Problems on Simple Interest with Solutions for Competitive Exams

Vikram Singh3 years ago 14.4K Views Join Examsbookapp store google play
problems on simple interest questions

As you know simple interest problems are important for ssc and bank exams. So, here I am sharing with you the problems on simple interest with solutions. In this blog, you can learn how to solve simple interest problems with the practice of different-2 ways.

Here are the different questions with answers or solutions which asked mostly in the competitive exams. So, you should strong more your preparation by practice with these questions-answers or Problems with solutions.

Simple Interest Problems with Solutions

Q.1. The simple interest on a certain sum of money for 2(1/2) years at 12% per annum is Rs. 40 less than the simple interest on the same sum for 3(1/2) years at 10% per annum. Find the sum.

(A) Rs. 600                    

(B) Rs. 666                 

(C) Rs. 780                 

(D) Rs. 800

Ans .   D

Let the sum be Rs. a.

Then we can write: [{x*10*7}/{100*2}] – [{x*12*5}/{100*2}] = 40.

This can be written as: 7x/20 – 3x/10 = 4o. Therefore we have x = Rs. 800

Hence the sum is Rs. 800.

Q.2.  A certain amount becomes Rs. 5760 in 2 years and Rs. 6912 in 3 years. What is the principal amount and the rate of interest?

(A) 5000

(B) 1152

(C) 5760

(D) 4000

Ans .   D

SI on Rs. 5760 for 1 year = 6912 – 5760 = Rs. 1152

Therefore, Rate of interest for 1 year = 100*1152/5760*1 = 20%

Let the principal be p.

Then, Principal = p[1+ 20/100]2 = 5760

Solving which gives Principal = Rs. 4000

Q.3. What is the rate of simple interest?

I. The total interest earned was Rs. 4000.

II. The sum was invested for 4 years.

A. I alone sufficient while II alone not sufficient to answer

B. II alone sufficient while I alone not sufficient to answer

C. Either I or II alone sufficient to answer

D. Both I and II are not sufficient to answer

E. Both I and II are necessary to answer

Ans .   D

We know that, R =[(100 x S.I.)/(P x T)]

Now, I gives, S.I. = Rs. 4000.

II gives, T = 4 years.

But, P is unknown. So, we cannot find R.

So, given data is insufficient to get R

Q.4. Find the compound interest on Rs. 3000 at 5% for 2 years, compounded annually.

(A) 307.5

(B) 3307.5

(C) 3000.5

(D) 3100

Ans .  A

Amount with CI = 3000 (1+ 5/100)2 = Rs. 3307.5

Therefore, CI = 3307.5 – 3000 = Rs. 307.5

Q.5.  A man took a loan from a bank at the rate of 12 % p.a. simple interest. After three years he had to pay Rs. 5400 interest only for the period. The principal amount borrowed by him was:

(A) Rs. 12000                  

(B) Rs. 11000                    

(C) Rs. 14000                         

(D) Rs. 15000

Ans .   D

Here we have,

the principal = Rs. [{100×5400}/{12×3}]

= Rs. 15000

For more Simple Intrest questions and answers, Visit next page.

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    Vikram Singh

    Providing knowledgable questions of Reasoning and Aptitude for the competitive exams.

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