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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:

A certain sum of money triples itself in 5 years at simple interest. In how many years it will be five times?

A) 5 B) 8
C) 10 D) 15
 
Answer & Explanation Answer: C) 10

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3 1674
Q:

A person lent Rs 10000 to B for 3 years and Rs 6000 to C for 4 years on simple interest at same rate of interest and received Rs 5400 in all from both of
them as interest. What is the rate of interest (in %)?

A) 10 B) 12
C) 20 D) 25
 
Answer & Explanation Answer: A) 10

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Q:

The simple interest on Rs. 2000 for 2 years at Rs. 75 per thousand per annum will be

A)  Rs.150 B)  Rs.300
C)  Rs.600 D) Rs.400
 
Answer & Explanation Answer: B)  Rs.300

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2 1656
Q:

The difference between compound interest compoundedevery 6 months and simple interest after 2 years is 248.10.The rate of interest is 10 percent. Find the sum

A) 12000 B) 14000
C) 16000 D) 18000
 
Answer & Explanation Answer: C) 16000

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6 1654
Q:

On a certain principal if the Simple interest for two years is Rs 3000 and Compound interest for the two years is Rs 3225, what is the rate of Interest?

A) 7.5 percent B) 30 percent
C) 15 percent D) 22.5 percent
 
Answer & Explanation Answer: C) 15 percent

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3 1625
Q:

Ganesh invested an amount of Rs x in a fixed deposit scheme offering 5% per annum for 1st year and 15% per annum for 2nd year and received an amount of Rs 9660 after two years. What is the value of x (in Rs)?

A) 9000 B) 8000
C) 8500 D) 8200
 
Answer & Explanation Answer: B) 8000

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0 1620
Q:

The sum of money that will yield Rs. 60 as simple interest at 6% per annum in 5 years is

A) 200 B) 225
C) 175 D) 300
 
Answer & Explanation Answer: A) 200

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1 1610
Q:

A sum amounts to Rs 7727.104 at the rate of 12% per annum compounded annually after three years. What is the value of principal (in Rs)?

A) 5000 B) 5200
C) 5350 D) 5500
 
Answer & Explanation Answer: D) 5500

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