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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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SIMPLE INTEREST AND COMPOUND INTEREST PROBLEMS FOR MRSAFPI
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
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