Simple Interest Questions

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:

In simple interest rate per annum a certain sum amounts to Rs. 5,182 in 2 years and Rs. 5,832 in 3 years. The principal in rupees is

A) Rs. 2882 B) Rs. 5000
C) Rs. 3882 D) Rs. 4000
 
Answer & Explanation Answer: C) Rs. 3882

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: Bank Exams

0 1395
Q:

A sum of Rs. 4000 is lent out in two parts, one at 8% simple interest and the other at 10% simple interest. If the annual interest is Rs. 352. The sum lent at 8% is

A) Rs. 2900 B) Rs. 2200
C) Rs. 2400 D) Rs. 3100
 
Answer & Explanation Answer: C) Rs. 2400

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: Bank Exams

2 1384
Q:

A sum fetched a total simple interest of Rs 1200 at the rate of 7.5%/yr in 4 years. What is the sum (in Rs)?

A) 4000 B) 6000
C) 8000 D) 7500
 
Answer & Explanation Answer: A) 4000

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: Bank Exams

1 1375
Q:

A sum becomes Rs 10000 in 10 years on simple interest at the rate of 10% per annum. What is the total interest (in Rs) of the 10 years?

A) 4000 B) 5000
C) 2500 D) 4500
 
Answer & Explanation Answer: B) 5000

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: Bank Exams , CAT

2 1374
Q:

Sachin lent out Rs 60000 in two parts, first at 4% and the second at 10% interest. The yearly average interest comes out to be 6.4%. What are the amounts (in Rs) that were lent at 4% and 10% respectively?

 

A) 40000, 20000   B) 48000, 12000  
C) 36000, 24000   D) 32000, 28000
 
Answer & Explanation Answer: C) 36000, 24000  

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: Bank Exams

4 1374
Q:

The difference between compound interest and simple interest on Rs. 5000 for 2 years at 8% per annum payable yearly is

A) Rs.30 B) Rs.31
C) Rs.33 D) Rs.32
 
Answer & Explanation Answer: D) Rs.32

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: Bank Exams

1 1373
Q:

Find the simple interest on Rs. 50 for 6 months at the rate of 10 paise per rupee per month.

A) Rs.35 B) Rs.40
C) Rs.25 D) Rs.30
 
Answer & Explanation Answer: D) Rs.30

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: Bank Exams

2 1373
Q:

A certain sum of money becomes 4 times of itself in 30 years at a rate of simple interest. In how many years it will become double of itself at the same rate of simple interest?

A) 20 B) 15
C) 10 D) 12
 
Answer & Explanation Answer: C) 10

Explanation:
Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: Bank Exams

3 1365