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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 sum fetched a total simple interest of Rs 5320 at the rate of 7% per year in 5 years. What is the sum?

A) Rs 18240	B) Rs 12160
C) Rs 15200	D) Rs 9120

A) Rs 18240

B) Rs 12160

C) Rs 15200

D) Rs 9120

Answer & Explanation Answer: C) Rs 15200

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2 1025

The simple and compound interest that can be earned in two years at the same rate is Rs 1,000 and Rs 1,040 respectively. What is the rate (percent per annum) of interest?

A) 9	B) 10
C) 8	D) 11

A) 9

B) 10

C) 8

D) 11

Answer & Explanation Answer: C) 8

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3 1013

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?

A) 1865.2	B) 2065.2
C) 1965.2	D) 1765.2

A) 1865.2

B) 2065.2

C) 1965.2

D) 1765.2

Answer & Explanation Answer: B) 2065.2

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1 1004

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 1002

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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2 996

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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2 994

Rs. x invested at 9% simple interest per annum for 5 years yields the same interest as that on Rs. y invested at 6.25% simple interest per annum for 8 years. Find x:y.