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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:

If a certain sum of money doubles itself in 7 years 8 months at simple interest, then what will be the yearly rate of interest (in %)?

A) 18 3/4 B) 13 1/23
C) 26 2/23 D) 30
 
Answer & Explanation Answer: B) 13 1/23

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Q:

Simple interest on a sum for six months at 5% per annum is Rs 65.5.What is the value (in Rs) of sum ?

A) 2600 B) 2620
C) 1320 D) 2880
 
Answer & Explanation Answer: B) 2620

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Q:

A certain bank offers 8% rate of interest on the 1st year and 9% on the 2nd year in a certain fixed deposit scheme. If Rs 17,658 are received after investing for 2 years in this scheme, then what was the amount (in Rs) invested?

A) 16000 B) 15000
C) 15500 D) 16500
 
Answer & Explanation Answer: B) 15000

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Q:

A person borrows some money for 4 years at the rate of simple interest. If the ratio of principal and total interest is 5 : 1, then what is the rate ( in percentage) of interest?

A) 5 B) 25
C) 10 D) 20
 
Answer & Explanation Answer: A) 5

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Q:

A sum of Rs 15200 is divided into two parts. The simple interest on first part at the rate of 25% per annum is equal to the simple interest on second part at the rate of 13% per annum. What is the interest (in Rs) of each part?

A) 2500 B) 1300
C) 3250 D) 1625
 
Answer & Explanation Answer: B) 1300

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Q:

A sum of Rs 8000 is divided into two parts. The simple interest on first part at the rate of 21% per annum is equal to the simple interest on second part at the rate of 35% per annum. What is the interest (in Rs) of each part?

A) 1050 B) 840
C) 1400 D) 1220
 
Answer & Explanation Answer: A) 1050

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Q:

The rate of simple interest per annum at which a sum of money double itself in 16 2/3 yrs is

A) 4% B) 5%
C) 6% D) 6.5%
 
Answer & Explanation Answer: C) 6%

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Q:

Each question contains Quantity I and Quantity II. Read the contents clearly and answer your questions accordingly.

Quantity I: The Sl on a certain sum of money for 3 years at 5% per annum is Rs 4800. Then the principle is?

Quantity II: The Cl on a certain sum of money for 2 years at 6% per annum is Rs. 3708. Then the principle is?

A) Quantity I > Quantity II B) Quantity I ≥ Quantity II
C) Quantity I < Quantity II D) Quantity I < Quantity II
 
Answer & Explanation Answer: A) Quantity I > Quantity II

Explanation:

Quantity I=15% of Principle=4800 

Principle=Rs.32000

Quantity II=12.36% of Principle =3708 

Principle=Rs.30000

Hence Quantity I > Quantity II 

 

 

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