[Quiz] Simple interest based questions (set 1)

Welcome to Math Quiz Number 48! This quiz comprises a set of questions based on the concept of simple interest. These questions are designed to test students’ understanding of the simple interest concept. All the questions use the formula SI = PRT/100, where SI= simple interest, P = principal amount, R = rate of interest, and T = time. You can use this formula to solve all the problems. The difficulty level of these questions ranges from basic to medium. Please note that calculators and online tools are not permitted to answer the questions. If you encounter any incorrect answers, please feel free to leave a comment. Enjoy the quiz!

In the questions, different currencies are used. Do not be confused by the symbols if you are seeing them for the first time—they are simply currency symbols.
$: US dollar
₹: Indian rupee
¥: Chinese Yuan
€: Euro

1. 
A person lends $5,000 to a friend at a simple interest rate of 5% per annum. What is the interest earned after 3 years?

2. 
If the simple interest on a sum of money at 8% per annum for 2 years is $320, what is the principal?

3. 
A principal of ₹10,000 amounts to ₹11,500 in 3 years at simple interest. Find the rate of interest per annum.

4. 
At a simple interest rate of 6% per annum, how long will it take for a sum of ¥7,500 to earn ¥900 as interest?

5. 
A person borrows €8,000 at 5% simple interest for the first 2 years and at 6% for the next 3 years. Find the total interest after 5 years.

6. 
A person invests \$5,000 at 8% per annum and $3,000 at 10% per annum, both for 3 years. Find the total simple interest earned from both investments.

7. 
If the rate of simple interest increases from 5% to 7%, how much additional interest will be earned on ¥6,000 over 3 years?

8. 
A person borrows ₹20,000 at 5% per annum for 3 years and another ₹15,000 at 6% per annum for 2 years. He repays the total amount at the end of 3 years. What is the total amount repaid, including interest?

9. 
A sum of money earns $960 as interest in 4 years at 8% per annum. If the same money was invested at 10% per annum, how much interest would it earn in 3 years?

10. 
A sum of \$10,000 is split into two parts. One part earns 6% simple interest per annum, and the other earns 8% simple interest per annum. If the total interest after 2 years is \$1,440, find the amounts invested at each rate.

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