Aptitude ➤ Simple Interest ➤ Set 1

#### Simple Interest : Important Facts and Formulae

1. Principal:The money borrowed or lent out for a certain period is called the principal or the sum.

2. Interest: Extra money paid for using other's money is called interest.

3. Simple Interest (S.I.) : If the interest on a sum borrowed for a certain period is reckoned uniformly, then it is called simple interest.

Let Principal = P, Rate = R % per annum (p.a.) and Time = T years. Then,

(i) S.I. = (P × R × T ) / 100

(ii) P = (100×S.I)/(R×T) ;
R = (100×S.I)/(P×T)
T = (100×S.I)/(P×R)
Question 1
Q1.  Find the simple interest on Rs. 72,000 at 16 2/3 % per annum for 9 months.
Question 2
Q2.  A sum of Rs. 468.75 was lent out at simple interest and at the end of 1 year 8 months the total amount was Rs. 500. Find the rate of interest per cent per annum.
Question 3
Q3.  A sum at simple interests at 13 ½ % per annum amounts to Rs.2502.50 after 4 years find the sum.
Question 4
Q4.  Mr. Thomas invested an amount of Rs. 13,900 divided in two different schemes A and B at the simple interest rate of 14 % p.a. and 11 % p.a. respectively. If the total amount of simple interest earned in 2 years be Rs. 3508, what was the amount invested in Scheme B ?
Question 5
Q5.  A sum of Rs. 800 amounts to Rs. 920 in 3 years at simple interest. If interest rate is increased by 3 %, it would amount to how much ?

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