RBI Assistant / Numerical Ability

RBI Assistant Simple and Compound Interest practice questions

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Simple and Compound Interest questions with answers

Question 1 / Simple and Compound Interest

What is the simple interest on Rs. 3,000 at 5% per annum for 2 years?

A. Rs. 450
B. Rs. 300
C. Rs. 150
D. Rs. 3,300

Correct answer

B. Rs. 300

Why

Simple interest = 3000 x 5 x 2 / 100 = 300.

Question 2 / Simple and Compound Interest

What is the simple interest on Rs. 3,200 at 6% per annum for 3 years?

A. Rs. 576
B. Rs. 192
C. Rs. 3,776
D. Rs. 384

Correct answer

A. Rs. 576

Why

Simple interest = 3200 x 6 x 3 / 100 = 576.

Question 3 / Simple and Compound Interest

What is the simple interest on Rs. 3,400 at 8% per annum for 4 years?

A. Rs. 272
B. Rs. 4,488
C. Rs. 816
D. Rs. 1,088

Correct answer

D. Rs. 1,088

Why

Simple interest = 3400 x 8 x 4 / 100 = 1088.

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