Simple Interest problems
- 1. Rs. 4200 amounts to Rs. 5712 in 4 years. If rate of interest is increased by 3%. What will be the amount?
Options- A. Rs. 6372
- B. Rs. 4000
- C. Rs. 6216
- D. Rs. 3000 Discuss
Correct Answer: Rs. 6216
Explanation:
S.I = Principal x Rate x Time / 100
? Amount - Principal = Principal x Rate x Time / 100
? 5712 - 4200 = (4200 x Rate x 4) /100
? 1512 = 42 x 4 x Rate
Rate = 1512 / (42 x 4) = 9%
On increasing 3%, new rate of interest = 9 + 3 = 12%
Simple interest on new rate = (4200 x 12 x 4) / 100 =Rs. 2016
Amount = Principal + Interest = 4200 + 2016 = Rs. 6216
- 2. In how many years, a sum will become four times itself at the rate of 12% per annum?
Options- A. 28 yr
- B. 25 yr
- C. 22 yr
- D. 27 yr Discuss
Correct Answer: 25 yr
Explanation:
Let the sum be ? P .
Then, SI = 4P - P = ? 3P
(P x 12 x T)/100 = 3P
? T = (3 x 100)/12 = 25 yr
- 3. At simple interest of 5%, 6% and 8% for three consecutive years, the interest earned is ? 760. find the principle.?
Options- A. ? 4600
- B. ? 3200
- C. ? 4000
- D. ? 3600 Discuss
Correct Answer: ? 4000
Explanation:
Let the principle be ? P .
Then,
(P x 1 x 5)/100 + (P x 1 x 6)/100 + (P x 1 x 8)/100 = 760
? 5P/100 + 6P/100 + 8P/100 = 760
? 19P = 760 x 100
? P = (760 x 100)/19 = ? 4000
Hence, the principle is ? 4000.
- 4. What would be the simple interest accrued in 4 yr on a principle of ? 18440 at the rate 15% per annum?
Options- A. ? 11075
- B. ? 12250
- C. ? 11500
- D. ? 12985 Discuss
Correct Answer:
Explanation:
Given, P = 18440, R = 15%, T = 4
? Simple interest (SI) = (P x R x T) / 100
= (4 x 18440 x 15) / 100
= ? 11064
- 5. What will be the simple interest on ? 4000 at 12 1/ 2% per annum for the period from 4th February, 2005 to 18th April, 2005?
Options- A. ? 215
- B. ? 120
- C. ? 200
- D. ? 100 Discuss
Correct Answer: ? 100
Explanation:
Here, P = ? 4000, R = 121/2% = 25 / 2%
T = (24 + 31 + 18) days = 73 days
= 73/365 yr = 1/5 yr
? SI = (P x R x T)/100 = (4000 x 25/2 x 1/5 )/100
= ? 100
- 6. Rakesh lent out ? 8750 at 7% annual interest, Find the simple interest in 3 yr.
Options- A. ? 1870
- B. ? 1837.50
- C. ? 1560
- D. ? 2200 Discuss
Correct Answer: ? 1837.50
Explanation:
Given, P = ? 8750., R = 7% T = 3 yr
According to the formula.
SI = (P x R x T)/100 = (8750 x 7 x 3)/100
= ? 1837.50
- 7. What will be simple interest for 1 yr and 4 months on a sum of ? 25800 at the rate of 14% per annum?
Options- A. ? 4816
- B. ? 2580
- C. ? 4816.75
- D. ? 4815 Discuss
Correct Answer: ? 4816
Explanation:
Here, P = ? 25800, R = 14%
T = 1 yr 4 months = 1 + (4/12) years = 1 + (1/3) = 4/3 yr.
According to the formula,
SI = (P x R x T) / 100 = {25800 x 14 x (4/3)}/100
= (258 x 14 x 4)/3
= ? 4816
- 8. A sum at simple interest of 13 1/ 2% per annum amounts to ? 3080 in 4 yr Find the sum.
Options- A. ? 1550
- B. ? 1680
- C. ? 2000
- D. ? 1850 Discuss
Correct Answer: ? 2000
Explanation:
Let sum = P
Then, SI = (P x R x T)/100
= {P x (27/2) x 4} / 100
= {P x 54} / 100 = 27P / 50
? Amount = P + 27P / 50 = 77P/50
According to the question 77P/50 = 3080
? P = (3080 x 50)/77 = ? 2000
- 9. The sum which amount to ? 364.80 in 8 yr at 3.5% simple interest per annum is
Options- A. ? 285
- B. ? 280
- C. ? 275
- D. ? 270 Discuss
Correct Answer: ? 285
Explanation:
Given, t = 8 yr, r = 3.5%, A = ? 364.80
Let amount = ? P
Since, A =P [1 + (RT/100)]
? 364.80 = P[1 + (3.5 x 8)/100]
? 364.80 = P[ 1+ (35 x 8)/100]
? 3648/10 = P x (128/100)
? P = 3648/128
= ? 285
- 10. A sum of ? 2668 amount to ? 4669 in 5 yr at the rate of simple interest . Find the rate per cent.
Options- A. 15.2%
- B. 14.9%
- C. 16%
- D. 15% Discuss
Correct Answer: 15%
Explanation:
Here, P = ? 2668, T = 5 yr, A = ? 4669
We know that,
Amount (A) = Principal (P) + (Simple Interest) SI
4669 = 2668 + SI
? SI = 4669 - 2668 = ? 2001
Again, SI = (P x R x T)/100
? 2001 = (2668 x R x 5)/100
? R= (2001 x 100) / (2668 x 5)
= (2001 x 5)/667
= 15%
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