What is simple interest? Simple interest is a quick and easy method of calculating the interest charge on a loan. Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.
Important Formulae :
1. Simple interest(S.I) = [latex]\frac{principal(P) \times rate(R) \times time(T)}{100}[/latex]
2. Principal(P) = [latex]\frac{100 \times Simple interest}{Rate \times time}[/latex]
3. Rate = [latex]\frac{100 \times Simple interest}{principal \times time}[/latex]
4. Time = [latex]\frac{100 \times Simple interest}{principal \times rate}[/latex]
5. Amount = Principal+ simple interest (or) Amount = P(1 + [latex]\frac{R \times T}{100} [/latex])
Simple Interest is one of important topic in Quantitative Aptitude Section. In Simple Interest Quiz 3 article candidates can find questions with answer. By solving this questions candidates can improve and maintain, speed, and accuracy in the exams. Simple Interest Quiz 3 questions are very useful for different exams such as IBPS PO, Clerk, SSC CGL, SBI PO, NIACL Assistant, NICL AO, IBPS SO, RRB, Railways, Civil Services etc.

If simple interest on a certain sum of money for 6 years at 5% per annum is same as the simple interest on Rs. 650 for 9 years at the rate of 12% per annum then the sum of money is

A. Rs.2340 B. Rs.3240 C. Rs.2400 D. Rs.3500

If the annual rate of simple interest increases from 8% to 13%, a man’s yearly income increases by Rs. 4800. His principal (in Rs.) is:

A. Rs.90,000 B. Rs.96,000 C. Rs.88,000 D. Rs.1,00,000

A fixes the rate of interest 5% p.a. for first 3 years and for the next 4 years 6% p.a. and for the period beyond 7 years, 7.5% p.a. If A lent out Rs.1800 for 11 years, find the total interest earned by A?

A. Rs.1422 B. Rs.1242 C. Rs.1244 D. Rs.1342

The rate of SI in SBI & BOB are in the ratio of 5:7. A wants to deposit his total savings in two banks in such a way that he receive equal half-yearly interest from both banks. A should deposit in both banks in the ratio of

A. 4:5 B. 7:5 C. 9:5 D. 8:5

Mr. Ravi finds that due to a fall in the rate of interest from 9% to 6%, his yearly income diminishes by Rs.267. His capital is ?

A. Rs.3800 B. Rs.8400 C. Rs.8600 D. Rs.8900