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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 accrued on a sum of money at the end of four years is 1/5th of its principal. What is the rate of interest per annum?

A) 4% B) 5%
C) 6% D) Inadequate data
 
Answer & Explanation Answer: B) 5%

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Q:

A sum fetched a total simple interest of Rs. 9648 at the rate of 12% per year in 6 years. What is the sum?

A) Rs 16080 B) Rs 10720
C) Rs 8040 D) Rs 13400
 
Answer & Explanation Answer: D) Rs 13400

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1 1822
Q:

The simple interest on a sum of money for 10 years is Rs 3130. If the principal becomes 5 times after 5 years, then what will be the total interest (in Rs)obtained after 10 years?

A) 6260 B) 7825
C) 9390 D) 15650
 
Answer & Explanation Answer: C) 9390

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1 1789
Q:

The difference between the simple interest obtained by investing Rs. 'X' with 8% per annum for an year and by investing Rs. 'X+1400' with 8% per annum for two years is 240 Rs. Find the value of X.

A) 200 B) 100
C) 400 D) 300
 
Answer & Explanation Answer: A) 200

Explanation:

[(X+1400)*8*2/100] - [(X*8*1)/100]= 240
0.16X + 14*16 - 0.08X = 240
0.08X = 240 - 224
0.08X = 16
X = Rs. 200

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2 1774
Q:

A person invested a total sum of Rs 7900 in three different schemes of simple interest at 3%, 5% and 8% per annum. At the end of one year he got same interest in all three schemes. What is the money (in Rs) invested at 3%?

A) 2900 B) 3500
C) 4000 D) 5600
 
Answer & Explanation Answer: C) 4000

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1 1704
Q:

Simple interest on a sum for 12 months at the rate of 25% per annum is Rs 935.What is the value (in Rs) of sum?

A) 3740 B) 3200
C) 4410 D) 4720
 
Answer & Explanation Answer: A) 3740

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0 1701
Q:

A person lent certain sum of money at 10% per annum simple interest. In 20 years the interest amounted to Rs 500 more than the sum lent. What was the sum lent (in Rs)?

A) 200 B) 500
C) 1000 D) 250
 
Answer & Explanation Answer: B) 500

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Q:

Rs. 750 invested for 3 months gave an interest of Rs. 18. What was the simple rate of interest per annum?

A) 9.6% B) 2.4%
C) 7.2% D) 12%
 
Answer & Explanation Answer: A) 9.6%

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