Simple Interest problems
- 1. A sum of money put at simple interest trebles itself in 15 years. The rate per cent per annum is?
Options- A. 131/3%
- B. 162/3%
- C. 122/3%
- D. 20% Discuss
Correct Answer: 131/3%
Explanation:
Let principal = P
Then, SI = 2P & Time = 15 years
? Required rate = (100 x SI) / (P x T) = (100 x 2P) / (P x 15) = 200/15 = 131/3 per annum
- 2. At the certain rate of simple interest, a certain sum doubles itself in 10 years. It will treble itself in?
Options- A. 15 years
- B. 20 years
- C. 30 years
- D. 12 years Discuss
Correct Answer: 20 years
Explanation:
Let principal = P. Then, S. I = P. and Time = 10 years
? Required time = [(n - 1) x t] / (m - 1)
= [(3 - 1) x 10] / (2 - 1)
= 20 years
- 3. A sum of money at simple interest amounts to Rs. 2240 in 2 years and Rs. 2600 in 5 years. The sum is?
Options- A. Rs. 1880
- B. Rs. 2000
- C. Rs. 2120
- D. Data inadequate Discuss
Correct Answer: Rs. 2000
Explanation:
S.I for 3 years = Rs. (2600 - 2240) = Rs . 360
S.I for 2 years = Rs. (360/3 x 2) = Rs. 240
? Required sum = Rs . (2240 - 240) = Rs. 2000
- 4. The simple interest at R% for R years will be Rs. R on a sum of?
Options- A. Rs. R
- B. Rs. 100R
- C. Rs. .(100/R)
- D. Rs. (100/R2) Discuss
Correct Answer: Rs. .(100/R)
Explanation:
Sum = (100 x SI) / (R x T)
= (100 x R) / (R x R)
= Rs. 100/R
- 5. At simple interest, a sum doubles after 20 years. The rate of interest per annum is?
Options- A. 5%
- B. 10%
- C. 12%
- D. Data inadequate Discuss
Correct Answer: 5%
Explanation:
Let sum = P, then SI = P and Time = 20 years
? Required rate = (100 x SI)/(P x T) = (100 x P) / (P x 20) = 5% per annum
- 6. What annual payment will discharge a debt of Rs. 580 due in 5 years, the rate being 8% per annum?
Options- A. Rs. 166.40
- B. Rs. 65.60
- C. Rs. 100
- D. Rs. 120 Discuss
Correct Answer: Rs. 100
Explanation:
Let the annual installment be Rs. P
Then, [P + (P x 4 x 8)/100] + [P + (P x 3 x 8) / 100] + [P + (P x 2 x 8)/100 ] + [ P + (P x 1 x 8)/100] + P = 580
? 33P/25 + 31P/25 + 29P/25 + 27P/25 + P = 580
? (120 + 25)P = 580 x 25
? P = 100
- 7. Ashok took a loan of Rs. 15000 for 3 years at simple interest . If the total interest paid is Rs. 2700. What is the rate of interest per annum?
Options- A. 18
- B. 5.4
- C. 9
- D. 6 Discuss
Correct Answer: 6
Explanation:
? Rate = [(interest x 100) / (Principal x Time) ] %
? Rate = (2700 x 100) / (15000 x 3) %
? Rate = 6%
- 8. Yogesh borrowed Rs. 12000 at simple interest for 5 years, If he paid Rs. 3600 as simple interest after 5 years, What is the rate of interest per cent per annum?
Options- A. 5
- B. 8
- C. 10
- D. 6 Discuss
Correct Answer: 6
Explanation:
Rate = [(interest x 100) / (Principal x Time)] %
= (3600 x 100) / (12000 x 5)
= 6 %
- 9. If a sum of money double itself in 20 years. What is the rate of simple interest per cent per year?
Options- A. 4%
- B. 8%
- C. 5%
- D. 10% Discuss
Correct Answer: 5%
Explanation:
Let the principal = Rs. P
? Amount = Rs. 2P
? Interest = 2P - P = Rs.P
? Rate = (interest x 100) / (Principal x 20) = (P x 100) / (P x 20) = 5%
- 10. Mr. Patel borrowed Rs. 8000 from Mr. Chobey at simple interest. After 2 years he paid Rs. 800 more than what be borrowed and thus cleared the loan. What was the rate of interest?
Options- A. 6
- B. 8
- C. 5
- D. None of these Discuss
Correct Answer: 5
Explanation:
Rate = (Interest x 100) / (Principal x Time)
= (800 x 100) / (8000 x 2)
= 5%
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