100+ Simple Interest Questions for SBI, IBPS PO, SO, Clerk - 1

Question: 1

Simple interest on Rs. 500 for 4 years at 6.25% per annum is equal, to the simple interest on Rs. 400 at 5% per annum for a certain period of time. The period of time is

(A) 4 years

(B) 5 years

(C) 6 years

(D) $$6{1}/{4}$$ years

Ans: D

Let the required time be T years.

Then, $${500 × 6.25 × 4} / {100}$$ = $${400 × 5 × T} / {100}$$

⇔ T = $$({500 × 6.25 × 4}/{400 × 5})$$yrs = $$6{1}/{4}yrs.$$

Question: 2

At the rate of $$8{1}/{2}$$% p.a. simple interest, a sum of Rs.4800 will earn how much interest in 2 years 3 months?

(A) Rs. 796

(B) Rs. 816

(C) Rs. 918

(D) Rs. 956

Ans: C

P = Rs. 4800, R = $$8{1}/{2}$$% = $${17}/{2}$$%.

T = 2 yrs 3 months = $$2{1}/{4}yrs$$ = $${9}/{4}$$yrs.

∴ S.I. = Rs. $$(4800 × {17}/{2} × {9}/{4} × {1}/{100})$$ = Rs. 918.

Question: 3

The interest on a certain deposit at 4.5% p.a. is Rs. 202.50 in one year. How much will the additional interest in one year be on the same deposit at 5% p.a.?

(A) Rs. 20.25

(B) Rs. 20.35

(C) Rs. 22.50

(D) Rs. 25

Ans: C

S.I. = Rs. 202.50, R = 4.5%, T = 1 year.

Principal = Rs. $$({100 × 202.50} /{4.5 × 1})$$ = Rs. 4500.

Now, P = Rs. 4500, R = 5%, T = 1 year.

S.I. = Rs. $$({4500 × 5 × 1} / {100})$$ = 225.

∴ Difference in interest = Rs. (225 – 202.50) = 22.50.

Question: 4

The price of a T.V. set worth Rs. 20,000 is to be paid in 20 instalments of Rs. 1000 each. If the rate of interest be 6% per annum, and the first instalment be paid at the time of purchase, then the value of the last instalment covering the interest as well will be

(A) Rs. 1050

(B) Rs. 2050

(C) Rs. 19000

(D) Rs. 29000

Ans: C

Money paid in cash = Rs. 1000.

Balance payment = (20000 - 1000) = 19000.

Question: 5

A man buys a TV priced at Rs. 16000. He pays Rs. 4000 at once and the rest after 15 months on which he is charged a simple interest at the rate of 12% per year. The total amount he pays for the TV is

(A) Rs. 17200

(B) Rs. 17600

(C) Rs. 17800

(D) Rs. 18200

Ans: C

Price paid = Rs. 4000

Rest price = Rs. 12000

Rate = 12%

∴ = $${12000 × 12 × 5}/{100 × 12}$$ = Rs. 1800

∴ Amount paid after 15 months = 12000 + 1800 = Rs. 13800

∴ Total amount paid for TV = 4000 + 13800 = 17800.

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