# Simple Interest Questions and Answers for IBPS PO & SBI PO , CLERK ## Simple Interest Questions and Answers for IBPS PO & SBI PO , CLERK

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## Simple Interest Questions and Answers

Principal or Sum: The money borrowed or lent out for a certain period at a certain rate is called Principal or the Sum.

Interest: Extra money paid by the borrower for using others money is called Interest.

Simple Interest: If the interest on a sum borrowed at a certain rate for a certain period is given uniformly,then it is called Simple Interest.

Important Formulae:

Principal = P

Rate = R% per annum

Time = T years. Then,

(i)Simple Interest (S.I) =(P*R*T)/100

(ii) Principal (P) = (100*S.I)/(R*T)

(iii) Rate(R) = (100*S.I)/ (P*T)

(iv) Time Period (T) = (100*S.I)/ (P*R)

(v) Amount (A) = P + S.I

= P (1 + RT / 100)

Let us understand the concept of Simple Interest with the help of some egs:

Eg: What is the S.I on Rs.2500/- at the rate of 12% per annum for 8 years?

Sol: Given P = 2500, T = 8 Years, R = 12%

As S.I = PRT / 100

Therefore, S.I = 2500X12X8 / 100

So, S.I = 2400

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Eg: Amit borrowed Rs.5000/- at the rate of 8% S.I and he has to repay the debt after 6 years, then find out how much he has to repay?

Sol: Given P = 5000, T = 6 Years, R = 8%

As S.I = PRT / 100

Therefore, S.I = 5000X8X 6 / 100 = 50 X 8 X 6

So, S.I = 2400

Total amount he has to repay = S.I + Principal

= 2400 + 5000 = Rs 7400

Eg: Ajay borrowed Rs.8000 at the rate of 12% SI, and lent the same sum to Mohit at the rate of 15%. What will be his gain after 7 years?

Sol: Given: Ajay borrowed at 12%

He lent the same sum to Mohit at 15%

Therefore his gain is 15 – 12 =3% for 1 year

Given T = 7 years and P = Rs. 8000

First we will calculate for Rs. 100

For 100,Gain = 3 X 7 = 21

For 1000, Gain = 210

For 8000, Gain = 1680

Therefore his gain = Rs. 1680

Eg: In what time, one can get Rs.1200/- as SI on Rs.5000/- at the rate of 8%?

Sol: Given: S.I. = Rs. 1200        P = Rs. 5000          R = 8%

We have to find time (T)

1200 = 5000 X 8 X T / 100

1200 = 400 T

So, T = 1200/400

T = 3

So, T = 3 years

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August 25, 2019

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