Simple Interest problems
- 1. A person takes a loan of Rs. 200 at 5% simple interest. He returns Rs.100 at the end of one year. In order clear his dues at the end of 2 years, he would pay :
Options- A. Rs. 100
- B. Rs. 105
- C. Rs. 115
- D. Rs. 110 Also asked in: CAT, Bank Clerk
Correct Answer: Rs. 115
Explanation:
Amount to be paid = = Rs. 115.
- 2. How long will it take for a sum of money to grow from Rs.1250 to Rs.10,000, if it is invested at 12.5% p.a simple interest?
Options- A. 65years
- B. 56years
- C. 45years
- D. 57years Also asked in: Bank Exams, Bank PO
Correct Answer: 56years
Explanation:
Simple interest is given by the formula SI = (pnr/100), where p is the principal, n is the numberof years for which it is invested, r is the rate of interest per annum
In this case, Rs. 1250 has become Rs.10,000.
Therefore, the interest earned = 10,000 ? 1250 = 8750.
8750 = [(1250 x n x 12.5)/100]
=> n = 700 / 12.5 = 56 years.
- 3. In what time will Rs. 1860 amount to Rs. 2641.20 at simple interest 12% per annum?
Options- A. 2.9 years
- B. 3.5 years
- C. 4.2 years
- D. 4.7 years Also asked in: GATE, CAT, Bank Exams, AIEEE, Bank PO, Bank Clerk
Correct Answer: 3.5 years
Explanation:
Given that Rs. 1860 will become Rs. 2641.20 at 12%
=> Simple Interest = 2641.20 - 1860 = Rs. 781.20
We know I = PTR/100
=> 781.20 x 100 = 1860 x T x 12
=> T = 78120/1860x12
=> T = 78120/22320
=> T = 3.5 years.
- 4. A man borrowed Rs 24000 from two money lenders. For one loan, he paid 15% per annum and for the other 18% per annum. At the end of one year, he paid Rs 4050. How much did he borrow at each rate ?
Options- A. Rs.16000
- B. Rs.12000
- C. Rs.15000
- D. Rs.13000 Also asked in: GRE
Correct Answer: Rs.15000
Explanation:
Let the sum at 15% be Rs x and that at 18% be Rs (24000 - x).
{(x * 15 * 1)/100 } + { [(24000 ? x) * 18 * 1]/100 } = 4050
or 15 x + 432000 - 18x = 405000 or x = 9000.
Money borrowed at 15% = Rs 9000 .
Money borrowed at 18% = Rs 15000.
- 5. The simple interest on Rs. 25 for 4 months at the rate of 3 paise per rupee per month is :
Options- A. 240 paise
- B. Rs. 1.40
- C. Rs. 2.20
- D. Rs. 3 Also asked in: AIEEE, Bank Exams, CAT, GATE, Bank Clerk, Bank PO
Correct Answer: Rs. 3
Explanation:
I = PTR/100
I = 25 x 4 x 0.03/100
I = 0.03 x 100 = 300 Ps = Rs. 3
- 6. Manju borrows Rs.5000 for 2 years at 4% p.a. simple interest from Sudha. She immediately lends it to another person at 6 1?4% p.a for 2 years. Find her gain in the transaction per year.
Options- A. Rs. 101
- B. Rs. 98.5
- C. Rs. 124.3
- D. Rs. 112.5 Also asked in: GATE, CAT, Bank Exams, AIEEE, Bank PO, Bank Clerk
Correct Answer: Rs. 112.5
Explanation:
Manju borrows Rs. 5000 for 2 years at 4% p.a. simple interest
She also lends it at 6 1?4% p.a for 2 years
=> Total Gain = 6 1/4% ? 4% = 2 1/4%
So her gain in the transaction for 1 year
= The simple interest she gets for Rs.5000 for 1 year at 2 1?4% per annum
= = Rs. 112.5/ year.
- 7. A person lends Rs. 1540 for five years and Rs. 1800 for four years. If he gets Rs. 1788 as interest on both amounts, what is the rate of interest ?
Options- A. 14.5%
- B. 11%
- C. 12%
- D. 10.5% Also asked in: AIEEE, Bank Exams, CAT, GATE, Bank Clerk, Bank PO
Correct Answer: 12%
Explanation:
Let the interest rate be r%
We know that,
S.I = PTR/100
=> (1540 x 5 x r)/100 + (1800 x 4 x r)/100 = 1788
=> r = 178800/14900 = 12%
- 8. Two equal sums were lent, one at the rate of 11% per annum for five years and the other at the rate of 8% per annum for six years, both under simple interest. If the difference in interest accrued in the two cases is Rs 1008. Find the sum?
Options- A. Rs. 14,400
- B. Rs. 15,600
- C. Rs. 14,850
- D. Rs. 15,220 Also asked in: GATE, CAT, Bank Exams, AIEEE, Bank PO, Bank Clerk, Analyst
Correct Answer: Rs. 14,400
Explanation:
Let the required Sum = Rs.S
From the given data,
1008 = [(S x 11 x 5)/100] - [(S x 8 x 6)/100]
=> S = Rs. 14,400.
- 9. A certain amount earns simple interest of Rs. 2260 after 3 years. Had the interest been 1 % more how much more interest would it have earned ?
Options- A. Rs. 175
- B. Rs. 220.75
- C. Rs. 126
- D. Can't be determined Also asked in: AIEEE, Bank Exams, CAT, GATE, Bank Clerk, Bank PO
Correct Answer: Can't be determined
Explanation:
Here given Interest earned = Rs. 2260
Time = 3 years
Rate of interest = ?
Principal Amount = ?
So, it can't be determined.
- 10. The simple interest on a sum of money will be Rs.600 after 10 years. If the principal is trebled after 5 years what will be the total interest at the end of the tenth year ?
Options- A. Rs. 1100
- B. Rs. 1200
- C. Rs. 1000
- D. Rs. 1840 Also asked in: GATE, CAT, Bank Exams, AIEEE, Bank PO, Bank Clerk
Correct Answer: Rs. 1200
Explanation:
P --- 10 ----- 600
P --- 5 ----- 300
3P --- 5 ----- 900
__________
1200
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