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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:

M borrowed some money for 1 year at certain simple interest. But the interest rate was increased to 2% which amounted to Rs.120. Find the principal amount.

A) Rs.4000 B) Rs.5000
C) Rs.6000 D) Rs.7000
 
Answer & Explanation Answer: C) Rs.6000

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Q:

The Simple Interest(SI) for 16 years on an amount at particular rate is Rs 10000. If the principal is doubled at an interval of every 4 years and the rate is tripled at every such in terval, find the new Simple Interest(SI)

A) 632100 B) 689620
C) 602260 D) 647500
 
Answer & Explanation Answer: D) 647500

Explanation:
Let New SI be X

10000/16 = X/4(1*1+2*3+4*9+8*27)

10000/16=X/4(1+6+36+216)

X=647500

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Q:

The simple interest on a certain sum of money at the rate of 5% per annum for 8 years is Rs. 840 . Rate of interest for which the same amount of interest can be received on the same sum after 5 years is

A) 7% B) 8%
C) 9% D) 10%
 
Answer & Explanation Answer: B) 8%

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Q:

Simple interest on a sum of Rs 50200 for 3 months is Rs 1380.5. What is the rate (in percentage) of interest per annum?

 

A) 11 B) 9
C) 9.5 D) 8.5
 
Answer & Explanation Answer: A) 11

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Q:

The effective annual rate of interest corresponding to a nominal rate of 19% per annum payable half­yearly is:

A) 38 percent B) 19.9 percent
C) 39.81 percent D) 19 percent
 
Answer & Explanation Answer: B) 19.9 percent

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Q:

The interest earned on Rs. 3675 at the rate of 4% simple interest per annum for 2 years will be

A) Rs. 294 B) Rs. 289.50
C) Rs. 292 D) Rs. 288.50
 
Answer & Explanation Answer: A) Rs. 294

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Q:

Ms. Alina borrowed Rs.650 at 6% per annum simple interest. What amount will she pay to clear her debt after 4 years?

A) Rs. 165 B) Rs. 860
C) Rs. 806 D) Rs. 156
 
Answer & Explanation Answer: C) Rs. 806

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Q:

A sum of money invested at simple interest becomes 13/10 of itself in 2 years and 6 months. What is the rate (in percentage) of interest per annum?

 

A) 10 B) 15
C) 12 D) 18
 
Answer & Explanation Answer: C) 12

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