MCQ
Numerical: Simple Interest MCQ - Practice Questions with Answers
Solve 34 Numerical: Simple Interest questions for RAS/RPSC preparation.
Practice questions
Q1A person deposits ₹12,500 at 8% simple interest per annum for 2 years. What amount will he receive at the end of 2 years?
First find the simple interest: SI = P × R × T ÷ 100. Here P = ₹12,500, R = 8% per annum, and T = 2 years. So SI = 12500 × 8 × 2 ÷ 100. Since 12500 × 8 = 100000, and 100000 × 2 ÷ 100 = 2000, the interest is ₹2,000. The amount is principal plus interest, so amount = 12500 + 2000 = ₹14,500.
Q2If the simple interest for 5 years is equal to 20% of the principal amount, then it will be equal to the principal amount:
Simple interest is directly proportional to time when the principal and rate remain fixed. In 5 years, the interest is 20% of the principal. To make the interest 100% of the principal, the time must be multiplied by 100/20 = 5. Hence the required time is 5 × 5 = 25 years. At 20 years the interest would be 80% of the principal, at 15 years it would be 60%, and at 10 years it would be only 40%.
Q3In how many years will ₹7,500 earn ₹2,250 as simple interest at 10% per annum?
Use SI = P × R × T ÷ 100. When time is required, T = SI × 100 ÷ (P × R). Here SI = ₹2,250, P = ₹7,500, and R = 10% per annum. Substitute the values: T = 2250 × 100 ÷ (7500 × 10). The denominator is 75,000 and the numerator is 225,000. So, T = 225000 ÷ 75000 = 3. Therefore, the required time is 3 years.
Q4A sum earns ₹1,350 as simple interest in 3 years at 9% per annum. What is the principal?
The simple interest formula is SI = (P × R × T) ÷ 100. We need the principal, so P = (SI × 100) ÷ (R × T). Given SI = ₹1,350, R = 9% per annum and T = 3 full years. The total rate for 3 years is 9 × 3 = 27%. Hence P = (1350 × 100) ÷ (9 × 3) = 135000 ÷ 27 = ₹5,000. Therefore, the principal amount is ₹5,000.
Q5What will be the amount after 2.5 years if ₹15,000 is lent at 8% per annum simple interest?
First find the simple interest using SI = P × R × T ÷ 100. Here P = ₹15,000, R = 8% per annum, and T = 2.5 years. So, SI = 15000 × 8 × 2.5 ÷ 100. Since 8 × 2.5 = 20, SI = 15000 × 20 ÷ 100 = 3000. The amount is principal plus interest, so amount = 15000 + 3000 = ₹18,000.
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More questions
6A sum of ₹15,000 is lent at 7% simple interest per annum for 2 years. Which statement is incorrect?
7Match each case with its simple interest and choose the correct option: I. ₹6,000 at 5% for 2 years; II. ₹4,000 at 10% for 3 years; III. ₹9,000 at 4% for 5 years.
8Ajay invested a total sum of ₹ 7,100 in three different simple-interest schemes at 3%, 5%, and 7% per annum. At the end of one year, he received the same interest from all three schemes. What amount of money was invested at 5%?
9Find the simple interest on ₹8,000 at 6% per annum for 1 year 6 months.
10A sum of ₹12,000 gives ₹2,160 as simple interest in 3 years. Which option gives the correct annual rate of interest?
11Find the simple interest on ₹8,000 at 6% per annum for 3 years.
12At what annual rate of simple interest will ₹8,000 become ₹9,600 in 4 years?
13A lent ₹ 600 to B for 2 years and ₹ 200 to C for 4 years at the same simple interest rate. He received ₹ 100 in total as interest from both. The rate of interest is:
14A sum of ₹6,000 earns ₹900 as simple interest in 3 years. What is the annual rate of interest?
15Find the simple interest on ₹8,000 at 7.5% per annum for 2 years.