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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:

A sum fetched a total simple interest of Rs. 9648 at the rate of 12% per year in 6 years. What is the sum?

A) Rs 16080 B) Rs 10720
C) Rs 8040 D) Rs 13400
 
Answer & Explanation Answer: D) Rs 13400

Explanation:
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1 1992
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 1982
Q:

The difference between the simple interest obtained by investing Rs. 'X' with 8% per annum for an year and by investing Rs. 'X+1400' with 8% per annum for two years is 240 Rs. Find the value of X.

A) 200 B) 100
C) 400 D) 300
 
Answer & Explanation Answer: A) 200

Explanation:

[(X+1400)*8*2/100] - [(X*8*1)/100]= 240
0.16X + 14*16 - 0.08X = 240
0.08X = 240 - 224
0.08X = 16
X = Rs. 200

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2 1945
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 1911
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 1900
Q:

A person lent Rs 10000 to B for 3 years and Rs 6000 to C for 4 years on simple interest at same rate of interest and received Rs 5400 in all from both of
them as interest. What is the rate of interest (in %)?

A) 10 B) 12
C) 20 D) 25
 
Answer & Explanation Answer: A) 10

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0 1870
Q:

The simple interest on Rs. 2000 for 2 years at Rs. 75 per thousand per annum will be

A)  Rs.150 B)  Rs.300
C)  Rs.600 D) Rs.400
 
Answer & Explanation Answer: B)  Rs.300

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2 1862
Q:

A certain sum of money triples itself in 5 years at simple interest. In how many years it will be five times?

A) 5 B) 8
C) 10 D) 15
 
Answer & Explanation Answer: C) 10

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