Simple Interest Aptitude Questions and Answers
Simple Interest Questions - This section focuses on "Simple Interest" in Quantitative Aptitude. These Multiple Choice Questions (mcq) should be practiced to improve the Quantitative Aptitude skills required for various interviews (campus interviews, walk-in interviews, company interviews), placements, entrance exams and other competitive examinations.
1. Find the simple interest on Rs 7000 at 50/3 % for 9 months?
Explanation: S.I. = P×R×T100
So, by puting the values in the above formula, our result will be.
Required result = 7000×50×93×12×100=875
2. Find the simple interest on the Rs. 2000 at 25/4% per annum for the period from 4th Feb 2005 to 18th
Explanation: One thing which is tricky in this question is to calculate the number of days.
Always remember that the day on which money is deposited is not counted while the day on which money is withdrawn is counted.
So lets calculate the number of days now,
Time = (24+31+18) days = 73/365 years = 1/5 years
P = 2000
R = 25/4%
S.I. = =2000×254×5×100=25
3. Sachin borrows Rs. 5000 for 2 years at 4% p.a. simple interest. He immediately lends money to Rahul
at 25/4% p.a. for 2 years. Find the gain of one year by Sachin.
Explanation: Two things need to give in this question, First we need to calculate gain for 1 year only.
Second, where we take money at some interest and lends at other, then we use to subtract each other
to get result in this type of question. Lets solve this Simple Interest question now.
Gain in 2 year = [(5000×254×2100)−(5000×4×2100)]=(625−400)=225.
So gain for 1 year = 2252=112.50
4. If A lends Rs. 3500 to B at 10% p.a. and B lends the same sum to C at 11.5% p.a., then the gain of B (in
Rs.) in a period of 3 years is:
Explanation: We need to calculate the profit of B.
It will be,
SI on the rate B lends - SI on the rate B gets
Gain of B=157.50=3500×11.5×3100−3500×10×3100
5. Sahil took a loan for 6 years at the rate of 5% per annum on Simple Interest, If the total interest paid
was Rs. 1230, the principal was:
Explanation: S.I.=(P*R*T)/100 => P=(S.I.*100)/(R*T)
By applying above formula we can easily solve this quesƟon, as we are already having the simple interest.
=>P=(1230 * 100)/(6*5) => P=4100
6. Find the rate at Simple interest, at which a sum becomes four times of itself in 15 years
Explanation: Let sum be x and rate be r%
then, (x*r*15)/100 = 3x
[important to note here is that simple interest will be 3x not 4x, beause 3x+x = 4x]
=> r = 20%
7. If a sum of money doubles itself in 8 years at simple interest, the ratepercent per annum is
Explanation: Let sum = x then Simple Interest = x
Rate = (100 * x) / (x * 8) = 12.5
8. A sum of money at simple interest amounts to Rs. 2240 in 2 years and to Rs. 2600 in 5 years. What is
the principal amount?
Explanation: SI for 3 year = 2600-2240 = 360
SI for 2 year 360/3 * 2 = 240
principal = 2240 - 240 = 2000
9. At what rate percent per annum will the simple interest on a sum of money be 2/5 of the amount in
Explanation: Let sum = x
Time = 10 years.
S.I = 2x /5, [as per question]
Rate =( (100 * 2x) / (x*5*10))%
=> Rate = 4%
10. A financier claims to be lending money at simple interest, But he includes the interest every six months for calculating the principal. If he is charging an interest of 10%, the effective rate of interest becomes.
Explanation: Let the sum is 100.
As financier includes interest every six months., then we will calculate SI for 6 months, then again for six months as below:
SI for first Six Months = (100*10*1)/(100*2) = Rs. 5
Important: now sum will become 100+5 = 105
SI for last Six Months = (105*10*1)/(100*2) = Rs. 5.25
So amount at the end of year will be (100+5+5.25) = 110.25
Effective rate = 110.25 - 100 = 10.25