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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:

For an amount, simple interest at the rate of interest of 12% per annum for 6 years is Rs 25920. What will be the compound interest (in Rs) on same amount at the rate of interest of 8% per annum compounding annually for 2 years?

A) 4326.3 B) 5563.4
C) 5888.6 D) 5990.4
 
Answer & Explanation Answer: D) 5990.4

Explanation:
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Q:

A sum of Rs 2000 becomes Rs 3645 in 2 years at a certain rate of compound interest. What will be the sum (in Rs) after 4 years?

A) 5942.125 B) 6643.0125
C) 7243.0125 D) 7498.125
 
Answer & Explanation Answer: B) 6643.0125

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2 1507
Q:

The amount of simple interest accrued on an amount of Rs 28,500 in seven years is Rs 23,940 What is the rate of interest p.c.p.a ?

A) 10.5 B) 12.5
C) 11 D) 12
 
Answer & Explanation Answer: D) 12

Explanation:

Simple Interest = S.I= pnr/100 Given, S.I = 23940 , p = 28500 , n = 7 thus, r = 100x23940/28500x7 = 12

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4 1466
Q:

Deepanshu lent Rs. 8400 to Jaipal for 15 years and Rs. 5100 to Kareem for 14 years on simple interest at the same rate of interest and received Rs. 17766 in all from both of them as interest. The rate of interest per annum is

A) 9.5 percent B) 10 percent
C) 10.5 percent D) 9 percent
 
Answer & Explanation Answer: D) 9 percent

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Q:

What is the rate of interest if simple interest earned on a certain sum for the 3rd year is Rs 1,750 and compound interest earned for 2 years is Rs 3622.5?

A) 8 B) 9
C) 10 D) 7
 
Answer & Explanation Answer: D) 7

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2 1453
Q:

A sum fetched a total simple interest of Rs. 7056 at the rate of 8 percent per year in 7 years. What is the sum?

A) Rs 12600 B) Rs 15120
C) Rs 10080 D) Rs 7560
 
Answer & Explanation Answer: A) Rs 12600

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Q:

What is the ratio of simple interest earned on certain amount at the rate of 12% p.a. for 9 years and that for 12 years?

A) 1:2 B) 2:3
C) 3:4 D) 4:5
 
Answer & Explanation Answer: C) 3:4

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Q:

Both S.I. and C.I. is calculated with a similar rate of 10% per annum on a sum of rupees. If C.I. is calculated yearly for two years, then for what period must S.I. be evaluated such that S.I. = C.I.?

A) 4.2 years B) 2.1 years
C) 1.1 years D) 1.4 years
 
Answer & Explanation Answer: B) 2.1 years

Explanation:

Let time period of S.I. be T years.

Then for a principal amount, say P,

ATQ, as, S.I. = C.I. for rate =10%p.a. and

time for C.I. = 2(P x 10 x T)/100 = P{[ (100+10)/100 ]2-1}T/10 = [ 110/100 ]2–1 = [(11/10)2–1] = (121-100)/100T/10 = 21/100T = 21/10 = 2.1 years

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