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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:

Find: S.l on Rs 68000 at 1623 1 % per annum for 9 months

A) 6500 B) 7500
C) 8500 D) 9500
 
Answer & Explanation Answer: C) 8500

Explanation:

P = 68000, R =503%  & T = 9 months (3/4 years)  

 S.I=p×r×t100=(6800×503×34)100=Rs.8500

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Q:

What is the sum which earned interest?
I. The total simple interest was Rs. 7000 after 7 years.
II. The total of sum and simple interest was double of the sum after 5 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:

Let the sum be Rs. x.

I  gives, S.I. = Rs. 7000 and T = 7 years.

II gives, Sum + S.I. for 5 years = 2 x Sum Sum = S.I. for 5 years.

Now, S.I. for 7 years = Rs. 7000.

therefore, S.I. for 1 year =  Rs. 1000.

Thus, I and II both are needed to get the answer.

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3 9596
Q:

A Rent Rs. 5000 to B for 2 years and Rs. 3000 to C for 4 years on simple interest at the same rate of interest and received Rs. 2200 in all from both of them as interest. The rate of interest per annum is:

A) 5% B) 7%
C) 7.5% D) 10%
 
Answer & Explanation Answer: D) 10%

Explanation:

 

Let the rate be R% p.a.

 

Then, 5000×r×2100+3000×r×4100=2200

 

Rate = 10% 

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9 9042
Q:

A loan shark made a loan of $100 to be repaid with $120 at the end of one month. What was the annual interest rate?

A) 210% B) 220%
C) 230% D) 240%
 
Answer & Explanation Answer: D) 240%

Explanation:

r=I/PT

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5 9041
Q:

Find: S.l. on Rs 3000 at 18% per annum for the period from 4th

A) 118 B) 105
C) 108 D) 110
 
Answer & Explanation Answer: C) 108

Explanation:

(24 + 31 + 18) days = 73 days = 1/5 year .

 

P = Rs 3000 and R = 18 % p.a.

 S.I=3000*18*15100

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Q:

In how many years, Rs. 200 will produce the same interest @ 5 % as Rs. 900 produce in 2 years @ 3 ½ %  ?

A) 5.2 yrs B) 7 yrs
C) 7.9 yrs D) 6.3 yrs
 
Answer & Explanation Answer: D) 6.3 yrs

Explanation:

P = Rs. 900, R = 3 ½ % = 7/2 %, T = 2 years. 

Therefore, 

S.I. = PTR/100

S.I. = Rs. (900 x 7/2 x 2/100) = Rs. 63

Now, P = Rs. 200, S.I. = Rs. 63, R = 5 %

Time = ((100 x 63) / (200 x 5) ) years = 6.3 years.

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6 8908
Q:

A certain sum is invested at simple interest at 18% p.a. for two years instead of investing at 12% p.a. for the same time period. Therefore the interest received is more by Rs. 840. Find the sum  ?

A) Rs. 5858 B) Rs. 8800
C) Rs. 7000 D) Rs. 6350
 
Answer & Explanation Answer: C) Rs. 7000

Explanation:

Let the sum be Rs. S.
(S x 18 x 2)/100 - (S x 12 x 2)/100 = 840 => 36S/100 - 24S/100 = 840

=> 12S/100 = 840 => S = 7000.

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3 8293
Q:

An amount doubles itself in 15 years. what is the rate of interest ?

A) 7.85 % B) 9.41%
C) 6.66 % D) 4.21 %
 
Answer & Explanation Answer: C) 6.66 %

Explanation:

Let the principle be Rs. P
As the amount double itself the interest is Rs. P too
So P = P x r x 15/100
=> r = 100/15 = 20/3 % = 6.66 %.

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