This Article consist of most important ” Simple Interest Questions and Answers ” that are mostly asked in all competitive exams. We collected these questions from the students who appeared in exams. Now try to solve these questions.
Simple Interest Questions and Answers
Question : 1 Arun took a loan of Rs. 1400 with simple interest for as many years as the rate of interest. If he paid Rs.686 as interest at the end of the loan period, what was the rate of interest?
A. 8%
B. 6%
C. 4%
D. 7%
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Correct Answer : D
Explanation :
Let rate = R%
Then, Time, T = R years
P = Rs.1400
SI = Rs.686
SI= PRT/100⇒686 = 1400 × R × R/100
686=14R^2
⇒49=R^2
⇒R=7
i.e.,Rate of Interest was 7%
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Question : 2 How much time will it take for an amount of Rs. 900 to yield Rs. 81 as interest at 4.5% per annum of simple interest?
A. 2 years
B. 3 years
C. 1 year
D. 4 years
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Correct Answer : A
Explanation :
P = Rs.900
SI = Rs.81
T = ?
R = 4.5%
T= 100×81/900×4.5 = 2 years
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