Preparing for the Sainik School, Navodaya Vidyalaya, or RIMC Class 6 entrance exams? Simple Interest is a key topic in your math syllabus, and mastering it can give you a competitive edge! These exams test not just your knowledge but your ability to solve problems quickly and accurately. We have created this exclusively for your exam prep! It includes 50 MCQs that mirror the pattern, difficulty, and creativity of questions asked in previous years’ entrance papers. Whether it’s calculating interest for a loan, finding rates, or converting time units, we’ve covered all twists you might face!
What is Simple Interest?
Simple Interest is the extra amount you pay or earn when you borrow or invest money. Banks use this to give interest on savings, and lenders charge it when you take a loan.
Now, here’s the magic formula to calculate it:
SI = (P × R × T) / 100
Where:
P (Principal) = The original money borrowed or invested.
R (Rate of Interest) = How much percentage extra is charged per year.
T (Time) = The number of years the money is borrowed or invested.
Pro Tips for Solving Simple Interest Questions Fast
Use the Short Formula for SI: Instead of always using SI = (P × R × T) / 100, remember:
- For 1 year: SI = (P × R) / 100
- For multiple years: Multiply the yearly interest by time directly.
Convert Percentages into Fractions: Example: 10% = 1/10, 5% = 1/20
- This helps in mental calculations instead of dividing by 100 every time.
Use the Trick for Finding SI Quickly:
- If P = ₹1000, R = 8%, T = 3 years:
- SI = (P × R × T) / 100 = (1000 × 8 × 3) / 100
- Shortcut: 8 × 3 = 24% of 1000 = ₹240
Find Principal, Rate, or Time Easily:
- P = (SI × 100) / (R × T)
- R = (SI × 100) / (P × T)
- T = (SI × 100) / (P × R)
Tip: Plug in values smartly instead of writing long calculations.
Shortcut for SI When Time is in Months:
- Instead of using years, convert months to a fraction of a year.
- Example: 6 months = 6/12 = 0.5 years
Quick Approximation for Large Numbers:
- If the values are large, round them off slightly to estimate the answer before detailed calculation.
Memorize Common SI Values:
- SI for ₹1000 at 10% per year for 1, 2, 3 years
- SI for ₹500 at 5% per year
This helps in quickly comparing answers in MCQs.
50 MCQs on Simple Interest
Each question has 4 options. You can note down your answers on paper or in a notebook, or you can use our free OMR sheets for better practice and check them with ours, which are given at the end. Good luck!
1. Aryan borrowed ₹2,000 at 5% per annum. After 3 years, how much interest will he pay?
a) ₹300
b) ₹350
c) ₹400
d) ₹450
2. If the principal is ₹5,000, rate is 4% p.a., and time is 2.5 years, what is the total amount?
a) ₹5,200
b) ₹5,400
c) ₹5,600
d) ₹5,500
3. How much time will it take for ₹1,200 to earn ₹180 as interest at 6% p.a.?
a) 2 years
b) 2.5 years
c) 3 years
d) 4 years
4. At what rate will ₹8,000 double itself in 10 years?
a) 8%
b) 10%
c) 12%
d) 15%
5. ₹10,000 amounts to ₹12,500 in 5 years. What is the simple interest?
a) ₹1,500
b) ₹2,000
c) ₹2,500
d) ₹3,500
6. Ravi invested ₹3,000 at 6% p.a. for 4 years. What is the interest earned?
a) ₹720
b) ₹600
c) ₹680
d) ₹820
7. The simple interest on a sum is ₹900 at 5% p.a. for 3 years. What is the principal?
a) ₹6,000
b) ₹4,500
c) ₹5,000
d) ₹7,000
8. A loan of ₹15,000 is taken at 8% p.a. for 2.5 years. What is the total repayment amount?
a) ₹18,000
b) ₹17,500
c) ₹16,500
d) ₹18,500
9. If ₹4,000 earns ₹600 in interest in 3 years, what is the rate of interest?
a) 4%
b) 5%
c) 6%
d) 7%
10. How much principal will earn ₹1,440 as interest in 4 years at 6% p.a.?
a) ₹4,000
b) ₹5,000
c) ₹6,000
d) ₹8,000
11. A sum becomes ₹4,800 in 5 years at 8% p.a. What was the principal?
a) ₹3,200
b) ₹3,500
c) ₹3,600
d) ₹4,000
12. ₹7,500 is lent at 12% p.a. for 8 months. What is the interest?
a) ₹600
b) ₹500
c) ₹720
d) ₹800
13. The interest on ₹2,500 for 6 years equals the principal. What is the rate?
a) 12.5%
b) 16.66%
c) 10%
d) 8.33%
14. A sum doubles in 12.5 years. What is the rate?
a) 6%
b) 8%
c) 10%
d) 12%
15. Riya saves ₹2,000 at 4% p.a. for 18 months. How much interest does she earn?
a) ₹120
b) ₹160
c) ₹100
d) ₹140
16. A farmer borrowed ₹12,000 at 5% p.a. After 4 years, how much will he repay?
a) ₹15,000
b) ₹13,500
c) ₹14,000
d) ₹14,400
17. At what rate will ₹9,000 earn ₹2,700 in 5 years?
a) 5%
b) 5%
c) 6%
d) 10%
18. ₹1,800 becomes ₹2,160 in 4 years. What is the rate?
a) 5%
b) 6%
c) 7%
d) 8%
19. A shopkeeper borrowed ₹20,000 at 10% p.a. and repaid ₹26,000. For how long did he borrow?
a) 2 years
b) 3 years
c) 4 years
d) 5 years
20. If the simple interest is ₹480 for 3 years at 8% p.a., find the principal.
a) ₹2,000
b) ₹1,800
c) ₹2,200
d) ₹2,500
21. ₹5,000 is invested at 7.5% p.a. How much interest is earned in 2 years?
a) ₹650
b) ₹700
c) ₹750
d) ₹800
22. A sum of ₹6,000 amounts to ₹7,800 in 5 years. What is the rate?
a) 5%
b) 6%
c) 8%
d) 10%
23. If ₹X becomes ₹3X in 20 years, what is the rate?
a) 10%
b) 15%
c) 20%
d) 25%
24. A bank charges 12% p.a. interest on loans. If Mohit repays ₹8,960 after 4 years, what did he borrow?
a) ₹5,600
b) ₹6,000
c) ₹6,400
d) ₹7,000
25. Simple interest on ₹4,500 for 146 days (1 year = 365 days) at 10% p.a. is:
a) ₹180
b) ₹200
c) ₹160
d) ₹220
26. ₹800 becomes ₹1,000 in 5 years. What is the rate?
a) 3.5%
b) 4%
c) 5%
d) 6%
27. A principal earns ₹1,200 as interest in 5 years at 6% p.a. What is the principal?
a) ₹3,000
b) ₹4,000
c) ₹5,000
d) ₹6,000
28. If the simple interest is 1/5th of the principal in 4 years, what is the rate?
a) 7%
b) 8%
c) 9%
d) 5%
29. A sum triples in 15 years. What is the rate?
a) 10%
b) 12.5%
c) 13.33%
d) 15%
30. ₹2,500 is invested at 8% p.a. for 1.5 years. What is the amount?
a) ₹2,800
b) ₹2,750
c) ₹2,900
d) ₹2,950
31. A student borrows ₹3,000 at 3% p.a. for 3 years. What is the total repayment?
a) ₹3,270
b) ₹3,300
c) ₹3,500
d) ₹3,450
32. ₹10,000 becomes ₹12,000 at 5% p.a. How long was it invested?
a) 3 years
b) 4 years
c) 5 years
d) 6 years
33. If the interest on ₹5,000 is ₹1,200, and the rate is 6% p.a., find the time.
a) 2 years
b) 3 years
c) 4 years
d) 5 years
34. A man earned ₹2,400 as interest in 4 years at 5% p.a. What was his principal?
a) ₹10,000
b) ₹12,000
c) ₹15,000
d) ₹18,000
35. ₹7,200 is lent at 10% p.a. for 3 years. What is the amount?
a) ₹9,360
b) ₹9,600
c) ₹9,000
d) ₹10,000
36. To buy a bicycle, Rohan borrowed ₹5,000 at 8% p.a. for 9 months. What is the interest?
a) ₹300
b) ₹250
c) ₹400
d) ₹350
37. A sum of ₹X at 10% p.a. becomes ₹2,200 in 2 years. What is X?
a) ₹1,800
b) ₹1,500
c) ₹2,000
d) ₹1,600
38. The simple interest on ₹6,000 for 8 months at 9% p.a. is:
a) ₹360
b) ₹420
c) ₹450
d) ₹480
39. A principal becomes ₹8,400 in 5 years at 8% p.a. What is the principal?
a) ₹5,000
b) ₹5,500
c) ₹6,000
d) ₹6,500
40. If ₹1,500 earns ₹225 in 3 years, what is the rate?
a) 5%
b) 6%
c) 7%
d) 8%
41. A sum of ₹4,000 is lent at 5% p.a. for 2.5 years. What is the total amount?
a) ₹4,200
b) ₹4,300
c) ₹4,400
d) ₹4,500
42. A loan of ₹25,000 at 12% p.a. for 3 years. What is the total repayment?
a) ₹31,000
b) ₹32,000
c) ₹33,500
d) ₹34,000
43. ₹9,000 becomes ₹10,800 in 4 years. What is the rate?
a) 4%
b) 5%
c) 6%
d) 7%
44. The simple interest on ₹2,000 for 15 months at 8% p.a. is:
a) ₹200
b) ₹160
c) ₹240
d) ₹180
45. A sum doubles in 8 years. What is the rate?
a) 10%
b) 20%
c) 15%
d) 12.5%
46. ₹3,000 is invested at 4% p.a. for 5 years. What is the interest?
a) ₹500
b) ₹600
c) ₹700
d) ₹800
47. If the interest on ₹8,000 is ₹1,600 in 4 years, what is the rate?
a) 4%
b) 5%
c) 6%
d) 8%
48. A sum of ₹12,000 amounts to ₹15,600 in 6 years. What is the rate?
a) 5%
b) 6%
c) 7%
d) 8%
49. ₹500 earns ₹75 in 3 years. What is the rate?
a) 3%
b) 4%
c) 5%
d) 6%
50. A principal of ₹1,800 earns ₹432 in 4 years. What is the rate?
a) 4%
b) 5%
c) 6%
d) 8%
Check Your Answers
Below are the correct answers to the MCQs on Simple Interest. Download the PDF to compare your responses and track your progress. For better practice, use our free OMR sheets to simulate the real exam experience.
Explanation + MCQ Video
Struggling with tricky problems or need a quick recap? Check out our exclusive video tutorial designed for Sainik School, Navodaya Vidyalaya, and RIMC aspirants on Simple Interest!
