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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 earned on Rs. 1600 at the rate of 5% S>I per annum for 6 yrs would be:

A) 2080 B) 450
C) 496 D) 480
 
Answer & Explanation Answer: D) 480

Explanation:
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2 1962
Q:

A sum of Rs 7500 is divided into two parts. The simple interest on first part at the rate of 12% per annum is equal to the simple interest on second part at the rate of 18%. What is the interest (in Rs) on each part for one year?

A) 600 B) 360
C) 480 D) 540
 
Answer & Explanation Answer: D) 540

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1 1954
Q:

Srinivasan invests two equal amounts in two banks giving 8% and 12% rate of interest respectively. At the end of year the interest earned is Rs. 1500. Find the sum invested in each.

A) Rs. 5800 B) Rs. 15000
C) Rs. 7500 D) Rs. 17,000
 
Answer & Explanation Answer: C) Rs. 7500

Explanation:

Let the sum invested be x.
⇒ 8x/100 + 12x/100 = 1500
⇒ 20x = 150000
⇒ x = 7500

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3 1931
Q:

A certain sum of money amounts to Rs 918 in 2 years and Rs 969 in 3.5 years at simple interest. What is the rate of interest (in %)?

 

A) 4 B) 5
C) 6 D) 8
 
Answer & Explanation Answer: A) 4

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6 1893
Q:

Ravi invested Rs.P in a scheme A offering simple interest at 10% p.a. for two years. He invested the whole amount he received from scheme A, in another scheme (B) offering simple interest at 12% p.a. for five years. If the difference between the interests earned from schemes A and B was Rs. 13,00/, what is the value of P ?

A) 2500 B) 2000
C) 3000 D) 3500
 
Answer & Explanation Answer: A) 2500

Explanation:

It is given that the initial amount invested in scheme A is Rs P at 10%per Annum S.I. =PTR/100 = P x 10 x 2/100 Now the total amount after 2 years is = 1.2P New Rate of interest = 12% per annum Time = 5 years S.I for next 5 years when new principal amount is 1.2 P = 1.2Px12x5/100 = 0.72P Total amount after 5 years at 12% per annun = 1.72P Given that 1.72P - 1.2P = 1300 P = 1300/0.52 P = Rs. 2500

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2 1875
Q:

What is the rate of interest (in %) if simple interest earned on a certain sum for the 3 years is Rs 6,000 and compound interest earned for 2 years is Rs 4,160?

A) 9 B) 8
C) 12 D) 6
 
Answer & Explanation Answer: B) 8

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5 1863
Q:

Simple interest on a sum for eight months at 6% per annum is Rs 340.What is the value (in Rs) of sum?

A) 8500 B) 9500
C) 8000 D) 6800
 
Answer & Explanation Answer: A) 8500

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2 1852
Q:

A sum of money was invested at the rate of 7.5% S.I. per annum for 4 years. If the investment was for 5 years, the interest earned would have been Rs. 375 more. What was the initial sum invested?

A) Rs. 4750 B) Rs. 5000
C) Rs. 4500 D) Rs. 3750
 
Answer & Explanation Answer: B) Rs. 5000

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11 1842