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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:

The simple interest on Rs. 25 for 4 months at the rate of 3 paise per rupee per month is :

A) 240 paise B) Rs. 1.40
C) Rs. 2.20 D) Rs. 3
 
Answer & Explanation Answer: D) Rs. 3

Explanation:

I = PTR/100
I = 25 x 4 x 0.03/100
I = 0.03 x 100 = 300 Ps = Rs. 3

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Q:

1. The simple interest on a sum of money is Rs. 50. What is the sum?
I. The interest rate is 10% p.a.
II. The sum earned simple interest in 10 years

A) I alone sufficient while II alone not sufficient to answer B) II alone sufficient while I alone not sufficient to answer
C) Either I or II alone sufficient to answer D) Both I and II are necessary to answer
 
Answer & Explanation Answer: D) Both I and II are necessary to answer

Explanation:

Given : S.I. = Rs. 50.

I  gives,  R = 10% p.a.

II gives,  T = 10 years.

Sum = (100 x S.I)/(t x r ) =  Rs.(100 x 50)/(10 x 10) = Rs.50

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4 16114
Q:

What is the principal sum?
I. The sum amounts to Rs. 690 in 3 years at S.I.
II. The sum amounts to Rs. 750 in 5 years at S.I.
III. The rate of interest is 5% p.a.

A) I and III only B) II and III only
C) I and II only D) Any two of the three
 
Answer & Explanation Answer: D) Any two of the three

Explanation:

Clearly, any of the three will give us the answer

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Q:

If the rate increases by 2%, the simple interest received on a sum of money increases by Rs. 108. If the time period is increased by 2 years, the simple interest on the same sum increases by Rs.180. The sum is ?

A) Rs. 540 B) Rs. 415
C) Rs. 404 D) Data is not sufficient
 
Answer & Explanation Answer: D) Data is not sufficient

Explanation:

Let the sum be Rs. p, rate be R% p.a. and time be T years.

Then,

 P×T×(R+2)100-P×T×R100=108  ⇒2PT= 10800  ...... (1)

 And, 

 P×R×(T+2)100-P×R×T100=180   ⇒2PR = 18000 ......(2)

Clearly, from (1) and (2), we cannot find the value of p
So, the data is not sufficient.

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11 15060
Q:

Simple interest on a sum for 9 months at 8% per annum is Rs 270.What is the value (in Rs) of the sum?

 

A) 5200 B) 5400
C) 4500 D) 3600
 
Answer & Explanation Answer: C) 4500

Explanation:
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Q:

The simple interest at y% for 'y' years will be Rs. y on a sum. Find the principal amount.


 

A) 100/y B) 100 x y
C) 100y2 D) 100 ÷ y2
 
Answer & Explanation Answer: A) 100/y

Explanation:
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Q:

A sum at simple interest at 1312% per annum amounts to Rs. 2502.50 after 4 years. Find the sum

A) Rs.1625 B) Rs1525
C) Rs.1425 D) Rs.1325
 
Answer & Explanation Answer: A) Rs.1625

Explanation:

 Let sum be Rs.x then, S.I. =Rs. [ x * (27/2) * 4 * (1/100) ] = Rs. 27x/50 

 

Amount =Rs [ x + (27x/50)] = Rs.77x/50 

 

=> 77X/50 = 2502.50  

 

=>X= (2502.50 * 50)/77 = 1625 

 

Hence Sum = Rs.1625

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11 13722
Q:

What is the rate of simple interest?
I. The total interest earned was Rs. 4000.
II. The sum was invested for 4 years.

A) I alone sufficient while II alone not sufficient to answer B) II alone sufficient while I alone not sufficient to answer
C) Either I or II alone sufficient to answer D) Both I and II are not sufficient to answer
 
Answer & Explanation Answer: D) Both I and II are not sufficient to answer

Explanation:

We know that, R = (100 x S.I) / (P x T)

Now I gives, S.I = Rs. 4000.

        II gives,  T = 4 years.

But, P is unknown. So, we cannot find R.

So, given data is insufficient to get R.

 

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