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 6
Q6.  A sum of money at simple interest amounts to Rs. 815 in 3 years and to Rs. 854 in 4 years. The sum is:
Question 7
Q7.  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?
Question 8
Q8.  A sum of Rs. 12,500 amounts to Rs. 15,500 in 4 years at the rate of simple interest. What is the rate of interest?
Question 9
Q9.  Reena took a loan of Rs. 1200 with simple interest for as many years as the rate of interest. If she paid Rs. 432 as interest at the end of the loan period, what was the rate of interest?
Question 10
Q10.  A man took loan from a bank at the rate of 12% p.a. simple interest. After 3 years he had to pay Rs. 5400 interest only for the period. The principal amount borrowed by him was: