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 Simple Interest Questions

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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 difference between the compound interest compounding half yearly for 1 year and the simple interest for 1 year on a certain sum of money lent out at 8% per annum is Rs 64. What is the sum (in Rs)?

A) 40000 B) 42000
C) 44000 D) 44800
 
Answer & Explanation Answer: A) 40000

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Q:

Sachin lent out Rs 60000 in two parts, first at 4% and the second at 10% interest. The yearly average interest comes out to be 6.4%. What are the amounts (in Rs) that were lent at 4% and 10% respectively?

 

A) 40000, 20000   B) 48000, 12000  
C) 36000, 24000   D) 32000, 28000
 
Answer & Explanation Answer: C) 36000, 24000  

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Q:

Find the simple interest on Rs. 50 for 6 months at the rate of 10 paise per rupee per month.

A) Rs.35 B) Rs.40
C) Rs.25 D) Rs.30
 
Answer & Explanation Answer: D) Rs.30

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Q:

For what sum will the simple interest at R% for 2 years will be R?

A) 100/2R B) 50/R
C) 100/R D) 200/R
 
Answer & Explanation Answer: C) 100/R

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Q:

Simple interest on a certain sum of money for 3 years at 14% per annum is half the compound interest on Rs. 10000 for 2 years at 10% per annum. The sum placed on simple interest is

A) Rs 5000 B) Rs 1250
C) Rs 2000 D) Rs 2500
 
Answer & Explanation Answer: D) Rs 2500

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Q:

Simple interest on a certain sum of money for 3 years at 10% per annum is half the compound interest on Rs 6000 for 2 years at 10% per annum. The sum placed on simple interest is

A) Rs 4200 B) Rs 2100
C) Rs 1680 D) Rs 1050
 
Answer & Explanation Answer: B) Rs 2100

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Q:

If the time increases by 7 years, then simple interest increases by Rs 8400 on a sum of Rs 6000. What is the rate (in percentage) of interest per annum?

A) 18 B) 12
C) 20 D) 24
 
Answer & Explanation Answer: C) 20

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Q:

A sum fetched a total simple interest of Rs. 7728 at the rate of 7% per year in 8 years. What is the sum?

A) Rs 13800 B) Rs 16560
C) Rs 11040 D) Rs 8280
 
Answer & Explanation Answer: A) Rs 13800

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