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Simple & Compound Interest questions for bank exams

Simple and compound interest questions ask for interest, amount, rate or time, and the difference between SI and CI over two or three years. Plutomonk has 1,040 Simple & Compound Interest questions in Prelims and Mains sets of 10, each with a worked solution. They are useful for IBPS PO, SBI PO, IBPS Clerk, SBI Clerk, IBPS RRB and RBI Assistant.

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For two years, CI minus SI equals P × (r/100)². Remember it and you will save a minute per question.

Simple & Compound Interest sample questions with answers

These are from the first Prelims and Mains sets. Try each question before you open the solution.

Q1. Find the simple interest on ₹26,000 at 6% per annum for 5 years.

  1. ₹7,700
  2. ₹7,900
  3. ₹7,800
  4. ₹3,900
  5. ₹9,360
Show answer and solution

Answer: C. ₹7,800

SI = P × R × T / 100 = 26000 × 6 × 5 / 100 = ₹7,800.

Q2. A sum amounts to ₹11,375 in 5 years at 15% simple interest per annum. Find the sum.

  1. ₹7,500
  2. ₹6,500
  3. ₹10,375
  4. ₹6,000
  5. ₹4,875
Show answer and solution

Answer: B. ₹6,500

Amount = P(1 + 75/100). P = 11375 ÷ 1.75 = ₹6,500.

Q3. Find the simple interest on ₹8,500 at 10% per annum for 3 years.

  1. ₹2,450
  2. ₹2,650
  3. ₹11,050
  4. ₹1,275
  5. ₹2,550
Show answer and solution

Answer: E. ₹2,550

SI = P × R × T / 100 = 8500 × 10 × 3 / 100 = ₹2,550.

Q4. Find the simple interest on ₹3,000 at 8% per annum for 6 years.

  1. ₹1,680
  2. ₹1,340
  3. ₹1,540
  4. ₹4,440
  5. ₹1,440
Show answer and solution

Answer: E. ₹1,440

SI = P × R × T / 100 = 3000 × 8 × 6 / 100 = ₹1,440.

Q5. A sum amounts to ₹37,700 in 3 years at 15% simple interest per annum. Find the sum.

  1. ₹11,700
  2. ₹25,500
  3. ₹36,700
  4. ₹27,000
  5. ₹26,000
Show answer and solution

Answer: E. ₹26,000

Amount = P(1 + 45/100). P = 37700 ÷ 1.45 = ₹26,000.

Q6. Find the simple interest on ₹35,000 at 15% per annum for 5 years.

  1. ₹26,250
  2. ₹13,125
  3. ₹26,150
  4. ₹31,500
  5. ₹26,350
Show answer and solution

Answer: A. ₹26,250

SI = P × R × T / 100 = 35000 × 15 × 5 / 100 = ₹26,250.

Q7. Find the simple interest on ₹38,000 at 10% per annum for 4 years.

  1. ₹19,000
  2. ₹15,100
  3. ₹15,200
  4. ₹53,200
  5. ₹7,600
Show answer and solution

Answer: C. ₹15,200

SI = P × R × T / 100 = 38000 × 10 × 4 / 100 = ₹15,200.

Q8. Find the simple interest on ₹26,500 at 15% per annum for 2 years.

  1. ₹7,850
  2. ₹11,925
  3. ₹8,050
  4. ₹7,950
  5. ₹3,975
Show answer and solution

Answer: D. ₹7,950

SI = P × R × T / 100 = 26500 × 15 × 2 / 100 = ₹7,950.

Q9. Find the compound interest on ₹25,000 for 1 year at 10% per annum, compounded half-yearly.

  1. ₹2,500
  2. ₹5,250
  3. ₹2,662.5
  4. ₹2,537.5
  5. ₹2,562.5
Show answer and solution

Answer: E. ₹2,562.5

Half-yearly rate = 5%, 2 periods. CI = 25000[(1 + 5/100)² − 1] = ₹2,562.5.

Q10. Find the compound interest on ₹62,000 for 1 year at 16% per annum, compounded half-yearly.

  1. ₹9,920
  2. ₹10,356.8
  3. ₹10,291.8
  4. ₹10,416.8
  5. ₹10,316.8
Show answer and solution

Answer: E. ₹10,316.8

Half-yearly rate = 8%, 2 periods. CI = 62000[(1 + 8/100)² − 1] = ₹10,316.8.

Q11. At what rate of simple interest will a sum become three times itself in 8 years?

  1. 27%
  2. 37.5%
  3. 30%
  4. 25%
  5. 12.5%
Show answer and solution

Answer: D. 25%

Interest = 2 × P in 8 years ⇒ R = 200/8 = 25%.

Q12. The difference between compound and simple interest on a sum at 10% per annum for 2 years is ₹940. Find the sum.

  1. ₹95,000
  2. ₹94,000
  3. ₹1,88,000
  4. ₹93,500
  5. ₹47,000
Show answer and solution

Answer: B. ₹94,000

Difference = P(R/100)² ⇒ P = 940 × (100/10)² = ₹94,000.

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