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Quantitative Aptitude - Arithmetic Ability/
Simple Interest

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) $S . I = (\frac{P \times T \times R}{100})$

(ii) $P = (\frac{100 \times S . I}{R \times T}); R = (\frac{100 \times S . I}{P \times T}) a n d T = (\frac{100 \times S . I}{P \times R})$

A certain principal is invested in a scheme of compound interest. The amount obtained after 1 year is Rs 2400 and the amount obtained after 2 years is Rs 2880. What is the rate of interest (in percentage)?

A) 20	B) 15
C) 25	D) 10

A) 20

B) 15

C) 25

D) 10

Answer & Explanation Answer: A) 20

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1 1128

Rs. x invested at 8% simple interest per annum for 5 years yields the same interest as that on Rs. y invested at 7.5% simple interest per annum for 6years. Find x : y.

A) 40:45	B) 5:6
C) 16:15	D) 9:8

A) 40:45

B) 5:6

C) 16:15

D) 9:8

Answer & Explanation Answer: D) 9:8

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3 1122

Simple interest on a certain sum of money for 3 years at 16% per annum is half the compound interest on Rs. 12000 for 2 years at 10% per annum. The sum placed on simple interest is

A) Rs 5250	B) Rs 1325
C) Rs 2100	D) Rs 2625

A) Rs 5250

B) Rs 1325

C) Rs 2100

D) Rs 2625

Answer & Explanation Answer: D) Rs 2625

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2 1119

Simple interest on a sum of Rs 67400 for 14 months is Rs 4718. What is the rate (in percentage) of interest per annum?

A) 5.5	B) 6
C) 8	D) 7

A) 5.5

B) 6

C) 8

D) 7

Answer & Explanation Answer: B) 6

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5 1093

At 5% simple interest per annum a certain sum yields a total amount of Rs. 2,790 at the end of 3 1/4 years. The sum invested was

A) Rs. 2350	B) Rs. 2400
C) Rs. 2600	D) Rs. 2550

A) Rs. 2350

B) Rs. 2400

C) Rs. 2600

D) Rs. 2550

Answer & Explanation Answer: B) Rs. 2400

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5 1087

A sum of Rs 4000 becomes Rs 7000 in 6 years at simple interest. If the rate of interest becomes double of itself, then what will be the amount (in Rs) after 6 years?

A) 8500	B) 9000
C) 8000	D) 10000

A) 8500

B) 9000

C) 8000

D) 10000

Answer & Explanation Answer: D) 10000

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6 1087

The simple and compound interest that can be earned in two years at the same rate is Rs 1500 and Rs 1575 respectively. What is the rate (% per annum) of interest?

A) 8	B) 10
C) 12	D) 5

A) 8

B) 10

C) 12

D) 5

Answer & Explanation Answer: B) 10

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2 1081

If in 2 years at simple interest the principal increases by 18%, what will be the compound interest (in Rs) earned on Rs 7000 in 3 years at the same rate?