Different Simple interest problems explained

In middle class mathematics and in the consumer arithmetic chapter, simple interest concept and simple interest problems are very important. 

Different Simple interest problems explained

In bank exams or in RRB exams or in some competitive exams also there will be simple interest problems. By this we can understand the importance of simple interest concept. So it is important to know meaning and formula of simple interest. Always there won’t be straight problems on simple interest, indirect problems will be there. So we need to different types of problems based on simple interest. Here I have given some simple interest problems on how to find rate of interest or time period or amount or principal.

Simple interest problems with solutions:

The simple interest on Rs.3000 after 2 years is Rs.1200, and then find the rate of interest.

Solution:

Given

            P = Rs.3000

            T = 2 years

            S.I = Rs.1200

We know that

Different Simple interest problems explained

                       

                       

 

 

    1200 = 60 × R

   1200/60 =R

     20 = R

  Therefore, R = 20%

If the simple interest(S.I) on a certain sum of money for 6 years at 20% per annum is Rs.170. Find the principal (P).

Solution

Given

            T = 6 years

            R = 20%

            S.I = Rs.170

As we know that

Different Simple interest problems explained

    170 × 5 = 6P

    850/6 =P

   141.67= P

Therefore, Principal, P = Rs.141.67

If Rs.6000 is invested at 6% per annum, then find the amount received after one year.

Solution

Given

            P = Rs.6000

            R = 6%

            T = 1 year

We know that

Simple interest problems explained

         = 60 × 6

          = 360

 S.I = Rs.360

Amount = P + S.I

            = Rs.6000 + Rs.360

            = Rs.6360

If principal Rs.500 is invested at 4% rate of interest. The S.I is given as Rs.125. find the time period

Solution

Given

            P = Rs.500

            R = 4%

            S.I = Rs.125

We know that

Simple interest problems explained

  125 = 20 × T

  125/20 = T

  25/4 = T

  6.25 = T

6 years and 3 months = T

Therefore, time period T = 6 years and 3 months

Hope the above different types of simple interest problems will help you.

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