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SIMPLE INTEREST AND COMPOUND INTEREST
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SIMPLE INTEREST AND COMPOUND INTEREST
Simple interest is nothing but the fix percentage of the principal (invested/borrowed amount of money). Some key words used in the concept of interest:
Principal (P): It is the sum of money deposited/loaned etc. also known as capital.
Interest: It is the money paid by borrower, calculated on the basis of Principal.
Time (T/n): This is the duration for which money is lent / borrowed.
Rate of Interest (r/R): It is the rate at which the interest is charged on principal.
Amount (A) = Principal + Interest
Simple Interest: When the interest is calculated uniformly only on the principal for the given time period.
Compound Interest: in this case for every next period of time the interest is charged on the total previous amount (which is the sum of principal and interest charged on it so far.) i.e., every time we calculate successive increase in the previous amount.
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1. Find Simple Interest, if P= ₹1000, R=20% per annum, T=4 years.
- ₹400
- ₹600
- ₹800
- ₹850
2. If A= ₹1120, R=5% per annum, T= 12/5 year, then find Simple Interest:
- ₹100
- ₹120
- ₹140
- ₹150
3. On what sum of money lent out at 9% per annum simple interest for 6 years does the simple interest amount to ₹810.
- ₹1500
- ₹1000
- ₹1200
- ₹1800
4. A man wanted to invest ₹20,000 for a period of 15/2 years in order to get an interest of ₹20000.At what rate of simple interest should he invest?
- 30/3%
- 67/5%
- 69/5%
- 41/3%
5. A sum of ₹x is lent for simple interest at 9.5% per annum for 4 years. What is the total amount?
- ₹1.38x
- ₹1.24x
- ₹1.16x
- ₹1.42x
6. A man borrows ₹12,000 at 8% simple interest for 2 years. He repays ₹12,000 at the end of 2 year and balance at the end of third year. How much did he repay at the end of third year?
- ₹2145.40
- ₹2073.60
- ₹2042.20
- ₹2130.90
7. At simple interest of 5%, 6% and 8% for three consecutive years, the interest earned is ₹760. Find the principal.
- ₹4600
- ₹3200
- ₹4000
- ₹3600
8. A man borrowed ₹12000 for 4 year at 31/4% per annum and a year later he again borrowed another ₹12000 for 3 year at the same rate. How much should he pay at the end to settle the loans?
- ₹30510
- ₹28610
- ₹31450
- ₹29590
9. What sum of money lent out at simple interest will amount to ₹3400 in 3 year at 1% per month.
- ₹2400
- ₹1800
- ₹1600
- ₹2500
10. Find the simple interest on ₹4500 from October 10, 2009 to December 22, 2009 at 28/3% per annum.
- ₹96
- ₹84
- ₹86
- ₹94
11. If the rate of simple interest is reduced from 15/2% per annum to 13/2% per annum, find the decrease in half yearly interest on ₹7280.
- ₹32.60
- ₹36.40
- ₹39.50
- ₹31.70
12. When a bank reduced the rate of interest from 13/2% per annum to 11/2% per annum, a depositor withdrew ₹600 and thereby his interest reduced by ₹73. Find the initial deposit.
- ₹4000
- ₹6000
- ₹7000
- ₹9000
13. A man buys a music system valued at ₹8000. He pays ₹3500 at once and the rest 18 months later on which he is charged simple interest at the rate of 8% per annum. Find the total amount he pays for the music system.
- ₹9260
- ₹8540
- ₹8720
- ₹9410
14. Simple interest on ₹1680 for 4 year at 15/2% per annum as equal to the simple interest on ₹1200 at 7% per annum for a certain period of time. The period of time is:
- 7 years
- 6 years
- 16/3 years
- 29/4 years
15. If the simple interest for 5 years be equal to 40% of the principal, it will be equal to the principal after
- 12 year 3 months
- 12 year 6 months
- 12 year 4 months
- 12 year 9 months
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16. A man took a loan at simple interest at 7% in the first year with an increase of 0.5% in each subsequent year. He pays ₹3690 as interest after 5 years. How much loan did he take?
- ₹9250
- ₹9440
- ₹9225
- ₹9360
17. In how many years, a sum will become four times itself at the rate of 12% per annum?
- 28 year
- 25 year
- 22 year
- 27 year
18. A man invests a certain sum of money at 6% per annum simple interest and another at 7% per annum simple interest. His income from interest after 2 years was ₹792. Also, half of the first sum is equal to one-third of the second sum. The total sum invested was
- ₹5800
- ₹6200
- ₹6000
- ₹5900
19. A borrowed ₹4800 from B at 9% per annum simple interest for 3 years. He then added one more money to the borrowed sum and then lent it to C for the same period at 12% per annum simple interest. If A gains ₹720 in the whole transaction, how much money did he add from his side?
- ₹500
- ₹740
- ₹640
- ₹800
20. The simple interest on a sum of money will be ₹600 after 10 years. If the principal is trebeled after 5 year, what will be the total interest at the end of the tenth year.
- ₹600
- ₹900
- ₹1200
- ₹1500
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