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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:

If a certain sum of money doubles itself in 7 years 8 months at simple interest, then what will be the yearly rate of interest (in %)?

A) 18 3/4 B) 13 1/23
C) 26 2/23 D) 30
 
Answer & Explanation Answer: B) 13 1/23

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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:

A certain bank offers 8% rate of interest on the 1st year and 9% on the 2nd year in a certain fixed deposit scheme. If Rs 17,658 are received after investing for 2 years in this scheme, then what was the amount (in Rs) invested?

A) 16000 B) 15000
C) 15500 D) 16500
 
Answer & Explanation Answer: B) 15000

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Q:

The rate of simple interest per annum at which a sum of money double itself in 16 2/3 yrs is

A) 4% B) 5%
C) 6% D) 6.5%
 
Answer & Explanation Answer: C) 6%

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Q:

A sum of Rs 15200 is divided into two parts. The simple interest on first part at the rate of 25% per annum is equal to the simple interest on second part at the rate of 13% per annum. What is the interest (in Rs) of each part?

A) 2500 B) 1300
C) 3250 D) 1625
 
Answer & Explanation Answer: B) 1300

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Q:

A sum of Rs 8000 is divided into two parts. The simple interest on first part at the rate of 21% per annum is equal to the simple interest on second part at the rate of 35% per annum. What is the interest (in Rs) of each part?

A) 1050 B) 840
C) 1400 D) 1220
 
Answer & Explanation Answer: A) 1050

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Q:

How much simple interest will Rs. 4000 earn in 18 months at 12% per annum?

A) Rs.216 B) Rs.360
C) Rs.720 D) Rs.960
 
Answer & Explanation Answer: C) Rs.720

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Q:

Each question contains Quantity I and Quantity II. Read the contents clearly and answer your questions accordingly.

Quantity I: The Sl on a certain sum of money for 3 years at 5% per annum is Rs 4800. Then the principle is?

Quantity II: The Cl on a certain sum of money for 2 years at 6% per annum is Rs. 3708. Then the principle is?

A) Quantity I > Quantity II B) Quantity I ≥ Quantity II
C) Quantity I < Quantity II D) Quantity I < Quantity II
 
Answer & Explanation Answer: A) Quantity I > Quantity II

Explanation:

Quantity I=15% of Principle=4800 

Principle=Rs.32000

Quantity II=12.36% of Principle =3708 

Principle=Rs.30000

Hence Quantity I > Quantity II 

 

 

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