Simple Interest Practice Questions are one of the most frequently asked topics in competitive and academic exams. Whether you’re preparing for SSC, Railways, Banking, or board-level math exams, understanding how to solve simple interest questions quickly and accurately is crucial.
This post—Simple Interest Practice Questions Set 01—includes a variety of problem types that appear in government job exams. Each question is carefully selected to match the latest exam patterns and includes explanations for better understanding.
Get ready for your upcoming competitive exams with Simple Interest Practice Questions Set 01. Practice essential questions for SSC, Railways, Banking, and academic tests with detailed solutions and tips.
Q1. Find the simple interest on ₹2000 for 3 years at 5% per annum.
A) ₹200
B) ₹250
C) ₹300
D) ₹400
Correct Option is: C) ₹300
Explanation:
Simple Interest (SI) = (P × R × T) / 100
= (2000 × 5 × 3) / 100
= (30000) / 100 = ₹300
Q2. What sum will earn ₹480 as interest in 4 years at 6% per annum?
A) ₹1800
B) ₹2000
C) ₹2100
D) ₹2200
Correct Option is: B) ₹2000
Explanation:
SI = (P × R × T) / 100
480 = (P × 6 × 4) / 100
480 = (24P) / 100
P = (480 × 100) / 24 = ₹2000
Q3. How many years will ₹1500 take to amount to ₹1950 at 6% per annum?
A) 5 years
B) 4.5 years
C) 3 years
D) 6 years
Correct Option is: C) 3 years
Explanation:
SI = Amount – Principal = 1950 – 1500 = ₹450
SI = (P × R × T) / 100
450 = (1500 × 6 × T) / 100
450 = (90T)
T = 450 / 90 = 5 years
Q4. A person lent ₹3000 for 2 years and got ₹480 as interest. What was the rate of interest?
A) 5%
B) 6%
C) 7%
D) 8%
Correct Option is:
Explanation:
SI = (P × R × T) / 100
480 = (3000 × R × 2) / 100
480 = 6000R / 100
480 = 60R → R = 8%
Q5. The interest on a certain sum of money at 10% per annum for 1.5 years is ₹600. Find the principal.
A) ₹3500
B) ₹4000
C) ₹4500
D) ₹5000
Correct Option is: D) ₹4000
Explanation:
SI = (P × R × T) / 100
600 = (P × 10 × 1.5) / 100
600 = (15P) / 100
P = (600 × 100) / 15 = ₹4000
Q6. Find the total amount after 2 years if ₹1800 is invested at 5% simple interest per annum.
A) ₹1980
B) ₹1985
C) ₹2000
D) ₹2100
Correct Option is: C) ₹1980
Explanation:
SI = (1800 × 5 × 2) / 100 = 180
Amount = Principal + SI = 1800 + 180 = ₹1980
Q7. Ram borrowed ₹2500 for 4 years at 3% per annum. What interest will he pay?
A) ₹280
B) ₹300
C) ₹320
D) ₹350
Correct Option is: C) ₹300
Explanation:
SI = (2500 × 3 × 4) / 100 = (30000) / 100 = ₹300
Q8. What is the simple interest on ₹1200 at 12% per annum for 5 years?
A) ₹600
B) ₹700
C) ₹720
D) ₹750
Correct Option is: C) ₹720
Explanation:
SI = (1200 × 12 × 5) / 100
= (72000) / 100 = ₹720
Q9. How much time will ₹1000 take to earn ₹250 as interest at 5% per annum?
A) 3 years
B) 4 years
C) 5 years
D) 6 years
Correct Option is: C) 5 years
Explanation:
SI = (P × R × T) / 100
250 = (1000 × 5 × T) / 100
250 = 50T → T = 5 years
Q10. A sum of ₹4000 earns ₹1000 as simple interest in 5 years. Find the rate of interest.
A) 4%
B) 5%
C) 6%
D) 8%
Correct Option is: B) 5%
Explanation:
SI = (P × R × T) / 100
1000 = (4000 × R × 5) / 100
1000 = 20000R / 100
1000 = 200R → R = 5%
Conclusion:
Regular practice of Simple Interest Practice Questions is essential to boost your confidence and accuracy in exams. This Simple Interest Practice Questions Set 01 is designed to help you evaluate your preparation level and improve your problem-solving speed.
Attempt Now Simple Interest Practice Questions Set 02, where you’ll face moderate to high-level problems designed for UPSC, IBPS, and SSC CGL mains.
Start practicing now and take a step closer to success!
Want More Practice Sets On Different Topics(Check Below):
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