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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 simple interest on a sum of money is 16/25 of the principal. The number of years is equal to the rate of interest per annum. What is the rate (in percentage) of interest per annum?

A) 4 B) 16
C) 8 D) 12
 
Answer & Explanation Answer: C) 8

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7 705
Q:

An equal sum is invested in two different schemes. One scheme gives simple interest and the other gives compound interest (annual compounding). The total interest obtained after 2 years from both the schemes together is Rs 2090. If both the schemes have 18% per annum interest rate, then what is the first year interest (in Rs) of simple interest scheme?

A) 1000 B) 500
C) 545 D) 1045
 
Answer & Explanation Answer: B) 500

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3 673
Q:

What will be the maturity value, if Rs. 13,500 is deposited at a simple rate of interest of 12.5% for two years?

A) Rs. 15,187.50 B) Rs. 16,875.00
C) Rs. 16,875.50 D) Rs. 16,785.00
 
Answer & Explanation Answer: B) Rs. 16,875.00

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4 643
Q:

Some part of Rs 17500 was lent at the rate of 24% per annum simple interest and the remaining part at the rate of 10% per annum simple interest. The total interest received after 5 years is Rs 13300. What is the ratio of money lent at the rate of 24% and 10%?

 

A) 12 : 13 B) 3 : 4
C) 3 : 2 D) 13 : 22
 
Answer & Explanation Answer: D) 13 : 22

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Q:

The simple interest on a sum is 5/9 of the principal for 25 years. What is the rate (in percentage) of interest per annum?

 

A) 25/9   B) 9/2  
C) 20/9   D) 15/4
 
Answer & Explanation Answer: C) 20/9  

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Q:

Find the total Simple Interest on Rs. 500 at 7% per annum, on Rs. 700 at 10% per annum and on Rs. 1000 at 4% per annum for 3 years.

A) 435 B) 500
C) 700 D) 1000
 
Answer & Explanation Answer: A) 435

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Q:

The interest earned on Rs. 2250 at the rate of 3% simple interest per annum for 2 years will be

A) Rs. 67.50 B) Rs. 135
C) Rs. 202.50 D) Rs. 225
 
Answer & Explanation Answer: B) Rs. 135

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