[Solved] Simple Interest MCQ [Free PDF] - Objective Question Answer for Simple Interest Quiz - Download Now! (2024)

1. 10 years
2. 8 years
3. 5 years
4. 6 years

The correct answer is option 2. The detailed solution will be available soon.

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1. 15%
2. 12%
3. 8%
4. 10%

Given:

The amount will triple in 25 years on simple interest.

Formula Used:

SI = PRT / 100

Calculation:

Let Principal amount be x.

Amount = 3x

SI = A - P = 3x - x

SI = 2x

Rate = (SI × 100) / (P × T)

Rate = (2x × 100) / (x × 25)

⇒ Rate = 200 / 25

⇒ Rate = 8%

The correct answer is 8%.

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1. 15%
2. 20%
3. 5%
4. 8%

Given:

A sum of money becomes four times in 20 years at simple interest.

Formula used:

Simple Interest (SI) = P × r × t / 100

Amount (A) = P + SI

Calculation:

Let the principal amount be P.

Amount (A) = 4P

Time (t) = 20 years

Simple Interest (SI) = A - P = 4P - P = 3P

SI = P × r × t / 100

3P = P × r × 20 / 100

⇒ 3 = r × 20 / 100

⇒ 3 = 0.2r

⇒ r = 3 / 0.2

⇒ r = 15%

∴ The correct answer is 15%.

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1. ₹ 5,000
2. ₹ 4,800
3. ₹ 3,000
4. ₹ 3,200

Given:

Principal (P) = ₹30,000

Rate (r) = 10% per annum

Time (t) = 5 years

Amount returned by B = ₹40,000 + 1 watch

Formula used:

Simple Interest (SI) = \(\frac{P \times r \times t}{100}\)

Amount (A) = Principal (P) + Simple Interest (SI)

Calculations:

SI = \(\frac{30000 \times 10 \times 5}{100}\)

⇒ SI = ₹15,000

A = P + SI

⇒ A = ₹30,000 + ₹15,000

⇒ A = ₹45,000

Price of the watch = Total Amount - Amount returned

⇒ Price of the watch = ₹45,000 - ₹40,000

⇒ Price of the watch = ₹5,000

∴ The correct answer is₹5,000.

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1. ₹3500
2. ₹3000
3. ₹4000
4. ₹5000

Given:

Principal (P) = ₹37,500

Rate (r) = 2% per annum

Time (t) = 4 years

Formula used:

Simple Interest (SI) = P × r × t / 100

Calculation:

SI = 37500 × 2 × 4 / 100

⇒ SI = 37500 × 8 / 100

⇒ SI = 300000 / 100

⇒ SI = ₹3000

∴ The correct answer is option 2.

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Simple Interest Question 6

1. Rs. 8946
2. Rs. 8740
3. Rs. 8520
4. Rs. 8800

Simple Interest Question 6 Detailed Solution

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

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Simple Interest Question 7

1. 152.80
2. 150
3. 155
4. 147.20

Simple Interest Question 7 Detailed Solution

Given:

Principal = Rs. 8000

Rate = 10%

Time =\(2\frac{2}{5}\)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.

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Simple Interest Question 8

1. 6850
2. 6900
3. 6800
4. 6750

Simple Interest Question 8 Detailed Solution

Given:

Amount produce in 7 years = Rs.14522

Amountproduce in 11years = Rs.18906

Formula used:

Simple interest (S.I) = (P× R× T)/100

Calculation:

Amount produce in 7 years = Rs.14522

Amountproduce in 11years = Rs.18906

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

S.I in 1years = 4384/4 = 1096

Principal = 14522 - (1096 × 7)

⇒ (14522 - 7672) = Rs.6850

∴ The correct answer is Rs.6850.

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Simple Interest Question 9

1. 30 years
2. 25 years
3. 20 years
4. 15 years

Simple Interest Question 9 Detailed Solution

Given:

Amount = 2P

Time = 10 years

Formulaused:

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

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Simple Interest Question 10

1. 13%
2. \(12\frac{1}{3}\% \)
3. \(14\frac{1}{3}\% \)
4. \(8\% \)

Simple Interest Question 10 Detailed Solution

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

\(\therefore {\rm{\;}}R = 8 % \)%

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Simple Interest Question 11

1. Rs. 36600
2. Rs. 37500
3. Rs. 35400
4. Rs. 38300

Simple Interest Question 11 Detailed Solution

Given:

The simple interest for 6 years on a sum = 29250

Formula used:

\(SI\ =\ {P\ \times R\ \times T \over 100}\) (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 =\(\ {P\ \times 7\ \times 2 \over 100}\ = {14P\over 100}\)

⇒ The simple interest for the next 4 years at a 16% rate =\(\ {P\ \times 16\ \times 4 \over 100}\ = {64P\over 100}\)

⇒ The total simple interest = 29250

⇒\({14P\over 100}\ +\ {64P\over 100}\ =\ 29250\)

\({78P\over 100}\ =\ 29250\)

⇒ By solving

⇒ The required sum = P = 37500

∴ The required result will be 37500.

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Simple Interest Question 12

1. Rs. 550
2. Rs. 555
3. Rs. 544
4. Rs. 540

Simple Interest Question 12 Detailed Solution

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

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Simple Interest Question 13

1. ₹950
2. ₹720
3. ₹540
4. ₹1,080

Simple Interest Question 13 Detailed Solution

Given:

Principle= Rs. 2700

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

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

Formula used:

SI = PRT/100

Calculation:

SI = (2700× 60× 2) / (100× 3)

⇒ 9× 120

⇒ 1080

∴ The SI will be Rs. 1080.

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Simple Interest Question 14

1. Rs. 4,500
2. Rs. 5,000
3. Rs. 3,750
4. Rs. 4,750

Simple Interest Question 14 Detailed Solution

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

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Simple Interest Question 15

1. Rs. 32400
2. Rs. 36810
3. Rs. 40160
4. Rs. 48480

Simple Interest Question 15 Detailed Solution

Let the simple interest of Rs. 12550 was received on a sum of Rs. ‘P’ at a rate of ‘R%’ per annum

∵ Simple interest = (Principal × Rate × Time)/100

⇒ 12550 = (P × R × 5)/100

⇒ PR = 251000

Now, when the sum is doubled,

⇒ Principal = Rs. 2P

⇒ Simple interest after 8 years = (2P × R × 8)/100 = (4/25) PR

∴ Simple interest after 8 years = 4/25 × 251000 = Rs. 40160

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