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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 interest on Rs. 1250 for 6 years at the rate of 4% simple interest per annum will be

A) Rs. 360 B) Rs. 350
C) Rs. 375 D) Rs. 300
 
Answer & Explanation Answer: D) Rs. 300

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Q:

The effective annual rate of interest corresponding to a nominal rate of 7% per annum payable half­yearly is

A) 14 percent B) 14.25 percent
C) 7 percent D) 7.12 percent
 
Answer & Explanation Answer: D) 7.12 percent

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Q:

At 8% simple interest per annum a sum of money becomes Rs. 300 in 2.5 years. What was the sum invested?

A) Rs. 275 B) Rs. 250
C) Rs. 240 D) Rs. 260
 
Answer & Explanation Answer: B) Rs. 250

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Q:

Ms. Alina borrowed Rs.650 at 6% per annum simple interest. What amount will she pay to clear her debt after 4 years?

A) Rs. 165 B) Rs. 860
C) Rs. 806 D) Rs. 156
 
Answer & Explanation Answer: C) Rs. 806

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Q:

The effective annual rate of interest corresponding to a nominal rate of 19% per annum payable half­yearly is:

A) 38 percent B) 19.9 percent
C) 39.81 percent D) 19 percent
 
Answer & Explanation Answer: B) 19.9 percent

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Q:

The interest earned on Rs. 3675 at the rate of 4% simple interest per annum for 2 years will be

A) Rs. 294 B) Rs. 289.50
C) Rs. 292 D) Rs. 288.50
 
Answer & Explanation Answer: A) Rs. 294

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Q:

The simple interest on a certain sum of money invested at a certain rate for 2 years amounts to Rs. 1200. The compound interest on the same sum of money invested at the same rate of interest for 2 years amounts to Rs. 1290. What was the principal?

A) Rs. 12000 B) Rs. 16000
C) Rs. 6000 D) Rs. 4000
 
Answer & Explanation Answer: D) Rs. 4000

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Q:

A sum of Rs 800 becomes Rs 1000 in 2 years at simple interest. What is the per annum rate of interest (in percent)?

 

A) 12.5   B)  25  
C)  8.5   D)  17
 
Answer & Explanation Answer: A) 12.5  

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