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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:

The rate of simple interest per annum at which a sum of money double itself in 162⁄3 yrs. is

A) 4% B) 5%
C) 6% D) 6 2/3%
 
Answer & Explanation Answer: C) 6%

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1 926
Q:

Simple interest on a sum of Rs 6800 for 18 months is Rs 2244. What is the rate (in percentage) of interest per annum?

A) 24 B) 18
C) 20 D) 22
 
Answer & Explanation Answer: D) 22

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4 917
Q:

Manish lent out Rs 20000 in two parts. He put out first part at 6% and the second part at 8% interest. The yearly average interest comes out to be 6.4%.What are the amounts (in Rs) that were lent at 6% and 8% respectively?

 

A) 16000, 4000 B) 12000, 8000
C) 15000, 5000 D) 18000, 2000
 
Answer & Explanation Answer: A) 16000, 4000

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1 909
Q:

Simple interest on a certain sum of money for 3 years at 5% per annum is Rs. 5250. What will be the compound interest on that sum at the same rate for the same period?

A) Rs. 5510.88 B) Rs. 5516.88
C) Rs. 5512.88 D) Rs. 5517.88
 
Answer & Explanation Answer: B) Rs. 5516.88

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0 897
Q:

Simple interest on a sum for 10 years is equal to 5% of the principal. In how many years interest will be equal to the principal?

 

A) 100   B) 150
C) 200 D) 250
 
Answer & Explanation Answer: C) 200

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0 885
Q:

The simple interest on a sum is 7/8 of the principal for 5 years. What is the rate (in percentage) of interest per annum?

 

A) 15 B) 17.5
C) 14 D) 22.5
 
Answer & Explanation Answer: B) 17.5

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6 871
Q:

Rahi deposited Rs. 600 in a bank that promised 8% simple interest per annum. If Rahi kept the money with the bank for 5 years, she will earn an interest of

A) Rs. 240 B) Rs. 200
C) Rs. 280 D) Rs. 480
 
Answer & Explanation Answer: A) Rs. 240

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1 857
Q:

Find the approximate simple interest on Rs. 2000 from March 9, 2010 to May 21, 2010 at 8.25% per annum.

A) Rs. 43 B) Rs. 37
C) Rs. 33 D) Rs. 40
 
Answer & Explanation Answer: C) Rs. 33

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