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Simple Interest Questions for Competitive Exams

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Simple interest is the most important part of the mathematics subject and often questions are asked in all competitive examinations. When a person borrows money from another person or from a bank, they have to pay interest at a fixed rate from time to time. But, when interest is charged only on the principal, at the same rate for a fixed period of time, then it is called simple interest. Also, interest can be seen as "rent of money". Simple interest is derived with the help of a formula such as simple interest = principal × time × rate / 100 or simple interest = compounding - principal.

Here today in this article, we have covered simple interest-based questions to help the aspirants, which will help you to solve stressful questions in the exam and build a strong foundation. Also, if you practice these questions regularly, then you can get full marks under this topic.

Simple Interest Questions

Q :

Megha invests an amount of Rs. 15,860 in the names of her three daughters A, B and C in such a way that they get the same interest after 2, 3 and 4 years respectively. If the rate of simple interest is 5 % p.a, then the ratio of the amounts invested among A, B and C will be –

(A) 6 : 7 : 8

(B) 6 : 5 : 4

(C) 5 : 10 : 12

(D) $${1\over 10}:{1\over 15}:{1\over 20}$$

Q :

A sum of Rs. 400 becomes Rs. 448 at simple interest in 2 years. In how many years, will the sum of Rs. 550 amounts to Rs. 682 at the same rate?

(A) 3.5

(B) 4

(C) 2

(D) 3

Q :

2 years, a sum was put at SI at a certain rate. If the rate was 3 % higher, it would have fetched 300 more. What will be the sum?

(A) 2500

(B) 4484

(C) 5000

(D) 4800

Q :

A person invested some amount at the rate of 12 % simple interest and a certain amount at the rate of 10 % simple interest for 1 year. He received yearly interest of Rs. ₹ 130, but if he had interchanged the amount invested, he would have received 4 more as interest. How much did he invest at 12 % simple interest?

(A) 800

(B) 500

(C) 700

(D) 400

Q :

The simple interest on a sum of money for 10 year is Rs. 3130. If the principal becomes 5 times after 5 years, then what will be the total interest (in Rs) obtained after 10 years?

(A) 9390

(B) 15650

(C) 6260

(D) 7825

Q :

In a certain time, the ratio of a certain principle and interest obtained from it are in the ratio 10 : 3 at 10 % interest per annum. The number of years for which the money was invested is?

(A) 5 years

(B) 7 years

(C) 1 years

(D) 3 years

Q :

If the simple interest on a certain sum of money for 2 years in one fifth of the Principal, then find rate of interest per annum.

(A) 25%

(B) 15%

(C) 10%

(D) 20%

Q :

If the simple interest on ₹ 1 for 1 month is 1 paisa, then the rate percent per annum will be

(A) 12%

(B) 6 %

(C) 10 %

(D) 8 %

Q :

A sum of ₹ 10,000 is lent partly at 8 % and remaining at 10% per annum. If the yearly interest on the average is 9.2 %, the two parts are

(A) ₹ 5000, ₹ 5000

(B) ₹ 5500 , ₹ 4500

(C) ₹ 4000 , ₹ 6000

(D) ₹ 4500, ₹ 5500

Q :

Ankur borrowed sum money from Megha at 8 % P.a simple interest and twice the amount from Harshita at 9 % P.a simple interest. He then added some more money of his own and lent the entire amount to Shalini at 10 % p.a simple interest. At the end of the year Ankur gained 14,000. If Ankur lend ₹ 40,000 to Shalini, then how much did Ankur borrow from Megha ?

(A) ₹ 15,000

(B) ₹ 10,000

(C) ₹ 25,000

(D) ₹ 20,000