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Quantitative Aptitude - Arithmetic Ability/
Simple Interest

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) $S . I = (\frac{P \times T \times R}{100})$

(ii) $P = (\frac{100 \times S . I}{R \times T}); R = (\frac{100 \times S . I}{P \times T}) a n d T = (\frac{100 \times S . I}{P \times R})$

A person borrows some money for 8 years at a rate of simple interest. If the ratio of principal and total interest is 5 : 8, then what is the rate ( inpercentage) of interest?

A) 10	B) 20
C) 25	D) 30

A) 10

B) 20

C) 25

D) 30

Answer & Explanation Answer: B) 20

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1 1299

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

A) 8

B) 10

C) 12

D) 5

Answer & Explanation Answer: B) 10

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2 1299

R borrowed Rs. 1,200 at 13% per annum simple interest. What amount will R pay to clear the debt after 5 years?

A) Rs.1,860	B) Rs.1,800
C) Rs.1,980	D) Rs.2,000

A) Rs.1,860

B) Rs.1,800

C) Rs.1,980

D) Rs.2,000

Answer & Explanation Answer: C) Rs.1,980

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8 1299

Alipta got some amount of money from her father. In how many years will the ratio of the money and the interest obtained from it be 10:3 at 6% simple interest per annum?

A) 7 years	B) 3 years
C) 5 years	D) 4 years

A) 7 years

B) 3 years

C) 5 years

D) 4 years

Answer & Explanation Answer: C) 5 years

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3 1297

Deksha borrowed Rs. 500 at 5% per annum S.I. What amount (in Rs.) will she pay to clear her debt after 4 years?

A) 150	B) 650
C) 600	D) 100

A) 150

B) 650

C) 600

D) 100

Answer & Explanation Answer: C) 600

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7 1293

A certain principal is invested in a scheme of compound interest. The amount obtained after 1 year is Rs 2400 and the amount obtained after 2 years is Rs 2880. What is the rate of interest (in percentage)?

A) 20	B) 15
C) 25	D) 10

A) 20

B) 15

C) 25

D) 10

Answer & Explanation Answer: A) 20

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1 1288

Rs. x invested at 9% simple interest per annum for 5 years yields the same interest as that on Rs. y invested at 6.25% simple interest per annum for 8 years. Find x:y.