Simple Interest Questions Answers

Simple Interest Questions Answers (MCQ) listings with explanations includes questions of calculating Rate of interest, Principal, Time etc which are important for many competitive exams.

11) A sum of Rs 12,500 amounts to Rs. 15,500 in the 4 years at the rate of simple interest. Find the rate perc

  • 1) 6 %
  • 2) 7 %
  • 3) 8 %
  • 4) 9 %
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Ans.   A
Explanation :
\begin{aligned} \text{S.I.} = \frac{P*R*T}{100} \\ => R = \frac{S.I. * 100}{P*T} \end{aligned} So, S.I = 15500 - 12500 = 3000. \begin{aligned} => R = \frac{3000 * 100}{12500*4} = 6\% \end{aligned}

12) What is the present worth of Rs. 132 due in 2 years at 5% simple interest per an

  • 1) 110
  • 2) 120
  • 3) 130
  • 4) 140
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Ans.   B
Explanation :
Let the present worth be Rs.x Then,S.I.= Rs.(132 - x) =› (x*5*2/100) = 132 - x =› 10x = 13200 - 100x =› 110x = 13200 x= 120

13) The simple interest on a certain sum of money at the rate of 5% p.a. for 8 years is Rs. 840. At what rate of intrest the same amount of interest can be received on the same sum after 5 yea

  • 1) 5%
  • 2) 6%
  • 3) 7%
  • 4) 8%
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Ans.   D
Explanation :
Here firstly we need to calculate the principal amount, then we can calculate the new rate. \begin{aligned} P = \frac{S.I. * 100}{R*T} \ P = \frac{840 * 100}{5*8} \ P = 2100 \ \text{Required Rate = } \frac{840 * 100}{5*2100} \ R = 8\%\ \end{aligned}

14) A man took a loan at rate of 12% per annum simple interest. After 3 years he had to pay 5400 interest. The principal amount borrowed by him w

  • 1) Rs 14000
  • 2) Rs 15000
  • 3) Rs 16000
  • 4) Rs 17000
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Ans.   B
Explanation :
\begin{aligned} \text{S.I.} = \frac{P*R*T}{100} \\ => P = \frac{S.I. * 100}{R*T} \=> P = \frac{5400 * 100}{12*3} = Rs 15000 \end{aligned}

15) Reema took a loan of Rs 1200 with simple interest for as many years as the rate of interest. If she paid Rs. 432 as interest at the end of the loan period, what was the rate of intere

  • 1) 5%
  • 2) 6%
  • 3) 7%
  • 4) 8%
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Ans.   B
Explanation :
Let rate = R% then Time = R years. \begin{aligned} => \frac{1200*R*R}{100}=432 \=> R^2 = 36 \=> R = 6\% \end{aligned}

16) A sum of money at simple interest amounts to Rs. 2240 in 2 years and to Rs. 2600 in 5 years. What is the principal amo

  • 1) 1000
  • 2) 1500
  • 3) 2000
  • 4) 2500
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Ans.   C
Explanation :
SI for 3 year = 2600-2240 = 360 SI for 2 year 360/3 * 2 = 240 principal = 2240 - 240 = 2000

17) At what rate percent per annum will the simple interest on a sum of money be 2/5 of the amount in 10 ye

  • 1) 1%
  • 2) 2%
  • 3) 3%
  • 4) 4%
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Ans.   D
Explanation :
Let sum = x Time = 10 years. S.I = 2x /5, [as per question] Rate =( (100 * 2x) / (x*5*10))% => Rate = 4%

18) Rs. 800 becomes Rs. 956 in 3 years at a certain rate of simple interest. If the rate of interest is increased by 4%, what amount will Rs. 800 become in 3 yea

  • 1) Rs 1052
  • 2) Rs 1152
  • 3) Rs 1252
  • 4) Rs 1352
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Ans.   A
Explanation :
S.I. = 956 - 800 = Rs 156 \begin{aligned} R = \frac{156*100}{800*3} \ R = 6\frac{1}{2}\% \ \text{ New Rate = }6\frac{1}{2}+4 \= \frac{21}{2} \% \ \text{ New S.I. = }800\times\frac{21}{2}\times{3}{100} \= 252 \end{aligned} Now amount will be 800 + 252 = 1052

19) In how many years Rs 150 will produce the same interest at 8% as Rs. 800 produce in 3 years at 9

  • 1) 8
  • 2) 9
  • 3) 10
  • 4) 11
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Ans.   B
Explanation :
Clue: Firstly we need to calculate the SI with prinical 800,Time 3 years and Rate 9/2%, it will be Rs. 108 Then we can get the Time as Time = (100*108)/(150*8) = 9

20) What will the ratio of simple interest earned by certain amount at the same rate of interest for 6 years and that for 9 yea

  • 1) 1:2
  • 2) 2:1
  • 3) 2:2
  • 4) 2:3
View Answer View Explanation
Ans.   D
Explanation :
Let the principal be P and rate be R then \begin{aligned} \text{ratio = } [\frac{(\frac{P*R*6}{100})}{(\frac{P*R*9}{100})}] \ = \frac{6PR}{9PR} = 2:3 \end{aligned}
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