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Simple Interest Objective questions and answer

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1) 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. 2,000                 B. Rs. 10,000

C. Rs. 15,000               D. Rs. 20,000

View Answer

Answer: Option C

Explanation:

Principal = Rs. ( 100 x 5400 )  = Rs. 15000.
                         12 x 3


2) If Rs. 64 Amount to Rs. 83.20 in 2 years, what will Rs. 86 amount to in 4 years at the same rate percent per annum?

A. Rs. 114.80                B. Rs. 86.70

C. Rs. 55.40                  D. Rs. 51.60

View Answer

Answer: Option D

Explanation:

P=Rs. 64, S.I. = Rs. (83.20  - 64) = Rs. 19.20, T = 2 years.

So, rate = ( 100 x 19.20 ) % = 15%
                      64 x 2

Now, P = Rs.86, R= 15%, T = 4 years.

bindu S.I. = Rs ( 86 x 15 x  14 )  = Rs. 51.60
                          100


3) The simple interest on a certain sum of money at the rate of 5% p.a. for 8 years is RS. 840. At what rate of interest the same amount of interest can be received on the same sum after 5 years

A. 6%                         B. 8%

C. 9%                         D. 10%

View Answer

Answer: Option B

Explanation:

S.I = Rs. 840, R = 5%, T = 8 years.

Principle = Rs. ( 100  x 840 )  =  Rs. 2100
                          5  x 8

Now, P = Rs. 2100, S.I. = Rs. 840, T = 5 years.

bindu Rate = ( 100 x 840 )% = 8%
                  2100  x 5


4) 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

View Answer

Answer: Option C

Explanation:

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

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

bindu Principal = Rs. (815 - 117) = Rs. 698.


5) 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

View Answer

Answer: Option B

Explanation:

Time = ( 100 x 81) Years = 4 years.
            450 x 4.5


 
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