Simple Interest MCQ Quiz - Objective Question with Answer for Simple Interest - Download Free PDF

Let the principal amounts be:

HDFC = (y + 2000), Rate = 12%, Time = 3 years

ICICI = y, Rate = 8%, Time = 3 years

Use the simple interest formula:

⇒ SI = (P × R × T) ÷ 100

HDFC Interest: ⇒ (y + 2000) × 12 × 3 ÷ 100 = (36(y + 2000)) ÷ 100

ICICI Interest: ⇒ y × 8 × 3 ÷ 100 = (24y) ÷ 100

Total Interest = ₹3840

⇒ [(36(y + 2000)) + 24y] ÷ 100 = 3840

⇒ [36y + 72000 + 24y] ÷ 100 = 3840

⇒ (60y + 72000) ÷ 100 = 3840

⇒ 60y + 72000 = 384000

⇒ 60y = 384000 – 72000 = 312000

⇒ y = 312000 ÷ 60 = 5200

HDFC principal = y + 2000 = 5200 + 2000 = ₹7200

Interest from HDFC: ⇒ 7200 × 12 × 3 ÷ 100 = ₹2592

Final Amount from HDFC = Principal + Interest = 7200 + 2592 = ₹9792

Thus, the correct answer is 9792.

Given:

Principal (P) = ₹1,200

Amount (A) = ₹2,220

Rate (R) = 20% per annum

Formula used:

Simple Interest (SI) = A - P

SI =

Where T = Time in years

Calculations:

Simple Interest (SI) = 2220 - 1200

⇒ SI = ₹1,020

Using the formula for Simple Interest:

1020 =

⇒ 1020 = 12 × 20 × T

⇒ 1020 = 240 × T

⇒ T =

⇒ T = 4.25 years

∴ The duration is 4.25 years.

Given:

Principal (P) = ₹350

Rate (R) = 20% per annum

Time (T) = 1.5 years

Formula used:

Simple Interest (SI) = (P × R × T) / 100

Calculation:

SI = (350 × 20 × 1.5) / 100

⇒ SI = (350 × 30) / 100

⇒ SI = 105

∴ The correct answer is option (2).

Given:

Time (T) = 5 years

Amount doubles ⇒ Simple Interest = Principal (P)

Formula used:

SI = (P × R × T) ÷ 100

Calculations:

If SI = P, then:

P = (P × R × 5) ÷ 100

⇒ 1 = (R × 5) ÷ 100

⇒ R = 100 ÷ 5 = 20%

∴ Required rate of interest = 20% per year

Given:

Time (t) = 12 years

Simple Interest (SI) = Principal (P) (since the sum doubles itself)

Formula used:

SI = P × t × r / 100

Calculation:

⇒ SI = P × t × r / 100

⇒ P = P × 12 × r / 100

⇒ r = 100 / 12

⇒ r = 8.33%

∴ The correct answer is option (2).

Given: 

Amount produce in 7 years = Rs.14522

Amount produce in 11 years = Rs.18906

Formula used:

Simple interest (S.I) = (P × R × T)/100

Calculation:

Amount produce in 7 years = Rs.14522

Amount produce in 11 years = Rs.18906

S.I produced in (11 - 7) = 4 years = (18906 - 14522) = Rs.4384

S.I in 1 years = 4384/4 = 1096

Principal = 14522 - (1096 × 7)

⇒ (14522 - 7672) = Rs.6850

∴ The correct answer is Rs.6850.

Concept Used:

In this type of question, number can be calculated by using the below formulae

Formula Used:

If a sum with simple interest rate, amounts to Rs. ‘A’ in y years. and Rs. ‘B’ in z years. then,

P = (A × z – B × y)/(z – y)

Calculation:

Using the above formulae, we have

⇒ P = (10650 × 6 – 11076 × 5)

⇒ P = Rs. 8520

∴ Required principal is Rs. 8520 

A sum becomes Rs. 10650 in 5 years. and Rs. 11076 in 6 years. at simple interest

Interest of 1 year = 11076 – 10650 = Rs. 426

Interest of 5 year = 426 × 5 = 2130

∴ Required principal = 10650 – 2130 = Rs. 8520

Given:

Principal = Rs. 8000

Rate = 10%

Time =   years

Formula used:

SI = (P × t × r)/100

CI = P(1 + r/100)^t - P

P = Principal

t = time

r = rate

Calculation:

SI = (8000 × 12 × 10)/(100 × 5)

⇒ Rs. 1920

CI = 8000[1 + 10/100]² × [1 + 4/100] - 8000

⇒ 8000 × 11/10 × 11/10 × 26/25 - 8000

⇒ 10067.2 - 8000

⇒ 2067.2

Difference = 2067.2 - 1920 = 147.2

∴ Required difference is Rs. 147.2

Shortcut Trick 

So, the difference of CI and SI = 80 + 32 + 32 + 3.2

∴ The Difference of CI and SI = 147.2.

Given:

Amount = 2P

Time = 10 years

Formula used:

SI = (PRT/100) 

Amount = (PRT/100) + P

Calculation:

Amount = (PRT/100) + P

2P = (PR/10) + P 

⇒ P = (PR/10) 

⇒ R = 10%

According to the question, Amount = 3P

3P = (10PT/100) + P 

⇒ 2P = (PT/10)

⇒ T = 20 years

 ∴ Time taken to triple the amount is 20 years.

Shortcut TrickInterest = 2P - P = P = 100% of principle

Time = 10 year

Hence, rate = Interest/Time = 100/10 = 10%

New interest = 3P - P = 2P = 200% of principle

∴ Time = Interest/Rate = 200/10 = 20 Years

Given:

Amount after 3 years = Rs. 715

Amount after 8 years  = Rs. 990

Formula used:

A = P + SI

Where A = amount , P = Principle

And SI = Simple interest

Calculation:

Amount in 3 years = Rs. 715

Now it is given in the question, amount for the time of further 5 years i.e 

Total time = 5 years + 3 years = 8 years.

Amount in 8 years = Rs. 990

SI for 5 years = Amount after 8 years  - Amount after 3 years

⇒ SI for 5 years = 990 - 715 = 275

SI for 1 years = 275/5 = 55

SI for 3 years = 55 × 3 = Rs.165

P = Amount of 3 years - SI of 3 years

⇒ P = 715 - 165 = 550

∴  The sum is Rs. 550

Confusion Points It is given in the question that after further 5 years amount is calculated , so total time will be (5 +3) years = 8 years. not 5 years.

Interest earned for 5 years – Interest earned for 4 years = 375

Let the principal be Rs. P,

⇒ (P × 7.5 × 5) /100 – (P × 7.5 × 4) /100 = 375

⇒ (37.5 × P) /100 – (30 × P) /100 = 375

⇒ (7.5 × P) /100 = 375

∴ P = Rs. 5000

Let P = principal, R = rate of interest and N = time period

Simple interest = PNR/100

Given,

N = 5 years​

Then,

⇒ 2/5 × P = (P × R × 5)/100

⇒ R = 200/25

 %

Given:

Principle = Rs. 2700

Time = 8 months = 8/12 year = 2/3 year

Rate of interest = 5 paisa per month = 5 × 12 paisa per year = 60 paisa per year = 60 %

Formula used:

SI = PRT/100

Calculation:

SI = (2700 × 60 × 2) / (100 × 3)

⇒ 9 × 120

⇒ 1080

∴ The SI will be Rs. 1080.

Given:

The simple interest for 6 years on a sum = 29250

Formula used:

     (Where SI = Simple interest, P = Principle, R = The rate, and T = The time)

Calculation:

Let us assume the sum be P

⇒ The simple interest for the first 2 years at a 7% rate = 

⇒ The simple interest for the next 4 years at a 16% rate =  

⇒ The total simple interest = 29250

⇒ 

⇒ By solving 

⇒ The required sum = P = 37500

∴ The required result will be 37500.

Given:

Principle, P = Rs. 32,000

Rate, r = 8.5%

Time, t = (18 + 31 + 24) / 365 = 73 / 365 = 1 / 5 years

Concept used:

Simple Interest = (P × r × t) / 100

Calculation:

SI = (32,000 × 8.5 × 1 / 5) / 100

⇒ (32 × 85) / 5

⇒ 32 × 17

⇒ Rs. 544