Simple Interest Practice objective type question -

At what rate of simple interest per annum the sum of money get doubled in 10 years?
a. 5%
b. 10%
c. 15%
d. 20%

Answer: b. 10%
Solution: Let the principal amount be p.
Principal amount after interest will be 2p
S.I= 2p-p=p $p = \frac{p \times 10 \times r}{100} \Rightarrow u s i n g formula : S . I = \frac{principal \times rate \times time}{100}$
$r = \frac{100}{10} = 10$

A borrows 800 at the rate of 12% per annum simple interest and B borrows 910 at the rate of 10% per annum, simple interest. In how many years will their amounts of debt be equal ?
a. 20 years
b. 21 years
c. 22 years
d. 23 years

Answer: c. 22 years
Solution: Let the time taken be t
According to the question:
$800 + \frac{800 \times 12 \times t}{100} = 910 + \frac{910 \times 10 \times t}{100}$
800+96t= 910+91t
96t-91t= 910-800
5t= 110
t= 22

7. A person deposited 400 for 4 years and 600 for 3 years at the same rate of simple interest in a bank. Altogether he received 340 as interest. The rate of simple interest per annum was?
a. 5%
b. 7.5%
c. 10%
d. 12.5%

Answer: c. 10%
Solution: Let the rate of interest be r
According to the question:
$340 = \frac{400 \times 4 \times r}{100} + \frac{600 \times 3 \times r}{100}$
$340 = 16 r + 18 r$
$r = 10$

B invested a certain sum of money at 7% per annum simple interest. If he receives total sum of of Rs. 1,365 after one year, the sum he invested was?
a. 18,000
b. 18,500
c. 19,000
d. 19,500

Answer: d. 19,500
Solution: Let the principal amount be p.
According to the question: $1365 = \frac{p \times 7 \times 1}{100} \Rightarrow u s i n g formula : S . I = \frac{principal \times rate \times time}{100}$

If the principal amount is Rs. 14,000, then the total amount after simple interest for 3 years at a rate of 5% per annum will be?
a. Rs. 2,100
b. Rs. 16,100
c. Rs. 17,500
d. Rs. 18,000

Answer: b. Rs. 16,100
Solution: Simple interest after 3 years will be:
$\frac{14000 \times 5 \times 3}{100} = 2100 \Rightarrow u s i n g formula : S . I = \frac{principal \times rate \times time}{100}$
Total amount will be = 14,000+2100 = 16,100

If a sum of Rs. 2,000 amounts to Rs. 2,420 in 3 years at a certain rate of simple interest per annum, then what will the same sum amount to in 5 years?
a. Rs. 2500
b. Rs. 2600
c. Rs. 2700
d. Rs. 2800

Answer: c. Rs. 2700
Solution: Simle Interest = 2420-2000= 420
Let the rate of interest be r.
According to the question:
$420 = \frac{200 \times r \times 3}{100} \Rightarrow u s i n g formula : S . I = \frac{principal \times rate \times time}{100}$
r=7

The simple interest on 4,000 in 3 years at the rate of x% per annum equals the simple interest on 5,000 at the rate of 12% per annum in 2 years. The value of x is?
a. 7
b. 8
c. 9
d. 10

Answer: d. 10
Solution: According to he question:
$\frac{4000 \times 3 \times x}{100} = \frac{5000 \times 2 \times 12}{100}$
$120 x = 1200 \Rightarrow x = 10$

Azim borrowed a certain sum which amounted to Rs. 23,200 in Rs. 36 months at 15% per annum simple interest. What is the borrowed sum ?
a. Rs. 15,000
b. Rs. 16,000
c. Rs. 17,000
d. Rs. 18,000

Answer: b. Rs. 16,000
Solution: Let the principal amount be p.
The simple interest will be 23,200-p
According to the question:
$23200 - p = \frac{p \times 3 \times 15}{100} \Rightarrow u s i n g formula : S . I = \frac{principal \times rate \times time}{100}$
$23200 \times 100 - 100 p = 45 p \Rightarrow 23200 \times 100 = 45 p + 100 p$
$23200 \times 100 = 145 p \Rightarrow p = 16000$

Ram deposited a certain sum of money in a company at 12% per annum simple interest for 4 years and deposited equal amount in fixed deposit in a bank for 5 years at 15% per annum simple interest. If the difference in the interest from two sources is 1350, then the sum deposited in each company will be?
a. Rs. 4,000
b. Rs. 5,000
c. Rs. 6,000
d. Rs. 7,000

Answer: b. Rs. 5,000
Solution: Let the amount that deposited is p
According to the question:
$\frac{p \times 15 \times 5}{100} - \frac{p \times 12 \times 4}{100} = 1350$
$\frac{75 p}{100} - \frac{48 p}{100} = 1350 \Rightarrow \frac{27 p}{100} = 1350$
$p = \frac{1350 \times 100}{27} = 5000$

Ramesh lends Rs. 700 for 3 years to a person and lends Rs. 900 for 4 years to the other person at the same rate of simple interest. If altogether he receives Rs. 285 as interest, what is the rate of interest per annum ?
a. 2%
b. 3%
c. 4%
d. 5%

Answer: d. 5%
Solution: Let the rate of interest be r,
According to the question:
$\frac{700 \times 3 \times r}{100} + \frac{900 \times 4 \times r}{100} = 285$
$21 r + 36 r = 285 \Rightarrow r = \frac{285}{57} = 5$

Pages: 1 2 3 4 5

Pariksha buddy

Simple Interest Practice objective type question

Leave a Comment Cancel Reply