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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