Numerical: Simple Interest MCQ — 15 Practice Questions with Answers

Explanation

First convert the time into years because the rate is annual. Since 18 months = 18 ÷ 12 = 1.5 years, statement 1 is correct. Now use SI = P × R × T ÷ 100. SI = 5000 × 8 × 1.5 ÷ 100 = 40000 × 1.5 ÷ 100 = ₹600, so statement 2 is correct. The amount is 5000 + 600 = ₹5600, so statement 3 is also correct. Therefore, all three statements are correct.

Explanation

For simple interest, use SI = (P × R × T) ÷ 100. Here, principal P = ₹6,000, rate R = 8% per annum and time T = 2 years. So, SI = (6000 × 8 × 2) ÷ 100 = 96000 ÷ 100 = ₹960. In simple interest, the interest is calculated on the original principal for the whole period. The question asks only for the interest, not the total amount. Therefore, the simple interest earned in 2 years is ₹960.

Explanation

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.

Explanation

Use SI = P × R × T ÷ 100. Here P = ₹6000, R = 4% per annum, and T = 5 years. Therefore, SI = 6000 × 4 × 5 ÷ 100 = 6000 × 20 ÷ 100 = ₹1200. The amount is principal plus interest, so amount = 6000 + 1200 = ₹7200. Thus the correct pair is interest ₹1200 and amount ₹7200.

Explanation

For simple interest, use SI = P × R × T ÷ 100. Here the principal is ₹8000, the rate is 5% per annum, and the time is 3 years. Substituting the values, SI = 8000 × 5 × 3 ÷ 100. First, 5 × 3 = 15, so SI = 8000 × 15 ÷ 100 = 120000 ÷ 100 = ₹1200. Therefore, the simple interest for 3 years is ₹1200.