Programming
Aptitude
Syllabus
Interview Preparation
Interview Exp.
Off Campus
Simple Interest Questions and Answers
Questions and Answers on Simple Interest
Simple Interest
When a person borrows money from someone for a specific period, then the borrower has to pay some extra money called Interest on the money borrowed for that period”.
The money borrowed is called “Principal” .
The total sum of money including the principal is known as the “Amount.”
If the interest on the specific sum borrowed for a certain period is calculated uniformly, then it is called “Simple Interest.” To solve simple interest questions and answers, one need to memorize the formulas.
Simple Interest formula:
Suppose, principle = P, rate of interest(%) = R, total time = T.
Hence, Simple Interest = \frac{P\times R\times T}{100}
Read More: Formulas
Read More: How to solve quickly
Read More: Tips & Shortcut
Read More: Practice Simple & Compound Interest
Practice Questions on Simple Interest
Example 1:
The Interest received at 15% per annum simple interest after 3 yrs is Rs. 630. What was the principal (in Rs)?
Options:
a. Rs. 1200
b. Rs. 1750
c. Rs. 1400
d. Rs. 2000
Explanation:
I = \frac{P\times R\times T}{100}
630 = \frac{P\times 15\times 3}{100}
P = Rs. 1,400
Hence, Option C is correct.
Example 2:
A sum of money becomes 9 times in 20 years. Find the 10 times of rate of interest.
Options:
a. 350%
b. 45%
c. 400%
d. 250%
Explanation:
According to the formula,
\text{ Rate } = \frac{100(n – 1)}{T} = \frac{100(9 – 1)}{20} = \frac{800}{20} = 40%∴ 10 times of 40% = 400%
Hence, option C is correct.