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1. Find the simple interest on Rs 400 for 5 years at 6 percent.
  A.   Rs 140
  B.   Rs 120
  C.   Rs 100
  D.   Rs 110
     
   
View Answer

Shortcut:
To find the Simple Interest:
S.I =
p x r x t / 100

p = principal
r = rate
t = time
Here, p = 400, r = 6, t = 5
Using these values in shortcut, we get:
S.I =
400 x 6 x 5 / 100
= 4 x 6 x 5 = 120
Hence, the simple interest is Rs 120.

2. What sum of money will produce Rs 143 interest in 3
1 / 4
years at 2
1 / 2
percent simple interest?
  A.  Rs 1760
  B.  Rs 1660
  C.  Rs 1860
  D.  Rs 1740
     
   
View Answer

Shortcut:
To find the principal:
P =
100 x S.I / rt

P = principal
r = rate
t = time
Here, S.I = 143, r = 5/2, t = 13/4
Using these values in shortcut, we get:
P =
100 x 143 / 5/2 x 13/4
=
100 x 143 x 2 x 4 / 5 x 13
= 20 x 11 x 2 x 4 = 1760
Hence, the principal is Rs 1760.

3. A sum of Rs 468.75 was lent out at a simple interest and at the end of 1 year and 8 months, the total amount was Rs 500. Find the simple interest rate (r%) per annum.
  A.  6%
  B.  3%
  C.  5%
  D.  4%
     
   
View Answer

Shortcut:
To find the rate
r =
100 x S.I / Pt

P = principal
r = rate
t = time
Here, P = 468.75, S.I = 500 − 468.75 = 31.25, t = 1 year 8 months = 1
8 / 12
= 1
2 / 3
=
5 / 3

Using these values in shortcut, we get:
r =
100 x 31.25 / 468.75 x 5/3
=
100 x 3125 x 3 / 46875 x 5
=
20 / 5
= 4
Hence, the rate is 4%.

4. In what time will Rs 8500 amount to Rs 15767.50 at 4
1 / 2
% per annum?
  A.  17 years
  B.  20 years
  C.  19 years
  D.  None of the above
     
   
View Answer

Shortcut:
To find the time
t =
100 x S.I / Pr

P = principal
r = rate
t = time
Here, P = 8500, S.I = 15767.50 − 8500 = 7267.5, r = 4
1 / 2
=
9 / 2
= 4.5
Using these values in shortcut, we get:
t =
100 x 7267.5 / 8500 x 4.5
=
100 x 72675 / 8500 x 45
=
72675 / 85 x 45
= 19
Hence, the time is 19 years.

5. Deepa borrowed Rs 5000 from Prachi at simple interest. After 4 years, Prachi received Rs 1000 more than the amount given to Prachi on loan. The rate of interest was.
  A.  5%
  B.  10%
  C.  2%
  D.  4%
     
   
View Answer

Shortcut:
To find the rate
r =
100 x S.I / Pt

P = principal
r = rate
t = time
Here, P = 5000, S.I = 1000, t = 4
Using these values in shortcut, we get:
t =
100 x 1000 / 5000 x 4
= 4
Hence, the rate is 4%.

6. If 1 Re. produces Rs 9 as interest in 60 years at simple interest, the rate is?
  A.  10%
  B.  5.6%
  C.  5%
  D.  15%
     
   
View Answer

Shortcut:
To find the rate
r =
100 x S.I / Pt

P = principal
r = rate
t = time
Here, P = 1, S.I = 9, t = 60
Using these values in shortcut, we get:
r =
100 x 9 / 1 x 60
= 15
Hence, the rate is 15%.

7. The sum of money that will give Re 1 as interest per day at 5% per annum simple interest is:
  A.  6300
  B.  7300
  C.  7350
  D.  7200
     
   
View Answer

Shortcut:
To find the principal/sum
P =
100 x S.I / rt

P = principal
r = rate
t = time
Here, S.I = 1, r = 5, t = 1/365
Using these values in shortcut, we get:
P =
100 x 1 / 5 x 1/365
=
100 x 1 x 365 / 5 x 1
= 100 x 73 = 7300
Hence, the sum is Rs 7300.

8. A labour borrowed Rs 2400 at 12% interest per annum. At the end of 2
1 / 2
years, he cleared his account by paying Rs 1200 and a bicycle. Find the cost of bicycle.
  A.  Rs 1820
  B.  Rs 1940
  C.  Rs 1920
  D.  None of the above
     
   
View Answer

Shortcut:
To find the Simple Interest:
S.I =
P x r x t / 100

P = principal
r = rate
t = time
Here, P = 2400, r = 12, t = 5/2 or 2.5
Using these values in shortcut, we get:
S.I =
2400 x 12 x 2.5 / 100
= 24 x 12 x 2.5 = 720
Hence, the simple interest is Rs 720.
Total amount he has to pay is A = P + S.I = 2400 + 720 = Rs 3120
He pays Rs 1200 in cash
∴ Remaining Balance = 3120 − 1200 = Rs 1920
Hence, the cost of bicyle is Rs 1920

9. Find the interest on Rs 1200 at 6% per annum for 146 days.
  A.  Rs 26
  B.  Rs 30
  C.  Rs 28
  D.  Rs 28.80
     
   
View Answer

Shortcut:
To find Simple Interest:
S.I =
P x r x t / 100

P = principal
r = rate
t = time
Here, P = 1200, r = 6, t = 146/365
Using these values in shortcut, we get:
S.I =
1200 x 6 x 146 / 100 x 365
=
12 x 6 / 2.5
=
12 x 6 x 2 / 5
=
144 / 5
= 28.8
Hence, the simple interest is Rs 28.80.

10. A man will get Rs 87 as simple interest on Rs 725 at 4% per annum in:
  A.  5 years
  B.  3 years
  C.  4 years
  D.  5 years
     
   
View Answer

Shortcut:
To find the time
t =
100 x S.I / Pr

P = principal
r = rate
t = time
Here, P = 725, S.I = 87, r = 4
Using these values in shortcut, we get:
t =
100 x 87 / 725 x 4
= 3
Hence, the time is 3 years.

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