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Question 1: If a sum of money becomes double itself in 5 years at a certain rate of simple interest, what is the rate of interest?
Question 1: If a sum of money becomes double itself in 5 years at a certain rate of simple interest, what is the rate of interest?
- B) 15% (correct)
- A) 10%
- D) 25%
- C) 20%
Question 2: If the simple interest on a certain amount of money for 3 years at 8% per annum is ₹720, what will be the principal amount?
Question 2: If the simple interest on a certain amount of money for 3 years at 8% per annum is ₹720, what will be the principal amount?
- C) ₹2,600
- B) ₹2,400 (correct)
- A) ₹2,000
- D) ₹3,000
Question 3: At what rate of simple interest will a sum of money become three times in 10 years?
Question 3: At what rate of simple interest will a sum of money become three times in 10 years?
- D) 35%
- B) 25%
- C) 30%
- A) 20% (correct)
Question 4: Ravi invested ₹5,000 at a certain rate of simple interest and received ₹750 as interest after 3 years. What was the rate of interest?
Question 4: Ravi invested ₹5,000 at a certain rate of simple interest and received ₹750 as interest after 3 years. What was the rate of interest?
Question 5: What is the simple interest on ₹8,000 at 6% per annum for 4 years?
Question 5: What is the simple interest on ₹8,000 at 6% per annum for 4 years?
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Study Notes
Simple Interest
- If a sum of money becomes double itself in 5 years, the rate of simple interest is 20% per annum.
Finding Principal Amount
- If the simple interest on a certain amount of money for 3 years at 8% per annum is ₹720, the principal amount can be found.
Tripling of Money
- At a certain rate of simple interest, a sum of money will become three times in 10 years.
Investment and Interest
- Ravi invested ₹5,000 at a certain rate of simple interest and received ₹750 as interest after 3 years, so the rate of interest can be determined.
Calculating Simple Interest
- The simple interest on ₹8,000 at 6% per annum for 4 years is ₹1,920.
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