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Arithmetic Aptitude :: Simple Interest

Home > Arithmetic Aptitude > Simple Interest > General Questions

1. The present worth of Rs. 1404 due in two equal half-yearly installments at 8% per annum simple interest is:

Answer: Rs. 1325

Explanation:

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2. A sum fetched a total simple interest of Rs. 4016.25 at the rate of 9 p.c.p.a. in 5 years. What is the sum?

Answer: Rs. 8925

Explanation:

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3. A sum was put at simple interest at certain rate for 3 years. Had it been put at 1% higher rate it would have fetched Rs. 63 more. The sum is:

Answer: Rs. 2100

Explanation:

1 percent for 3 years= 63
1 percent for 1 year = 21
=> 100 percent = 2100

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4. A sum of Rs 468.75 was lent out at simple interest and at the end of 1 year and 8 months, the total amount of Rs 500 is received. find the rate of interest.

Answer: 4%

Explanation:

Given principle P=468.75, Rate of Intreset = R%
Total Amount received = Rs 500
=> Total Amount received = Simple Intrest + Principle.
=> 500 = [468.75*(20/12)*R]/100 + 468.75
=> 31.25=156.25*5R/100
=> R=4%

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5. A sum of money becomes 2.5 times itself at 12.5% simple interest p.a. The period of investment is

Answer: 12 years

Explanation:

Let the period is 'T' and Sum= 'P'.
As given money become 2.5.
=> 2.5 * P = P + S.I
=> S.I = 1.5 * P -------------- (1)
=> S.I = (P * T * 12.5)/100 -----------(2)
By eq. (1) and (2)
=> 1.5 * P = (P * T * 12.5)/100
=> T=12 years.

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6. A certain money market account that had a balance of $48,000 during all of last month earned $360 in interest for the month. At what simple annual interest rate did the account earn interest last month?

Answer: 9%

Explanation:

Formula [R = SI*100/(P*T)]
Given P= $48000, SI=$360, T=1/12
So Rate = [360*100/(48000*(1/12))] = 9%.

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7. Simple interest on an amount at 4% per annum for 13 months is more than the simple interest on the same sum for 8 months at 6% per annum by rs 40.What is the principle amount ?

Answer: 12000

Explanation:

P*4*13/(100*12) - p*6*8/(100*12)= 40
=> 4p/(100*12) = 40.
=> p = 12000

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8. How long will it take for a sum of money to grow from Rs.1250 to Rs.10,000, if it is invested at 12.5% p.a simple interest?

Answer: 56 Years.

Explanation:

Simple interest is given by the formula SI = (pnr/100), where p is the principal, n is the number of
years for which it is invested, r is the rate of interest per annum
In this case, Rs. 1250 has become Rs.10,000.
Therefore, the interest earned = (10,000 - 1250) = 8750.
8750 = [(1250*n*12.5)/100]
=> n = 700 / 12.5 = 56 years.

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9. Simple interest on a certain sum is 16/25 of the sum. Find the rate percent and time, if both are numerically equal.

Answer: Rate = 8% & Time = 8 years

Explanation:

Let sum = X. Then S.I. = 16x/25
Let rate = R% and Time = R years.
Therefore, x * R * R/100 = 16x/25 or R^2 = 1600/25, R = 40/5 = 8
So, Rate = 8% and Time = 8 years.

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10. A sum at simple interest at 13 1/2% per annum amounts to RS 2502.50 after 4 years. Find the sum.

Answer: Rs. 1625

Explanation:

Lets assume sum = x.
S.I. = (x * 27/2 * 4 * 1/100) = 27x/50
Therefore, amount = (x + 27x/50) = 77x/50
=> 77x/50 = 2502.50 or x = 2502.50 * 50 / 77 = 1625
So, sum = Rs. 1625

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