the sum borrowed (in Rs)?

A) 2400 B) 2500
C) 2900 D) 3100
 
Answer & Explanation Answer: C) 2900

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: Bank Exams

0 1014
Q:

Simple interest on a certain sum of money for 3 years at 8% per annum is half the compound interest on Rs. 16000 for 2 years at 10% per annum. The sum placed on simple interest is:

A) Rs 14000 B) Rs 3500
C) Rs 7000 D) Rs 5600
 
Answer & Explanation Answer: C) Rs 7000

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: AIEEE , Bank Exams , CAT

0 1009
Q:

Simple interest on a sum for six months at 5% per annum is Rs 65.5.What is the value (in Rs) of sum ?

A) 2600 B) 2620
C) 1320 D) 2880
 
Answer & Explanation Answer: B) 2620

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: Bank Exams

3 1009
Q:

A certain bank offers 8% rate of interest on the 1st year and 9% on the 2nd year in a certain fixed deposit scheme. If Rs 17,658 are received after investing for 2 years in this scheme, then what was the amount (in Rs) invested?

A) 16000 B) 15000
C) 15500 D) 16500
 
Answer & Explanation Answer: B) 15000

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: Bank Exams

2 1000