Simple Interest Problems with Solutions for Bank Exams

Solutions of Simple Interest Problems

Q.6. A man took loan from a bank at the rate of 12% p.a. simple interest. After 3 years he had to pay Rs. 5400 interest only for the period. The principal amount borrowed by him was:

(A) Rs. 5400

(B) Rs. 11000

(C) Rs. 15,000

(D) Rs. 22,000

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Solution

 

Q.7.  A sum was put at simple interest at a certain rate for 3 years. Had it been put at 2% higher rate, it would have fetched Rs 360 more. Find the sum.

(A) Rs.3500          

(B) Rs.8000

(C) Rs.4500          

(D) Rs.6000

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Solution

[(P x (R+2) x 3)/100] - [ (P x R x 3)/100] = 360

→ 3P x (R+2) - 3PR = 36000

→ 3PR + 6P - 3PR = 36000

→ 6P = 36000

P = 6000

Q.8. A lent Rs. 5000 to B for 2 years and Rs. 3000 to C for 4 years on simple interest at the same rate of interest and received Rs. 2200 in all from both of them as interest. The rate of interest per annum is:

(A) 4%

(B) 6%

(C) 9%

(D) 10%

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Solution

Then, [(5000 x R x 2)/(100)+[(3000 x R x 4)/(100)]= 2200. 

→100R + 120R = 2200 

→ R =(2200/220)= 10.

Rate = 10%.

Q.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) 13% 

(B) 9%

(C) 12% 

(D) 14%

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Solution

S.I. for 5 years = Rs.[(2205)/3]×5= Rs.3675

Principle = Rs.(9800-3675) = Rs.6125

Hence, Rate = [(100×3675)/(6125×5)] =12%

Q.10. 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) 5%

(B) 3%

(C) 4%

(D) 6%

(E) None of these

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Solution

Rate = [(100 x 3000)/(12500 x 4)]% = 6%

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