Simple Interest Questions and Answers

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Simple Interest Formulas

Suppose a person A borrows some money from B for a certain period. After the specified period, when A return the said money he pays it with some additional money. This additional money that borrower has to pay is called interest. The actual money by A is called Principle. The interest and principle are together called amount. The borrower pays for every 100 rupees for each year is called rate per cent per year.

It is denoted by R% = \frac { R }{ 100 }

The time for which the borrower borrowed money is called Time. It is denoted by T years. The interest is directly proportional to the principle, the rate and the time.
If the interest on a certain sum borrowed for a certain period is reckoned uniformly, then it is called Simple Interest and denoted as S.I.

Simple Interest (S.I) = \frac { PRT }{ 100 }

Where P = Principle

R = Rate per cent per annum

T = Number of Years

Practice Exercise

1. What sum of money must be given as simple interest for six months at 4% per annum in order to earn 150 interests?
A. 5000
B. 7500
C. 10000
D. 15000

2. The simple interest accrued on an amount of Rs 22,500 at the end of tour years is Rs 10,800. What would be the compound interest accrued on the same amount at the same rate at the end of two years?
A. Rs 16,908
B. Rs 5,724
C. Rs 28,224
D. Rs 8,586
E. None of these

3. The simple interest on a sum of money is 19 of the principal and the number of years is equal to rate per cent per annum. The rate per annum is
A. 3%
B. 1/3%
C. 3.3%
D. 0.3%

4. A person lent out a certain sum on simple interest and the same sum on compound interest at certain rate of interest per annum. He noticed that the ratio between the difference of compound interest and simple interest of 3 years and that or 2 years is 25:8. The rate of interest per annum is:
A. 10%
B. 11%
C. 12%
D. 12.5%
E. None of these

5. A sum of money was lent at simple interest at a certain rate for 3 years. Had it been lent at 2.5% per annum higher rate, it would have fetched 540 more. The money lent was
A. 6400
B. 6472
C. 6840
D. 7200

6. For what sum will the simple interest at R% per annum for 2 years will be R?
A. 100/2R
B. 50
C. 100/R
D. 200/R

7. A person invested in all Rs2600 at 4%, 6% and 8% per annum simple interest. At the end of the year, he got the same interest in all the three cases. The money invested at 4% is:
A. Rs 200
B. Rs 600
C. Rs 800
D. Rs 1200
E. None of these

8. At the same rate of simple interest sum of the interest of 300 for 4 years and the interest of 400 for 3 years is 120. The rate of interest is
A. 5 %
B. 4%
C. 6%
D. 10%

9. If a sum of money doubles itself in 8 years, then the interest rate in percentage is
A. 8.5%
B. 10%
C. 10.5%
D. 12.5%

10. A sum of 1600 gives a simple interest of 252 in 2 years and 3 months. The rate of interest per annum is:
A. 5.5%
B. 8%
C. 7%
D. 6%

11. A person deposited 500 for 4 years and 600 for 3 years at the same rate of simple interest in a bank. Altogether he received 190 as interest. The rate of simple interest per annum was
A. 4%
B. 5%
C. 2%
D. 3%

12. The simple interest accrued on a sum of certain principal in 8 yr at the rate of 13% per year is Rs 6500. What would be the compound interest accrued on that principal at the rate of 8% per year in 2 year?
A. Rs 1040
B. Rs 1020
C. Rs 1060
D. Rs 1200
E. None of these

13. A man lent 60,000, partly at 5% and the rest at 4% simple interest. If the total annual interest is 2560, the money lent at 4% was
A. 40000
B. 44000
C. 30000
D. 45000

14. A sum of money was invested at a certain rate of simple interest for 2 years. Had it been invested at 1% higher rate, it would have fetched 24 more interest. The sum of money is:
A. 1200
B. 1050
C. 1000
D. 9600

15. The simple interest accrued on an amount of Rs 16,500 at the end of three years is Rs 5,940. What would be the compound interest accrued on the same amount at the same rate in the same period?
A. Rs 6681
B. Rs 6218
C. Rs 6754
D. Rs 6537
E. None of these

16. The amount to be paid, when principal : Rs. 2000, rate of simple interest (R) = 5%, T = 2 years, is:
A. Rs. 3,200
B. Rs, 2,400
C. Rs. 2,200
D. Rs. 3,400

17. Nitin borrowed some money at the rate of 6% p.a. for the first three years, 9% p.a. for the next five years and 13% p.a. for the period beyond eight years. If the total interest paid by him at the end of eleven years is 8,160, the money borrowed by him is:
A. 12,000
B. 6000
C. 8000
D. 10000

18. The rate of simple interest per annum at which a sum of money doubles itself in 16 2 years is:
A. 4%
B. 5%
C. 6%
D. 6.3%

19. A sum of money lent at simple interest amounts to 880 in 2 years and to 920 in 3 years. The sum of money (in rupees) is
A. 700
B. 760
C. 784
D. 800

20. The difference between the simple interest received from two different banks on 500 for 2 years is 2.50. The difference between their (per annum) rate of interest is:
A. 0.10%
B. 0.25%
C. 0.50%
D. 1.00%

21. A sum of money at some rate of simple interest amounts to 2,900 in 8 years and to 3,000 in 10 years. The rate of interest per annum is
A. 4%
B. 2.5%
C. 3%
D. 2%

22. A person who pays income tax at the rate of 4 paise per rupee, find that a fall of interest rate from 4% to 3.75% diminishes his net yearly income by 48. What is his capital ?
A. 24,000
B. 25,000
C. 20,000
D. 18,000

23. The rate of simple interest for which Rs. 6,000 will amount to Rs. 6,900 in 3 years is
A. 5%
B. 7%
C. 2%
D. 4%

24. Two equal sums were lent out at 7% and 5% S.I. respectively. The interest earned on the two loans add up to 960 for 4 years. The total sum lent out in
A. 3500
B. 2500
C. 2000
D. 3000

25. In what time will the simple interest be 2/5 of the principal at 8 per cent per annum?
A. 8 years
B. 7 years
C. 5 years
D. 6 years

26. Mr. Khanna took a loan of Rs 10,000 on simple interest for two years at the rate of 3 p.c.p.a. The total amount that he will be paying as interest in 2 years is 3% of his monthly salary. What is his monthly salary?
A. Rs 30,000
B. Rs 16,000
C. Rs 20,000
D. Rs 12,000
E. None of these

27. The simple interest accrued in 9 years on a principal of Rs 24,250 is 162 per cent of the principal. What is the rate of interest p.c.p.a?
A. 22
B. 16
C. 18
D. Cannot be determined
E. None of these

28. What would be the Simple interest accrued in four years on a principle of Rs 18,440 at the rate of 15 pcpa?
A. Rs 11075
B. Rs 12250
C. Rs 11500
D. Rs 9980
E. None of these

29. What would be the simple interest accrued in 4 years on a principal of Rs 16,500 at the rate of 16 p.c.p.a?
A. Rs 11560
B. Rs 10250
C. Rs 12500
D. Rs 9980
E. None of these

30. The simple interest accrued on an amount of Rs 22,500 at the end of four years is Rs 10,800. What would be the compound interest accrued on the same amount at the same rate at the end of two years?
A. Rs 16,908
B. Rs 5,224
C. Rs 28,224
D. Rs 8,586
E. None of these