Question 1
A sum amounts to Rs 2506 at simple interest rate of 13.5% per annum after 4 years. Find the sum.
 A 1624.25 B 1621.27 C 1624.27 D 1627.27
Simple Interest
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Question 1 Explanation:
Let the required sum be x. Then, Simple interest = (x × 4 × 13.5/100) = Rs 27x/50. Amount = (x + 27x/50) = Rs 77x/50. Therefore, 77x/50 = 2506 ⇒ 77x = 2506 × 50 ⇒ x = 125300/77 ⇒ x = 1627.27.
 Question 2
Charles deposits a sum of Rs 800 that will amount to Rs 920 in 3 years. However, the bank decides to increase the interest rate by 4%. What amount will he receive now?
 A Rs 1015 B Rs 1016 C Rs 1025 D Rs 1102
Simple Interest
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Question 2 Explanation:
Charles gets simple interest (SI) = Rs 920-800 = Rs 120. Here, Principal (P) = Rs 800 and Time (T) = 3 years. We know, Rate (R) = (100×SI)/(P×T) = (100×120)/(800×3) = 5%. Given, New Rate = 9%. So, New Interest = P×R×T = 800×0.09×3 = Rs 216. Therefore, Charles will get Rs (800+216) = Rs 1016.
 Question 3
What will be the simple interest on Rs 70,000 at 50/3 % per annum after 9 months?
 A Rs 8750 B Rs 8745 C Rs 8678 D Rs 8555
Simple Interest
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Question 3 Explanation:
Given, Principal (P) = Rs 70000, Rate (R) = 50/3 % per annum and Time (T) = 9/12 = 3/4 years. Simple Interest (SI) = P×R×T = 70000×(50/300)×(3/4) = Rs 8750.
 Question 4
George invests an amount of Rs 15800 for 9 months at the rate of 25/4 % per annum. Find out of the simple interest on his investment.
 A Rs 740 B Rs 745.63 C Rs 742.63 D Rs 740.63
Simple Interest
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Question 4 Explanation:
Given, Principal = 15800. Rate = 25/4 % per annum. Time = 9/12 = 3/4 years. Hence, SI = 15800×(25/400)×(9/12) = Rs 740.63.
 Question 5
An amount of Rs.9600 lent out at a rate of 9/2 % per annum for a 1 year and 9 months. At the end of the period, the amount he earned as S.I was:
 A 667 B 756 C 765 D 625
Simple Interest
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Question 5 Explanation:
Given that, principal = P = Rs.9600, R = 9/2 % and T = 1 year and 9 months = 1 + 9/12 year = 7/4 years.
Now, we have to find the S.I for 7/4 years.
S.I = PRT/100 = Rs. 9600 x 9/2 x 7/4 x 1/100 = 12 x 9 x 7 = 756
Hence, the required S.I amount is Rs.756
 Question 6
Ram landed Rs.33600 at 25/4 % per annum for 9 months. Find the amount he received as S.I.
 A 1565 B 1522 C 1675 D 1575
Simple Interest
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Question 6 Explanation:
S.I = PRT/100
= Rs. 33600 x 25/4 x 3/4 x 1/100 = 21 x 25 x 3
= Rs.1575.
 Question 7
Ram has an amount of Rs. 9000. How much time will it take to earn 1620 as S.I at a rate of 4.5% per annum?
 A 2 B 1 C 5 D 4
Simple Interest
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Question 7 Explanation:
SI = PRT/100 T = S.I x 100/PR = 1620 x 100/9000 x 4.5 = 4
 Question 8
At what rate of SI, a sum of Rs.7000 amounts to Rs.7700 in 2 years?
 A 5.5% B 6.5% C 6% D 5%
Simple Interest
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Question 8 Explanation:
SI= 7700-7000 = 700 700 = 7000*R*2/100 R = 70000/14000 = 5%
 Question 9
Find the simple interest on Rs.300 for 6 months at 10% per annum.
 A 20 B 15 C 17 D 13
Simple Interest
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Question 9 Explanation:
SI = 300*10*(6/12)/100
= 15
 Question 10
A sum of Rs.468.75 was lent out at simple interest and at the end of 1 2/3 year the SI earned is Rs 31.25. Find the rate of interest per cent annum.
 A 5 B 4 C 4.25 D 6
Simple Interest
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Question 10 Explanation:
R=SI. 100/P.T = (31.25 X 100)/(468.75 X 5/3) = 4
 Question 11
In what time will Rs.8500 pay an amount of Rs. 7267.50 as S.I at 4.5 per cent per annum?
 A 19 B 20 C 18 D 21
Simple Interest
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Question 11 Explanation:
SI=PRT/100
T= SI X 100/(P X R)
= 7267.50 X 100/(8500 X 4.5)
= 19 years
 Question 12
The SI on a sum is 1/4th of the principal, and the duration(in years) is equal to the rate per cent per annum. Find the rate per cent.
 A 5 B 11/10 C 10 D 11
Simple Interest
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Question 12 Explanation:
SI= PRT/100 R=SI X100/(P X T) = (P/4)X100/PXR R2 = 100/4 R=5
 Question 13
The rate of interest for the first 2 yrs is 3% per annum, for the next 3 years is 8% per annum and for the period beyond 5 years 10% per annum. A person deposited some money 6 years back. Now he earns an interest of RS. 1520. What money did he deposit?
 A 3600 B 5000 C 3800 D 4100
Simple Interest
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Question 13 Explanation:
Say Deposited money is P.
1520 = P X 3 X 2/100 + P X 8 X 3/100 + P X 10 X 1/100
1520 = P . 40/100
P = 1520 X 100/ 40
P = 3800
 Question 14
A sum of money doubles itself in 10 years at simple interest. What is the rate of interest?
 A 11 B 15 C 20 D 10
Simple Interest
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Question 14 Explanation:
SI = P
P = P X R X 10/100
R= 10 %
 Question 15
A certain amount was lent at a rate R for 2 yrs at SI. If it been put at 3% higher rate, it would have fetched Rs 300 more. Find the amount?
 A 5500 B 6000 C 5000 D 4500
Simple Interest
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Question 15 Explanation:
SI = P X R X 2/100...........(1)
SI+300 = PX(R+3) X 2/100.....(2)
P=5000
There are 15 questions to complete.

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