Simple Interest Questions for Competitive Exams
Simple interest is the most important part of the mathematics subject and often questions are asked in all competitive examinations. When a person borrows money from another person or from a bank, they have to pay interest at a fixed rate from time to time. But, when interest is charged only on the principal, at the same rate for a fixed period of time, then it is called simple interest. Also, interest can be seen as "rent of money". Simple interest is derived with the help of a formula such as simple interest = principal × time × rate / 100 or simple interest = compounding - principal.
Here today in this article, we have covered simple interest-based questions to help the aspirants, which will help you to solve stressful questions in the exam and build a strong foundation. Also, if you practice these questions regularly, then you can get full marks under this topic.
Simple Interest Questions
Q : Megha invests an amount of Rs. 15,860 in the names of her three daughters A, B and C in such a way that they get the same interest after 2, 3 and 4 years respectively. If the rate of simple interest is 5 % p.a, then the ratio of the amounts invested among A, B and C will be –
(A) 6 : 7 : 8
(B) 6 : 5 : 4
(C) 5 : 10 : 12
(D) $${1\over 10}:{1\over 15}:{1\over 20}$$
Correct Answer : D
A sum of Rs. 400 becomes Rs. 448 at simple interest in 2 years. In how many years, will the sum of Rs. 550 amounts to Rs. 682 at the same rate?
(A) 3.5
(B) 4
(C) 2
(D) 3
Correct Answer : B
2 years, a sum was put at SI at a certain rate. If the rate was 3 % higher, it would have fetched 300 more. What will be the sum?
(A) 2500
(B) 4484
(C) 5000
(D) 4800
Correct Answer : C
A person invested some amount at the rate of 12 % simple interest and a certain amount at the rate of 10 % simple interest for 1 year. He received yearly interest of Rs. ₹ 130, but if he had interchanged the amount invested, he would have received 4 more as interest. How much did he invest at 12 % simple interest?
(A) 800
(B) 500
(C) 700
(D) 400
Correct Answer : B
The simple interest on a sum of money for 10 year is Rs. 3130. If the principal becomes 5 times after 5 years, then what will be the total interest (in Rs) obtained after 10 years?
(A) 9390
(B) 15650
(C) 6260
(D) 7825
Correct Answer : A
In a certain time, the ratio of a certain principle and interest obtained from it are in the ratio 10 : 3 at 10 % interest per annum. The number of years for which the money was invested is?
(A) 5 years
(B) 7 years
(C) 1 years
(D) 3 years
Correct Answer : D
If the simple interest on a certain sum of money for 2 years in one fifth of the Principal, then find rate of interest per annum.
(A) 25%
(B) 15%
(C) 10%
(D) 20%
Correct Answer : C
If the simple interest on ₹ 1 for 1 month is 1 paisa, then the rate percent per annum will be
(A) 12%
(B) 6 %
(C) 10 %
(D) 8 %
Correct Answer : A
A sum of ₹ 10,000 is lent partly at 8 % and remaining at 10% per annum. If the yearly interest on the average is 9.2 %, the two parts are
(A) ₹ 5000, ₹ 5000
(B) ₹ 5500 , ₹ 4500
(C) ₹ 4000 , ₹ 6000
(D) ₹ 4500, ₹ 5500
Correct Answer : C
Ankur borrowed sum money from Megha at 8 % P.a simple interest and twice the amount from Harshita at 9 % P.a simple interest. He then added some more money of his own and lent the entire amount to Shalini at 10 % p.a simple interest. At the end of the year Ankur gained 14,000. If Ankur lend ₹ 40,000 to Shalini, then how much did Ankur borrow from Megha ?
(A) ₹ 15,000
(B) ₹ 10,000
(C) ₹ 25,000
(D) ₹ 20,000
Correct Answer : B
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Vikram Singh
Providing knowledgable questions of Reasoning and Aptitude for the competitive exams.
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