Calculating Simple Interest Using Formula

Q.

How much time will it take for an amount of $Rs.450$ to yield $Rs.81$ as interest at $4.5\%$ per annum calculated at simple interest?

1. $5$ years

2. $4$ years

3. $6$ years

4. $3$ years

Q.

Mr. Thomas invested an amount of Rs. 13, 900 divided into 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 is Rs.3508, what was the amount invested in scheme B?

1. $Rs.5400$

2. $Rs.5409$

3. $Rs.6409$

4. $Rs.6400$

Q.

A person invests ₹ 10, 000 for two years at a certain rate of interest compounded annually. At the end of one year this sum amounts to ₹ 11, 200 , Calculate;

(i) the rate of interest per annum

(ii) the amount at the end of the second year

1. (i) 12 % (ii) ₹ 12, 000

2. (i) 12 % (ii) ₹ 12, 544

3. (i) 12 % (ii) ₹ 10, 000

4. (i) 10 % (ii) ₹ 12, 000

Q.

What is the compound interest on a sum of Rs 6000 for a time period of 2 years at 10% per year?

1. Rs 1346

2. Rs 1260

3. Rs 2765

4. Rs 1643

Q. David opened a Recurring Deposit Account in a bank and deposited Rs 300 per month for two years. If he received Rs 7725 at the time of maturity, find the rate of interest per annum.
[4 MARKS]

Q.

You have deposited Rs 1000.00 in the bank. The rate of interest is 7% per annum(simple interest). How much money will you have after 5 years?

1. Rs. 350.00

2. Rs. 70.00

3. Rs. 1350.00

4. Rs. 1070.00

Q.

If amount on the principal of Rs. $6,000$ is written as $6000{[1+\frac{5}{100}]}^3$ and compound interest payable half yearly, then rate of interest p.a. is ____ and time in years is ______.

Q. Mohan has a recurring deposit account in a bank for 2 years at 6% p.a. simple interest. If he gets Rs 1200 as interest at the time of maturity, find :
(i) The monthly instalment
(ii) The amount of maturity
[3 MARKS]

Q.

Question 104

Rahim borrowed ₹1024000 from a bank for one year. If the bank charges interest of 5% per annum, compounded half-yearly, what amount will he have to pay after the given time period. Also, find the interest paid by him.

Q. Ram invested a certain amount in the mutual fund and got ₹ 960 as the compound interest on this sum at the interest rate of 40% per annum for 2 years. Find the simple interest on the amount which Ram invested in the bank.

1. ₹ 600
2. ₹ 700
3. ₹ 800
4. ₹ 900

Q.

A principle of Rs. 40, 000 is deposited in a bank which offers a simple interest at a rate of 10% a year. The amount at the end of 2 years is ___

Q. Mrs Mathew opened a Recurring Deposit Account in a certain bank and deposited 640 per month for 4.5 years. Find the maturity value of this account, if the bank pays interest at the rate of 12% per year.

1. None of these
2. Rs 44, 064
3. Rs 34, 560
4. Rs 9, 504

Q.

___ is the sum of money at simple interest that amounts to Rs. 815 in 3 years and to Rs. 854 in 4 years.

Q. While calculating simple interest, the principal remains the same for each year.

1. True
2. False

Q.

Mrs. Jhaluka deposits Rs 1000 every month in a recurring deposit account for a time period of 3 years at 8% interest per annum. What is the matured value?

1. Rs 20, 440

2. Rs 30, 660

3. Rs 40, 440

4. Rs 54, 000

Q.

Simple interest on a certain sum of money for 4 years at 4% per annum exceeds the compound interest on the same sum for 3 years at 5 percent per annum by ₹228. Find the sum.

1. ₹90, 000

2. ₹96, 000

3. ₹95, 000

4. ₹94000

Q.

Find the amount to be paid at the end of 3 years for Rs 7, 500 at $5\%$ p.a.

1. Rs 8700

2. Rs 8625

3. Rs 8500

4. Rs 7625

Q.

Find the rate of interest when $Rs4942$ amounts to $Rs6245$ in $2years$.

Q. The principal for the $2^{nd}$ year on Rs. 1, 500 at 2% per annum compounded annually is:

1. Rs 1, 500
2. Rs 1, 530
3. Rs, 1, 510
4. Rs, 1, 650

Q. A sum of money is invested at C.I. payable annually. The amounts of interest in two successive years are Rs. 2, 700 and Rs. 2, 880. Find the rate of interest.

1. $6\frac{2}{3}\%$
2. $11\frac{7}{3}\%$
3. $7\frac{5}{3}\%$
4. $2\frac{1}{3}\%$

Q.

The compound interest on a certain sum of money at $5\%$ per annum for two years is ₹246. Calculate the simple interest on the same sum for three years at $6\%$ per annum.

1. ₹432

2. ₹430

3. ₹442

4. ₹452

Q. A sum of Rs. $1,550$ was lent partly at $5\%$ and partly at $8\%$ simple interest. The total interest received after $3$ years was Rs. $300$. The ratio of money lent at $5\%$ to $8\%$ is

1. $31:16$
2. $6:5$
3. $31:6$
4. $16:15$

Q. Mr. Gupta opened a Recurring Deposit Account in a bank. He deposited Rs 2, 500 per month for two years. At the time of maturity, he got Rs 67, 500. Find :
(i) The total interest earned by Mr. Gupta
(ii) The rate of interest per annum.
[3 MARKS]

Q.

A principle of Rs. 40, 000 is deposited in a bank which offers a simple interest at a rate of 10% a year. The amount at the end of 2 years is ___

Q.

___ is the sum of money at simple interest that amounts to Rs. 815 in 3 years and to Rs. 854 in 4 years.

Q. On what sum of money lent out at $9\%$ per annum simple interest for $6$ years does the simple interest amount to Rs.$810?$

1. Rs$.2,500$
2. Rs.$1,500$
3. Rs. $1,000$
4. Rs. $2,000$

Q.

A person invested 3 times as much money at $5\%$ as he had invested at $2\%$ per annum simple interest. Further, he invested ₹6000 more at $3\%$ than he had invested at $2\%$. If he total interest from the three investments after a year is ₹980, then the total amount he invested is ______.

1. ₹17600

2. ₹28000

3. ₹20000

4. ₹26000

Q.

You deposit ₹4000 in a bank account at $9\%$ simple interest per year. How much interest would you have earned after 4 years?

1. ₹1440

2. ₹1540

3. ₹1450

4. ₹2440

Q. Anna deposited Rs 200 per month for 36 months in a bank's recurring deposit account. If the bank pays interest at the rate of 11% per annum , what is the amount she gets on maturity (i.e. at the end of 36 months). ?

1. $Rs7200$
2. $Rs1221$
3. $Rs8521$
4. $Noneoftheabove$

Q.

The Simple interest wasn't added to the amount and so there was a correction made in the balance amount by the bank. The incorrect amount was Rs. 6500 and the correct amount was Rs. 7540. What was the interest?

1. Rs. 1400

2. Rs. 1004

3. Rs. 1140

4. Rs. 1040