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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:

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

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Q:

The difference between the compound interest compounding half yearly for 1 year and the simple interest for 1 year on a certain sum of money lent out at 8% per annum is Rs 64. What is the sum (in Rs)?

A) 40000 B) 42000
C) 44000 D) 44800
 
Answer & Explanation Answer: A) 40000

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2 1564
Q:

A sum fetched a total simple interest of Rs. 8100 at the rate of 6% per year in 9 years. What is the sum?

A) Rs 15000 B) Rs 18000
C) Rs 12000 D) Rs 9000
 
Answer & Explanation Answer: A) Rs 15000

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1 1560
Q:

The effective annual rate of interest corresponding to a nominal rate of 15% per annum payable half-yearly is

A) 15.56 percent B) 30 percent
C) 31.13 percent D) 15 percent
 
Answer & Explanation Answer: A) 15.56 percent

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2 1556
Q:

Dalajit lent Rs 10800 to Jaabir for 3 years and Rs 7500 to Kabir for 2 years on simple interest at the same rate of interest and received Rs 1422 in all from both of them as interest. The rate of interest per annum is

A) 3.5 percent B) 4 percent
C) 3 percent D) 4.5 percent
 
Answer & Explanation Answer: C) 3 percent

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2 1551
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

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0 1547
Q:

A sum of Rs 1200 amounts to Rs 1740 in 3 years at simple interest. If rate of interest is increased by 3%, then what will be the new amount (in Rs)?

A) 1848 B) 1946
C) 1812 D) 1924
 
Answer & Explanation Answer: A) 1848

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2 1545
Q:

A sum fetched a total simple interest of Rs 1200 at the rate of 7.5%/yr in 4 years. What is the sum (in Rs)?

A) 4000 B) 6000
C) 8000 D) 7500
 
Answer & Explanation Answer: A) 4000

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