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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 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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3 1970
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 1968
Q:

The sum of money that will yield Rs. 60 as simple interest at 6% per annum in 5 years is

A) 200 B) 225
C) 175 D) 300
 
Answer & Explanation Answer: A) 200

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1 1967
Q:

A person lent certain sum of money at 10% per annum simple interest. In 20 years the interest amounted to Rs 500 more than the sum lent. What was the sum lent (in Rs)?

A) 200 B) 500
C) 1000 D) 250
 
Answer & Explanation Answer: B) 500

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5 1957
Q:

Simple interest on a sum for 12 months at the rate of 25% per annum is Rs 935.What is the value (in Rs) of sum?

A) 3740 B) 3200
C) 4410 D) 4720
 
Answer & Explanation Answer: A) 3740

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0 1956
Q:

Simple interest on a sum of Rs 1400 for 3 years and 4 months is Rs 700. What is the rate (in percentage) of interest per annum?

A) 17 B) 15
C) 18 D) 12
 
Answer & Explanation Answer: B) 15

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3 1940
Q:

On a certain principal if the Simple interest for two years is Rs 3000 and Compound interest for the two years is Rs 3225, what is the rate of Interest?

A) 7.5 percent B) 30 percent
C) 15 percent D) 22.5 percent
 
Answer & Explanation Answer: C) 15 percent

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3 1913
Q:

Dev lent Rs. 8000 to Jairam for 17 years and Rs. 4700 to Karnik for 16 years on simple interest at the same rate of interest and received Rs. 21120 in all from both of them as interest. The rate of interest per annum is:

A) 10.5 percent B) 10 percent
C) 11 percent D) 11.5 percent
 
Answer & Explanation Answer: B) 10 percent

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