Simple Interest
Simple Interest - Important Points
11. | A sum of money triples itself in 8 years simple interest. Find the rate of interest per annum? |
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A. 30%
B. 25%
C. 22%
D. 18%
View Answer Discuss Work SpaceAnswer: option b
Explanation:
SI = 3P - P = 2P
2P = P*8*R/100
R = 25%
12. | A sum of money invested for a certain number of years at 8% p.a. simple interest grows to Rs.180. The same sum of money invested for the same number of years at 4% p.a. simple interest grows to Rs.120 only. For how many years was the sum invested? |
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A. 25 years
B. 15 years
C. 20 years
D. 22 years
View Answer Discuss Work SpaceAnswer: option a
Explanation:
Principal + 8% p.a. interest on principal for n years = 180 …… (1)
Principal + 4% p.a. interest on principal for n years = 120 ……… (2)
Subtracting equation (2) from equation (1), we get
4% p.a. interest on principal for n years = Rs.60
Now, we can substitute this value in equation (2),
Principal + 60 = 120
=> Principal = Rs.60.
We know that SI = p*n*r/100
In equation (2), p = Rs.60, r = 4% p.a. and the simple interest = Rs.60
Therefore, 60 = (60*n*4)/100
=> n = 100/4 = 25 years
13. | A sum of money becomes 7/6 of itself in 3 years at a certain rate of simple interest. The rate of interest per annum is: |
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A. 45/7 %
B. 50/9 %
C. 51/7 %
D. 47/ 9 %
View Answer Discuss Work SpaceAnswer: option b
Explanation:
Let the sum = S. Then, amount = 7S/6
S.I. = 7S/6 - S = S/6; Time = 3 years
Rate = (100 * S) / (S * 6 * 3) = 50/9 %
14. | 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? |
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A. 3.5 years
B. 4 years
C. 4.5 years
D. 5 years
View Answer Discuss Work SpaceAnswer: option b
Explanation:
Time = (100 x 81)/(450 x 4.5) years
= 4 years
15. | The simple interest on Rs. 25 for a quarter year at the rate of 3 paise per rupee per month is : |
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A. 240 paise
B. Rs. 1.40
C. Rs. 2.20
D. Rs. 3
View Answer Discuss Work SpaceAnswer: option d
Explanation:
Given, T = 4 months
I = PTR/100
I = 25 x 4 x 0.03/100
I = 0.03 x 100 = 300 Ps = Rs. 3
Simple Interest Questions and Answers FAQ
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