Simple Interest Questions and Answers updated daily – Aptitude


Simple Interest Questions and Answers updated daily – Aptitude



86 Simple Interest Questions and answers section with explanation for various online exam preparation, various interviews, Aptitude Simple Interest online test. Simple Interest Questions with detailed description, explanation will help you to master the topic.

Simple Interest Questions

1. A sum of Rs. 12,500 amounts to Rs. 15,500 in 4 years at the rate of simple interest. What is the rate of interest? 



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Correct Ans:6%
Explanation:
S.I = Amount to be paid - Principal
=> S.I. = Rs. (15500 - 12500) = Rs. 3000.

Simple Interest, S.I = ( p x t x r) / 100
=> Rate = S.I * 100 / (p x t )
=>Rate = ( 100 x 3000 / 12500 x 4 ) % = 6 %


2. Peter borrowed Rs. 2000 from his friend at the rate of 3 (1/2) % per annum of 4 years. Find the amount to be paid at the end of 4 years. 



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Correct Ans:2280
Explanation:
Principal, p = 2000 Rs,
Rate of interest, r = 3(1/2) % = 7/2%;
Time, t= 4 years

Simple Interest, S.I = ( p x t x r) / 100
=> S.I = (2000 x 7 x 4) / (2 x 100)
= 10 x 7 x 4
280

Amount to be paid = Principal + S.I = 2000 + 280 = 2280


3. Reena took a loan of Rs. 1200 with simple interest for as many years as the rate of interest. If she paid Rs. 432 as interest at the end of the loan period, what was the rate of interest? 



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Correct Ans:6
Explanation:
Let rate = R% and time = R years.
Simple Interest, SI = (p * n * r) / 100
Then, ( 1200 x R x R / 100 ) = 432
=> 12 * R^2 = 432
=> R^2 = 36
=> R = 6


4. Nalini borrowed Rs. 1075 from her friend at 7% per annum. She returned the amount after 7 years. How much amount did she pay? 



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Correct Ans:1601.75
Explanation:
Given principal, p = 1075 Rs,
rate of interest r= 7%,
time, t=7 years

Simple interest, SI = (p x r x t)/100
=> SI = (1075 x 7 x 7)/100
=> SI = 526.75

Amount = Principal + S.I
= 1075 + 526.75
= 1601.75

Amount paid by Nalini to her friend is 1601.75 Rs.


5. How much time will it take for an amount of Rs. 450 to yield Rs. 81 as interest at 4.5% per annum of simple interest? 



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Correct Ans:4 years
Explanation:

Given, principal = Rs. 450
S.I = Rs. 81
Rate of interest, r = 4.5 %

Let the time taken for an amount of Rs. 450 to yield Rs. 81 as interest = "n"

Simple interest, SI = (p x n x r)/100
=> n= SI * 100 / (p * r)
= (81 * 100 / 450 x 4.5 ) years
= 4 years
Thus, the time taken for an amount of Rs. 450 to yield Rs. 81 as interest = 4 years



6. A sum of Rs. 700 is lent at the rate of 6% per annum. Find the interest at the end of 4 years. 



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Correct Ans:168
Explanation:
Given principal, p = 700 Rs,
rate of interest r= 6%,
time, t=4 years

Simple interest, SI = (p x r x t)/100
=> SI = (700 x 6 x 4)/100
=>SI = 168
=> At the end of 4 years, interest earned is Rs. 168


7. A sum fetched a total simple interest of Rs. 4016.25 at the rate of 9 p.c.p.a. in 5 years. What is the sum? 



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Correct Ans:Rs. 8925
Explanation:
Given
Simple interest = Rs. 4016.25 , Rate = 9 p.c.p.a. N= 5 years.
We know that, Simple interest, SI = (p x r x t) / 100
=> Principal = S.I * 100 / (r * t)
= Rs. ( 100 * 4016.25 / 9 * 5)
= Rs. ( 401625 / 45 )
= Rs. 8925
Sum =Rs. 8925.


8. A sum of Rs. 1092 is lent at the rate of 10% per annum. Find the interest at the end of 7 years.



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Correct Ans:764.4
Explanation:
Given principal, p = 1092 Rs,
rate of interest r= 10%,
time, n = 7 years

Simple interest, SI = (p x n x r)/100
=> SI = (1092 x 7 x 10)/100
=> SI = 764.4

At the end of 7 years, interest earned is Rs. 764.4


9. A sum of Rs. 5872 is lent at the rate of 9% per annum. Find the interest at the end of 8 years.



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Correct Ans:Rs. 4227.84
Explanation:
Given principal, p = 5872 Rs,
rate of interest r= 9%,
time, n = 8 years

Simple interest, SI = (p x n x r) /100
=> SI = (5872 x 8 x 9) /100
=>SI = 4227.84

=> At the end of 8 years, interest earned is Rs. 4227.84


10. A sum of money at simple interest amounts to Rs. 815 in 3 years and to Rs. 854 in 4 years. The sum is:



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Correct Ans:Rs. 698
Explanation:
S.I. for 1 year = Rs. (854 - 815) = Rs. 39. S.I. for 3 years = Rs.(39 x 3) = Rs. 117. Therefore , Principal = Rs. (815 - 117) = Rs. 698.


11. What would be the amount to be paid on the principal of 6500 Rs. at the end of 2 years at compound interest at the rate of 15 % per annum?



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Correct Ans:8596.25
Explanation:
Given principal = Rs. 6500
No. of years = 2
Rate of interest = 15

Amount = P x (1+r/100)n,
= 6500 x (1+15/100)2
= 6500 x (115/100)2
= 8596.25
Ans : 8596.25


12. What would be the amount to be paid on the principal of 5000 Rs. at the end of 2 years at compound interest at the rate of 9 % per annum?



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Correct Ans:5940.5
Explanation:
Given principal = 5000
No. of years = 2
Rate of interest = 9

Amount = P x (1+r/100)^n,
we get Amount = 5000 x (1+9/100)^2
= 5000 * (109/100)^2
= 5940.5
Ans : 5940.5


13. What would be the amount to be paid on the principal of 12500 Rs. at the end of 3 years at compound interest at the rate of 10 % per annum  ?



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Correct Ans:16637.5
Explanation:
Given principal = 12500 No. of years = 3 Rate of interest = 10
Amount = P x (1 + r/100)n,
we get Amount = 12500 x (1+10/100)3 = 12500 * (11/10)3
Ans : 16637.5


14. What would be the amount to be paid on the principal of 14000 Rs. at the end of 3 years at compound interest at the rate of 5 % per annum  ?



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Correct Ans:16206.8
Explanation:
Given principal = 14000 No. of years = 3 Rate of interest = 5
Amount = P x (1 + r/100)n,
we get Amount = 14000 x (1 + 5/100)3
= 14000 * (105/100)3
Ans : 16206.75


15. Rs. 10000 is borrowed at compound interest at the rate of 4 % annum. What will be the amount to be paid after 2 years  ? 



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Correct Ans:10816
Explanation:
Given
Principal : P = 10000 Rs. Rate of Interest : r = 4 %
Number of years : n = 2
Amount = P x (1 + r/100)n
Amount = 10000 x (1+4/100)2
= 10000 x (1+1/25)2
= 10000 x (26/25) x (26/25)
= Rs 10816
Amount to be paid after 2 years =Rs 10816.


16. Find the compound interest accrued on the principal of Rs. 4000 at the end of 2 years at 10 % per annum.



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Correct Ans:840 Rs
Explanation:
Principal = Rs. 4000, t= 2 years , rate of percent, r = 10 %
Amount = P(1 + r/100)^t = 4000 x (1 + 10/100)^2 = 4000 x (11/10) x (11/10) = 40 x 121 = 4840 Rs.
Amount = Principal + CI => 4000 + CI = 4840 => CI = 840 Rs.


17. Find the interest on Rs. 800 at 10% per annum for 219 days. 



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Correct Ans:48
Explanation:
Principal, p = 800 Rs.
Rate of interest, r = 10% and
t = 219 days = 219/365 years

Simple interest = p x t x r / 100
= (800 x 219 x 10) / (365 x 100)
= (800 x 3 x 10) / ( 5 x 100)
= (8 x 3 x 10) / 5
= 240/5
= 48
Interest to be paid is 48 Rs


18. What principal will amount to Rs. 16000 in 6 years at 10% simple interest?



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Correct Ans:10000
Explanation:
Let the principal be Rs. p, given rate of interest is 10% and time = 6 years.
Amount received at the end of 6 years = 16000 Rs.
Amount = Principal + S.I = p + (p x r x t)/100 => 16000 = p + (p x 10 x 6)/100 = p + 6p/10 = 16p/10 => P = 16000 x (10/16) = 1000 x 10 = 10000 Rs.
Principal should be Rs. 10000


19. Find the interest on Rs. 600 at 12% per annum for 146 days. 



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Correct Ans:28.8
Explanation:
Principal, p = 600 Rs.
rate of interest, r = 12% and
t = 146 days = 146/365 years

Simple interest = p x t x r / 100
= (600 x 146 x 12) / (365 x 100)
= (600 x 2 x 12) / ( 5 x 100)
= (6 x 2 x 12) / 5
= 144/5
= 28.8

Interest to be paid is 28.8 Rs.


20. A sum of money doubles itself in 8 years. What is the rate of interest?



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Correct Ans:12.50%
Explanation:
Let the principal be Rs. p, rate of interest be r and time given, t = 8.
Amount = 2p (since the money gets doubled), interest earned = p
Which means S.I = p, we know that S.I = (p x t x r) / 100
p = (p x 8 x r) / 100 => 8r/100 = 1 => r=100/8 => r = 12.5
The rate of interest is 12.5%





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