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Simple Interest Questions and Answers for IBPS/SBI Exams

Simple Interest Questions and Answers for IBPS/SBI & Other banking Exams

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Simple Interest Questions and Answers

Principal or Sum: The money borrowed or lent out for a certain period at a certain rate is called Principal or the Sum.
Interest: Extra money paid by the borrower for using others money is called Interest.
Simple Interest: If the interest on a sum borrowed at a certain rate for a certain period is given uniformly,then it is called Simple Interest.
Important Formulae:
Principal = P
Rate = R% per annum
Time = T years. Then,
(i)Simple Interest (S.I) =(P*R*T)/100
(ii) Principal (P) = (100*S.I)/(R*T)
(iii) Rate(R) = (100*S.I)/ (P*T)
(iv) Time Period (T) = (100*S.I)/ (P*R)
(v) Amount (A) = P + S.I
= P (1 + RT / 100)


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