Simple Interest problems
- 1. Ramesh invested an amount that is 10% of ? 10000 at simple interest. After 3 yr, the amount becomes ? 2500. Find out the 4 times of actual interest rate.
Options- A. 5000%
- B. 250%
- C. 200%
- D. 600% Discuss
Correct Answer: 200%
Explanation:
Investment of Ramesh = 10% of 10000 = ? 1000
After 3 yr = 2500 - 1000 = ? 1500
We know.
SI = (P x R x T)/100
? 1500 = (1000 x R x 3)/100
? R = (1500 x 100) / (1000 x 3) = 50%
? 4 times of 50% = 200%
- 2. What will be the ratio of simple interest earned by certain amount at the same rate of interest for 12 yr and for 18 yr?
Options- A. 2 : 5
- B. 1 : 3
- C. 2 : 3
- D. 3 : 1 Discuss
Correct Answer: 2 : 3
Explanation:
If the principal = P and interest = R%
Then, required ratio = [(P x R x 12)/100] / [(P x R x 18)/100]
= 12 / 18
= 2/3
= 2 : 3
- 3. A sum of Rs . 2600 is lent out in two part in such a way that the interest on one part at 10% for 5 years is equal to that on another part at 9% for 6 years. The sum lent out at 10% is?
Options- A. Rs. 1150
- B. Rs. 1250
- C. Rs. 1350
- D. Rs. 1450 Discuss
Correct Answer: Rs. 1350
Explanation:
Let the money at 10% be Rs. P, Then the money at 9% is Rs. (2600 - P )
? (P x 10 x 5)/100 = [(2600 - P ) x 9 x 6]/100
or 104 x P = 2600 x 54
or P = (2600 x 54) / 104 = Rs.1350
- 4. Simple interest on a certain sum at a certain rate is 9/16 of the sum. If the number representing rate percent and time in years be equal. Then the time is?
Options- A. 51/2years
- B. 61/2years
- C. 61/4years
- D. 71/2years Discuss
Correct Answer: 71/2years
Explanation:
Let principle = P, then SI = (9/16) x P.
Let rate = R% per annum and time = R years
Then, 9/16 P = P x R x R / 100
? R2 = 900/16
? R = 30/4 = 71/2 years
- 5. The rate of interest on a sum of money is 4% per annum for the first 2 year, 6% per annum for the next 4 year and 8% per annum for the period beyond 6 years. If the simple interest accrued by the sum for a total period of 9 years is Rs. 1120. What is the sum?
Options- A. Rs. 1500
- B. Rs. 2000
- C. Rs. 2500
- D. Rs. 4000 Discuss
Correct Answer: Rs. 2000
Explanation:
Let sum= Rs. P
Then, [(P x 4 x 2) /100] + [(P x 6 x 4) / 100] + [(P x 8 x 3) /100] = 1120
? 56 x P = 112000
? P = 112000/56 = Rs. 2000
- 6. If A is the simple interest on B and B is the simple interest on C, the rate % and and the time being the same in both cases, what is the relation between A, B and C?
Options- A. A2 = BC
- B. B2 = AC
- C. C2 = AB
- D. ABC = 1 Discuss
Correct Answer: B2 = AC
Explanation:
? A = (B x R x T) / 100 ....(i)
And B = (C x R x T) / 100 ...(ii)
From Eq. (i) and (ii)
? A/B = B/C
? B2 = AC
- 7. The rate of interest for the first 2 years is 5% for the next 3 years is 8% and beyond this. It is 10% per annum. If the simple interest for 8 years is Rs . 1280. What is the principal?
Options- A. Rs. 2500
- B. Rs. 2000
- C. Rs. 3200
- D. Rs. 2440 Discuss
Correct Answer: Rs. 2000
Explanation:
r1 = 5%,
r2 = 8%,
r3 = 10%,
t1 = 2 years
t2 = 3 years,
t3 = 8 - (2 + 3) = 3 years
? Principal = (Interest x 100) / [(r1 x t1) + (r2 x t2) + (r3 x t3 )]
= (1280 x 100) / (5 x 2 + 8 x 3 + 10 x 3)
= 128000/(10 + 24 + 30)
= 128000/64
=Rs. 2000
- 8. Anil borrowed some money at simple interest. The rate of interest for the first 3 years was 5% for the next 2 years was 8% and for the next 4 year it was 10%. Beyond this it was 12% per annum. If he paid Rs. 8560, as interest for 12 years. How much money did he borrow?
Options- A. Rs. 8000
- B. Rs. 6000
- C. Rs. 5000
- D. Rs. 7000 Discuss
Correct Answer: Rs. 8000
Explanation:
r1 = 5%
r2 = 8%
r3 = 10%
r4 = 12%
t1 = 3 years
t2 = 2 years
t3 = 4 years
t4 = 12 - (3 + 2 + 4) = 3 years
? Principal = ( Interest x 100) / ( r1 t1 + r2 t2 + r3 t3 + r4 t4)
= (8560 x 100) / (5 x 3 + 8 x 2 + 10 x 4 + 12 x 3)
= 856000/107
= Rs. 8000
- 9. Prabhat borrowed some money from a bank at 8% p.a simple interest and lended it to Ashish at 12% p.a simple interest. If his profit in 2 years is Rs. 320. What sum of money did he borrow?
Options- A. Rs. 2000
- B. Rs. 4000
- C. Rs. 6000
- D. Rs. 3000 Discuss
Correct Answer: Rs. 4000
Explanation:
Let the principal be Rs. P
? Amount = Rs. 10080
? Simple interest = Amount - Principal = 10080 - P
&because Simple interest = (Principal x Rate x Time) / 100
? 10080 - P = (P x 16 x 5) / 100
? 10080 - P = 4P/5
? 50400 - 5P = 4P
? 50400 = 5P + 4P
? 50400 = 9P
? P = 50400/9 = Rs. 5600
- 10. Pratap borrowed some money from Arun at simple interest. The rate of interest for the first 3 years was 12% for the next 5 years was 16% and beyond this it was 20%. If the simple interest for 11 years was more than the money borrowed by Rs. 6080. What was the money borrowed?
Options- A. Rs. 7550
- B. Rs. 8500
- C. Rs. 8000
- D. Rs. 9000 Discuss
Correct Answer: Rs. 8000
Explanation:
Let the sum be P.
SI = SI for first 3 years + SI for next 5 years + SI for next 3 years
? P + 6080 = (P x 12 x 3) / 100 + (P x 16 x 5) / 100 + (P x 20 x 3) / 100
? P + 6080 = (36P + 80P + 60P) / 100
? 100 x (P + 6080) = 176P
? P = 608000 / 76 = 8000
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