Simple Interest problems
- 1. The difference of simple interest from two banks for ? 1000 in 2 yr is ? 20. Find the difference in rates of interest.
Options- A. 2%
- B. 1.5%
- C. 1%
- D. 2.5% Discuss
Correct Answer: 1%
Explanation:
Let the two rates be R1 and R2
According to the question,
[(1000 x 2 x R1)/100] - [(1000 x 2 x R2)/100] = 20
? [2000 x (R1 - R2)] / 100 = 20
? R1 - R2 = 20/20 = 1%
- 2. Raju lent ? 400 to Ajay for 2 yr and ? 100 to Manoj for 4 yr and received from both ? 60 as collective interest, Find the rate of interest, simple interest being calculated.
Options- A. 5%
- B. 6%
- C. 8%
- D. 9% Discuss
Correct Answer: 5%
Explanation:
Let rate is R%
According to the question.
[(R x 400 x 2)/100] + [(R x 100 x 4)/100] = 60
? 12R = 60
? R = 60/12 = 5%
- 3. 2/3 part of my sum is lent out at 3%, 1/6 part is Lent out at 6% and remaining part is lent out 12% All the three parts are lent out at simple interest. If the annual income is ? 25, what is the sum?
Options- A. ? 500
- B. ? 650
- C. ? 600
- D. ? 450 Discuss
Correct Answer: ? 500
Explanation:
Let entire sum = P
According to the question,
[(2P/3) x 3%] + [(P/6) x 6%] + [1 - ( 2/3 + 1/6 )] P x 12% = 25
? [(2P/3) x (3/100)] + [(P/6) x (6/100)] + [1 - 4 + 1/6] x (12P/100) = 25
? 2P/100 + P/100 + 2P/100 = 25
? 5P = 2500,
? P = 500
- 4. Suresh borrowed ? 800 at 6% and Naresh borrowed ? 600 at 10% After how much time will they both have equal debts?
Options- A. 151/3 yr
- B. 141/2 yr
- C. 181/3 yr
- D. 162/3 yr Discuss
Correct Answer: 162/3 yr
Explanation:
Given, R1 = 6% R2 = 10%
According to the question,
800 + [(800 x 6 x T)/100] = 600 + [(600 x 10 x T)/100]
800 + 48T = 600 + 60T
? 12T = 200
? 3T = 50
? T = 50/3 = 162/3 yr
- 5. A sum of ? 1521 lent out two parts in such a way that the interest on one part at 10% for 5 yr is equal to that of another part at 8% for 10 yr. What will be the two parts of sum?
Options- A. ? 926 and ? 595
- B. ? 906 and ? 615
- C. ? 916 and ? 605
- D. ? 936 ? 585 Discuss
Correct Answer: ? 936 ? 585
Explanation:
Given, T1 = 5 yr, R1 = 10% and
T2 = 10 yr, R2 = 8%
Let the first part = P
Then, second part = (1521 - P)
Now, according to the question.
[(P x 5 x 10)/100] = [{(1521 - P) x 10 x 8}/100]
? 5P = 12168 - 8P
? 13P = 12168
? P = ? 936
So second part = 1521 - 936 = ? 585
- 6. Rashim lent ? 600 to Geeta for 2 yr and ? 150 to Seeta 4 yr and received altogether ? 80 as simple interest from both. Find the rate of interest.
Options- A. 34/9%
- B. 24/9%
- C. 54/9%
- D. 44/9% Discuss
Correct Answer: 44/9%
Explanation:
Given. T1 = 2 yr and T2 = 4 yr,
P1 = 600, P2 = 150.
According to the question,
SI1 + SI2 = 80
[(600 x R x 2)/100] + [(150 x R x 4)/100] = 80
? 120R + 60R = 800
? 180R = 800
? R = 800/180 = 80/18 = 40/9
= 44/9%
- 7. The simple interest of a sum of money is 1/144 of the principal and the number of years is equal to the rate per cent per annum. What will be the rate per cent per annum?
Options- A. 3/5%
- B. 5/6%
- C. 7/6%
- D. 1/6% Discuss
Correct Answer: 5/6%
Explanation:
Let the principal be P.
Then, according to the question,
(P x T x T) / 100 = P/144 [? time and rate are equal]
? T2 = 100/144
? T = 10/12 = 5/6 %
- 8. The simple interest on a sum of money is 1 / 16 of the principal and the number of years is equal to the rate per cent annum. Find the rate per cent.
Options- A. 21/2
- B. 31/2 %
- C. 41/2 %
- D. 91/2 % Discuss
Correct Answer: 21/2
Explanation:
Let principal = P, time = T and rate = T
According to the question,
(P x T x T) / 100 = P/16 [? time and rate are equal]
? T2 = 100/16
or T = 10/4 = 5/2 = 21/2 %
- 9. The principle on which a simple interest of ? 55 will be obtained after 9 months at the rate of 3 2/ 3% per annum is
Options- A. 1000
- B. 1500
- C. 2000
- D. 2500 Discuss
Correct Answer: 2000
Explanation:
Let. principal = P
Given, SI = 55, Time T = 9 months = 9/12 yr,
Rate R = 32/3% = 11/3 %
? SI = (P x R x T) / 100
? P = (100 x SI) / (R x T)
? (55 x 100) / [(11 x 9) / (3 x 12)] = 2000
? Principal (P) = ? 2000
- 10. The simple interest on a sum of money will be ? 200 after 5 yr In the next 5 yr principal is tripled. What will be the total interest at the end of the 10th yr?
Options- A. ? 650
- B. ? 850
- C. ? 800
- D. ? 750 Discuss
Correct Answer: ? 800
Explanation:
According to the question,
SI for 5 yr = ? 200
? Total SI for 10 yr = 200 + 600 = ? 800
When principal is trebled, then SI for 5 yr will also be treble and hence
SI for next 5 yr will be ? (200 x 3) i.e., ? 600.
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