alleryFind the simple interest on Rs 10,000 borrowed at 15 per cent per annum for 2 years.
ARs 1,500
BRs 2,500
CRs 3,000
DRs 3,500
Answer & Solution
Correct answer: C. Rs 3,000
1. Interest for one year = (15/100) x 10000 = Rs 1,500.
2. Under simple interest the principal never changes.
3. Interest for 2 years = 1500 x 2 = Rs 3,000.
4. The amount repayable would be 10000 + 3000 = Rs 13,000.
_Source: syllabus Maths Ch7 'Comparing Quantities', Example 7_
Keep practising Simple & Compound Interest
Browse all Simple & Compound Interest questions for IBPS Clerk, or explore more Quantitative Aptitude topics.
Related questions
For the same principal, rate and a period of one year, compound interest compounded annualAt simple interest, a sum doubles itself in 8 years. The annual rate is:Find the simple interest on 5,000 at 8% per annum for 3 years.For 10,000 at 10% per annum for 2 years, compound interest exceeds simple interest by:20,000 is borrowed for 2 years at 8% compounded annually. The compound interest is:Compound interest differs from simple interest because compound interest is calculated on:Find the simple interest on 15,000 at 5% per annum for 2 years.A sum of 10,000 is borrowed at 15% per annum simple interest for 2 years. The amount repay