Sawaal

 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:

What is the SI on Rs.7500/- at the rate of 10% per annum for 5 years?

A) 3750 B) 2750
C) 1750 D) 750
 
Answer & Explanation Answer: A) 3750

Explanation:

S.I=PNR/100

Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: Bank Exams
Job Role: Bank PO

4 5010
Q:

At what rate percent on simple interest will Rs.415 amount to Rs.514 in 4 years  ?

A) 4.58 % B) 5.96 %
C) 6.52 % D) 4.98 %
 
Answer & Explanation Answer: B) 5.96 %

Explanation:

Difference in amount = 514 - 415 = 99

99 = (415 x 4 x R)/100

R = 5.96%

Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: AIEEE , Bank Exams , CAT , GATE
Job Role: Bank Clerk , Bank PO

5 4992
Q:

On Rs. 3500 invested at a simple interest rate of 7 per cent per annum, Rs. 500 is obtained as interest in certain years. In order to earn Rs. 800 as interest on Rs. 4900 in the same number of years, what should be the rate of simple interest?

A) 8% B) 7.5%
C) 9% D) 8.5%
 
Answer & Explanation Answer: A) 8%

Explanation:

From the given data,

3500x7xt/100 = 500

=> t = 100/49 years

Now, in the second case

The interest per year = 49/100 x 800 = 392

 => 4900 x 1 x r/100 = 392

=> r = 8%

Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: AIEEE , Bank Exams , CAT , GATE
Job Role: Analyst , Bank Clerk , Bank PO

10 4960
Q:

Gopal borrowed some money at 12% simple interest. If he had to pay back Rs. 1280 after 5 years, in order to clear off the loan. How much did he borrow?

A) Rs. 800 B) Rs. 620
C) Rs. 560 D) Rs. 480
 
Answer & Explanation Answer: A) Rs. 800

Explanation:

Let the principle amount be Rs. P

Interest rate = 12%

Total amount he paid after 5 years = Rs. 1280

ATQ, 

P + I = PTR100 + P1280 = PTR100 + 11280 = P5 x 12100 + 116P10 = 1280P = 80 x 10 = 800

 

Hence, the amount he borrowed = P = Rs. 800.

Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: GATE , CAT , Bank Exams , AIEEE
Job Role: Bank PO , Bank Clerk , Analyst

13 4950
Q:

How long will it take $3000 to earn $60 interest at 6%?

A) 2months B) 3months
C) 4months D) 5months
 
Answer & Explanation Answer: C) 4months

Explanation:

t=I/pr

Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: Bank Exams
Job Role: Bank PO

3 4904
Q:

A certain amount earns simple interest of Rs. 2260 after 3 years. Had the interest been 1 % more how much more interest would it have earned ?

A) Rs. 175 B) Rs. 220.75
C) Rs. 126 D) Can't be determined
 
Answer & Explanation Answer: D) Can't be determined

Explanation:

Here given Interest earned = Rs. 2260

Time = 3 years

Rate of interest = ?

Principal Amount = ?

So, it can't be determined.

Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: AIEEE , Bank Exams , CAT , GATE
Job Role: Bank Clerk , Bank PO

18 4867
Q:

A sum of money at simple interest amounts to Rs. 415 in 2 years and to Rs. 514 in 4 years. The sum is ?

A) Rs. 316 B) Rs. 251
C) Rs. 154 D) Rs. 294
 
Answer & Explanation Answer: A) Rs. 316

Explanation:

S.I. for 2 years = (514 - 415) = Rs. 99
S.I. for 1 year = 99/2

Principal = (415 - 99) = Rs. 316.

Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest
Exam Prep: AIEEE , Bank Exams , CAT , GATE
Job Role: Bank Clerk , Bank PO

2 4823
Q:

A sum was invested for 3 years at simple interest at a certain rate. Had it been invested at 4% higher rate of interest, it would have fetched Rs 600 more. The sum is

A) Rs 4000 B) Rs 4950
C) Rs 5000 D) Rs 5150
 
Answer & Explanation Answer: C) Rs 5000

Explanation:

Let the rate of interest be R

(Interest at rate (R+4)%)–(Interest at R%)

= 600(PT(R+4)/100) –(PTR/100)

= 6003PR +12P –3PR = 60000

12P = 60000

P = 5000

Report Error

View Answer Report Error Discuss

Filed Under: Simple Interest

5 4759