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Simple Interest Aptitude Questions | Updated Formulas, Imp Bank/SSC

Simple Interest Questions

Solve Simple Interest Aptitude Questions and evaluate your performance of numerical ability section.  Simple Interest Questions are generally asked in Bank/SSC/Railway and various other competitive/entrance and placement examinations. So, go through these important updated SI questions that are given along with their explanations. Candidates must read out the SI Formula before going to start out Question and Answers section.

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Simple Interest Formulas:

Principal:

The money borrowed or lent out for a certain period is called the principal or the sum.

Interest:

Extra money paid for using other’s money is called interest.

Simple Interest (S.I.):

If the interest on a sum borrowed for certain period is reckoned uniformly, then it is called simple interest.

Let Principal = P, Rate = R% per annum (p.a.) and Time = T years. Then

Simple Interest = (P × R × T) ÷ 100

Amount = SI + P

A = {(P × R × T) ÷ 100} + P

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Simple Interest Questions

Simple Interest Questions With Solutions

Question 1) A certain amount becomes Rs. 5760 in 2 years and Rs. 6912 in 3 years. What is the principal amount and the rate of interest?

(A) 5000

(B) 1152

(C) 5760

(D) 4000

Answer 1) (D) 4000

Explanation:

Therefore, Rate of interest for 1 year = 100*1152/5760*1 = 20%

Let the principal be p.

Then, Principal = p[1+ 20/100]2 = 5760

Solving which gives Principal = Rs. 4000

Question 2) A man took a loan from a bank at the rate of 12 % p.a. simple interest. After three years he had to pay Rs. 5400 interest only for the period. The principal amount borrowed by him was:

(A) Rs. 12000                  

(B) Rs. 11000                    

(C) Rs. 14000                         

(D) Rs. 15000

Answer 2) (D) Rs. 15000

Explanation:

The principal = Rs. [{100×5400}/{12×3}]

= Rs. 15000

Question 3) What percentage of simple interest per annum did Anand pay to Deepak?

(I) Anand borrowed Rs. 8000 from Deepak for four years.

(II) Anand returned Rs. 8800 to Deepak at the end of two years and settled the loan.

(A) I alone sufficient while II alone not sufficient to answer

(B) II alone sufficient while I alone not sufficient to answer

(C) Either I or II alone sufficient to answer

(D) Both I and II are not sufficient to answer

(E) Both I and II are necessary to answer

Answer 3) (E) Both I and II are necessary to answer

Explanation:

I gives, P = Rs. 8000 and T = 4 years.

II gives, S.I. = Rs. (8800 – 8000) = Rs. 800.

⸫ R = [(100 x S.I.)/(P x T)]

= [(100 x 800)/(8000 x 4)]%          

= 2 1/2  % p.a.

Thus, I and II both are needed to get the answer.

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Question 4) A certain amount earns simple interest of Rs. 1750 after 7 years. Had the interest been 2% more, how much more interest would it have earned?

(A) Rs. 35

(B) Rs. 245

(C) Rs. 350

(D) Cannot be determined

(E) None of these

Answer 4) (D) Cannot be determined

Explanation:

Since the principal is not given, so data is inadequate.

Question 5) A certain principal amounts to Rs. 15000 in 2.5 years and to Rs. 16500 in 4 years at the same rate of interest. Find the rate of interest.

(A) 7%

(B) 6%

(C) 9%

(D) 8%

Answer 5) (D) 8%

Explanation:

Simple interest for (4-2.5) years = 16500 – 15000

Therefore, SI for 1.5 years = Rs. 1500.

SI for 2.5 years = (1500/1.5) * 2.5 = 2500

Principal amount = 15000 – 2500 = Rs. 12500.

Rate of Interest = {(2500 * 100) / 12500} * 2.5 → R = 8%.

Question 6) The difference between SI and CI compounded annually on a certain sum of money for 2 years at 8% per annum is Rs. 12.80. Find the principal.

(A) 1000

(B) 2000

(C) 3000

(D) 4000

Answer 6) (B) 2000

Explanation:

SI = x * 2 * 8 / 100 = 4x/25

CI = x[1+ 8/100]2 – x → 104x/625

Therefore, 104x/625 – 4x/25 = 12.80

Solving which gives x, Principal = Rs. 2000.

Question 7) What is the rate of simple interest?

(I) The total interest earned was Rs. 4000.

(II) The sum was invested for 4 years.

(A) I alone sufficient while II alone not sufficient to answer

(B) II alone sufficient while I alone not sufficient to answer

(C) Either I or II alone sufficient to answer

(D) Both I and II are not sufficient to answer

(E) Both I and II are necessary to answer

Answer 7) (D) Both I and II are not sufficient to answer

Explanation:

Now, I gives, S.I. = Rs. 4000.

II gives, T = 4 years.

But, P is unknown. So, we cannot find R.

So, given data is insufficient to get R.

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Question 8) The simple interest on a certain sum of money for 2(1/2) years at 12% per annum is Rs. 40 less than the simple interest on the same sum for 3(1/2) years at 10% per annum. Find the sum.

(A) Rs. 600                    

(B) Rs. 666                 

(C) Rs. 780                 

(D) Rs. 800

Answer 8) (D) Rs. 800

Explanation:

Then we can write: [{x*10*7}/{100*2}] – [{x*12*5}/{100*2}] = 40.

This can be written as: 7x/20 – 3x/10 = 4o. Therefore we have x = Rs. 800

Hence the sum is Rs. 800.

Question 9) A sum of money at simple interest amounts to Rs. 815 in 3 years and to Rs. 854 in 4 years. The sum is:

(A) Rs. 650

(B) Rs. 690

(C) Rs. 698

(D) Rs. 700

Answer 9) (C) Rs. 698

Explanation:

S.I. for 1 year = Rs. (854 – 815) = Rs. 39.

S.I. for 3 years = Rs.(39 x 3) = Rs. 117.

Principal = Rs. (815 – 117) = Rs. 698.

Question 10) Shubhranshu deposited Rs 8000 at simple interest which amounted to Rs 9200 after 3 years . Had the interest been 2% more, how much amount she would have got?

(A) Rs 1680

(B) Rs 9680 

(C) Rs 9272

(D) Rs 2680 

Answer 10) (B) Rs 9680 

Explanation:

Amount = simple interest + principal

9200 = simple interest + 8000

Simple interest = 9200 – 8000

= Rs 1200

If r % be the rate of interest ,

Then from, simple interest = ((principal * rate% * time)/100)

1200 = ((8000 * r * 3)/100)

r = 5%

2% more interest that is 7% interest

Simple interest = ((8000 * 7 * 3)/100)

= Rs 1680

Thus amount he will get is Rs 8000 + Rs 1680 = Rs 9680

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Simple Interest Practice Questions

Answers for these questions are available at the end.

Question 1) A sum fetched a total simple interest of Rs. 4016.25 at the rate of 9 p.c.p.a. in 5 years. What is the sum?

(A) Rs. 4462.50

(B) Rs. 8032.50

(C) Rs. 8900

(D) Rs. 8925

Question 2) How much time will it take for an amount of Rs. 450 to yield Rs. 81 as interest at 4.5% per annum of simple interest?

(A) 3.5 years

(B) 4 years

(C) 4.5 years

(D) 5 years

Question 3) Reena 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 interest?

(A) 3.6

(B) 6

(C) 18

(D) Cannot be determined

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Question 4) An automobile financier claims to be lending money at simple interest, but he includes the interest every six months for calculating the principal. If he is charging an interest of 10%, the effective rate of interest becomes:

(A) 10%

(B) 10.25%

(C) 10.5%

(D) None of these

Question 5) A sum of Rs. 725 is lent in the beginning of a year at a certain rate of interest. After 8 months, a sum of Rs. 362.50 more is lent but at the rate twice the former. At the end of the year, Rs. 33.50 is earned as interest from both the loans. What was the original rate of interest?

(A) 3.6%

(B) 4.5%

(C) 5%

(D) None of these

Question 6) A sum of Rs. 12,500 amounts to Rs. 15,500 in 4 years at the rate of simple interest. What is the rate of interest?

(A) 3%

(B) 4%

(C) 5%

(D) 6%

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Question 7) What will be the ratio of simple interest earned by certain amount at the same rate of interest for 6 years and that for 9 years?

(A) 1 : 3

(B) 1 : 4

(C) 2 : 3

(D) Data inadequate

Question 8) A person borrows Rs. 5000 for 2 years at 4% p.a. simple interest. He immediately lends it to another person at 6% p.a for 2 years. Find his gain in the transaction per year.

(A) Rs. 112.50

(B) Rs. 125

(C) Rs. 225

(D) Rs. 167.50

Question 9) A sum of money amounts to Rs. 9800 after 5 years and Rs. 12005 after 8 years at the same rate of simple interest. The rate of interest per annum is:

(A) 5%

(B) 8%

(C) 12%

(D) 15%

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Question 10) A certain amount earns simple interest of Rs. 1750 after 7 years. Had the interest been 2% more, how much more interest would it have earned?

(A) Rs. 35

(B) Rs. 245

(C) Rs. 350

(D) Cannot be determined

Answers:

Ans1) (D)Ans6) (D)
Ans2) (B)Ans7) (C)
Ans3) (B)Ans8) (A)
Ans4) (B)Ans9) (C)
Ans5) (D)Ans10) (D)

Simple Interest Questions provided on this page of recruitmentresult.com will definitely help the candidates in preparation of their examination. Go through these and you can also bookmark our web portal for more similar and latest updates.

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