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

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

Explanation:

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3 1060

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 1059

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.

A) 16:15	B) 10:9
C) 45:50	D) 5:8

A) 16:15

B) 10:9

C) 45:50

D) 5:8

Answer & Explanation Answer: B) 10:9

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4 1058

What is the ratio of simple interest earned on certain amount at the rate of 12% for 6 years and that for 12 years?

A) 1:2	B) 2:3
C) 3:4	D) 4:5

A) 1:2

B) 2:3

C) 3:4

D) 4:5

Answer & Explanation Answer: A) 1:2

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6 1054

Alipta got some amount of money from her father. In how many years will the ratio of the money and the interest obtained from it be 10:3 at 6% simple interest per annum?

A) 7 years	B) 3 years
C) 5 years	D) 4 years

A) 7 years

B) 3 years

C) 5 years

D) 4 years

Answer & Explanation Answer: C) 5 years

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3 1049

A man purchased a cycle for Rs.3000/- and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.

A) Rs. 260	B) Rs. 240
C) Rs. 280	D) Rs. 300

A) Rs. 260

B) Rs. 240

C) Rs. 280

D) Rs. 300

Answer & Explanation Answer: C) Rs. 280

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2 1042

The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 12% per annum is Rs 72. What is the value of given sum (in Rs)?