Simple Interest Questions with Solutions and Formula

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Introduction

In Nithra Jobs site we have given simple interest questions and answers for competitive exams. Simple interest questions and answers are commonly asked in exams and interviews to test the mathematical skills of the candidates. Simple interest problems involve calculating interest earned or paid on a principal amount at a fixed rate over a specific period. Simple interest questions are asked in competitive exams to check candidate's ability to solve financial calculations and apply math concepts practically. Mastering simple interest problems demonstrates competence in logical thinking and problem-solving, essential for various professions. Click here to know about the formulas and few more questions.

1. How much time will it take for an amount of Rs. 25250 on the Simple interest is Rs. 4545 at 6% per annum?

Answer: 3 Years

Explanation:

Given, Principal = 25250

Simple interest = 4545

R = 6%

Formula,

Simple interest = ( Principal * Time * Rate ) / 100

Time = (100 * Simple interest) / (Principal * Rate)

Time = ( 100 * 4545 ) / ( 25250 * 6 )

Time = 454500 / 151500

= 3 Years

Time = 3 Years

2. On what percent of Simple interest, deposited amount becomes its double the amount of money on 8 years is?

Answer: 12.5%

Explanation:

Assume, Principal = 100,

Total amount = 200

Then, Simple interest = 200 - 100 = 100

Time = 8 years

Formula,

Rate = (100 * Simple interest) / (Principal * Time)

Rate = ( 100 * 100 ) / ( 100 * 8 )

Rate = 10000 / 800

= 12.5%

Rate = 12.5%

3. Kavin took a loan of Rs. 2500 with simple interest for as many years as the rate of interest. If he paid Rs. 250 as interest at the end of loan period, what was the rate of interest?

Answer: 3.16%

Explanation:

Principal = 2500

Simple Interest = 250

Rate of interest = R = ?

Time = R years

S.I = ( P * N * R ) / 100

250 = ( 2500 * R²) / 100

25R² = 250

R² = 10

R = 3.16%

Rate of Interest is 3.16%

4. A certain sum of money is borrowed by Sasi at 15% per annum for 15 years. If he pays an interest of rupees 900, then the total amount paid by Sasi is?

Answer: Rs. 400

Explanation:

Simple interest = Rs. 900

Time = 15years

Rate = 15%

Simple interest = (Principal * Time * Rate ) / 100

900 = P * ( 15 * 15 ) / 100

900 = P * ( 225 / 100 )

900 = P * ( 9 / 4 )

900 * 4 = 9 * P

(900 * 4 ) / 9 = P

P = 100 * 4

P = Rs. 400

The total amount paid by Sasi is Rs. 400

5. Simple interest on a certain sum is 16 / 25 of the sum. Find the rate percent and time, If both are numerically equal.

Answer: 8% and 8 years

Explanation:

Let sum = x,

then Simple Interest = 16x / 25

Rate = R%

Time = R years

Simple interest = (Principal * Time * Rate ) / 100

16x / 25 = (x * R * R) / 100

16 / 25 = R² / 100

R² = 16 / 25 * 100

R² = 16 * 4

R² = 64

R = 8

Rate = 8% and Time = 8 years

Conclusion

First, learn simple interest basic questions with the help of simple interest aptitude tricks. Success in these questions indicates a strong foundation in math and increases the chances of excelling in fields like banking and finance. Simple interest aptitude problems are crucial in exams and interviews to evaluate mathematical and logical abilities. By practicing these easy simple interest questions, candidates can improve their numerical accuracy and problem-solving skills. Devoting time to practice simple interest problems with answers is essential for success in exams and interviews.