Simple Interest MCQ Questions and answers-

1.Sam borrowed some money from his friend at simple interest of 6% per annum. He returned his friend Rs. 15600. After how much time did Sam return the money if he borrowed Rs. 12000?
Veiw Answer
ANSWER: 5 years
Explanation:
Amount = Principal + Simple Interest
Simple Interest = 15600- 12000 = Rs. 3600
Simple Interst = (PRT)/100
Where p = principal , R= rate of interest and T= time period
3600 = (12000x6xT)/100
T=5 year

2. Kabir paid Rs. 9600 as interest on a loan he took 5 years ago at 16% rate of simple interest. What was the amount he took as loan?
Veiw Answer
ANSWER: Rs. 12000
Explanation:
Simple Interst = (PRT)/100
Where p = principal , R= rate of interest and T= time period
9600 = (px16x5)/100
P=Rs. 12000

3. Suresh for 2 years invested Rs. 500 in SBI. He also invested Rs. 300 in ICICI for 4 years. At the end he received Rs. 220 from both banks as simple interest. What must have been rate of interest?
Veiw Answer
ANSWER: 10%

Simple Interst = (PRT)/100
Where p = principal , R= rate of interest and T= time period
Total SI = SI from SBI and SI from ICICI
220 = (500xRx2)/100 + (300xRx4)100
220 =  10R + 12R 
R = 10% = Rate of Interest

4. Raman paid Rs. 11400 as interest after 9 years. He had borrowed some money at rate of 6% for first two years, 9% for next three years and 14% for rest of the period. How much money did he borrow?
Veiw Answer
ANSWER: Rs. 12000 Explaination

Simple Interst = (PRT)/100
Where p = principal , R= rate of interest and T= time period
Time Periods are 2 years, 3 years and (9-2-3=)4 year 
11400=(px6x2)/100 + (Px9x3)/100 + (Px14x4)/100
P=Rs.12000

5. Aman invests Rs. 8000 at some rate of interest. Being simple interest the money doubles in 5 years. Raj sees this and invests Rs. 6250 for 3 years at same rate of interest. How much interest does Raj get?
Veiw Answer
ANSWER: Rs. 3750

6. If simple interest for 2 years for a sum is Rs. 600 and compound interest for the same sum for 2 years and same rate of interest is Rs. 645, what will be the rate of interest?
Veiw Answer
ANSWER: 15%

7. In 4 years the simple interest on certain sum of money is 9/25 of the principal. The annual rate of interest is
Veiw Answer
ANSWER: 9% Explanation:
    Tip:
    Simple Interest = (PRT)/100
Where p = principal , R= rate of interest and T= time period in year
______________
Here, Simple Interest = 9/25 of principal = 
9/25p = (PxRx4)/100
R=9%