Simple and Compound Interest MCQ for Competitive Exams

Simple and Compound Interest MCQ Questions with Answers & Solutions | Competitive Exams

📚 What’s Inside?

  • ✅ 30+ Important MCQs on Simple and Compound Interest
  • 📆 Based on actual questions from previous year exams
  • 🧠 Includes detailed solutions and explanations
  • ✍️ Medium: English
  • 📊 Suitable for: SSC CGL, CHSL, Bank PO/Clerk, RRB NTPC, Group D, CDS, and more

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1. 
If at same rate of interest, in 2 years, the simple interest is ₹42 and compound interest is ₹51, then what is the principal (in ₹)?

2. 
Mandar has two grandsons ketan and Tushar. 11 year old ketan gets some money from Mandar's wealth and 12 year old Tushar gets rest of the money, But ketan and Tushar will get money only when they turn 22 years old. Till then the money is in a bank getting interest at rate 8% compounded annually. When both turn 22, they receive the same amount. How much had Mandar given Tushar (in₹) initially, if total money with Mandar was ₹24700?

3. 
Vipul invests a sum of ₹5400 and Vijay invests a sum of ₹9400 at the same rate of simple interest per annum. If, at the end of 5 years, Vijay gets ₹840 more interest than Vipul, then find the rate of interest per annum (in percentage).

4. 
Sarang invested some money in HDFC at 4% per annum rate of interest. What would be the corresponding simple interest(in₹) if after 2 years, Sarang got ₹153 as compound interest, considering annual compounding?

5. 
Amit invests a sum of ₹5400 and Gopal invests a sum of ₹9400 at the same rate of simple interest per annum. If, at the end of 4 years, Gopal gets ₹480 more interest than Amit, then find the rate of interest per annum (in percentage).

6. 
Nitin has ₹1617 with him. He divided it amongst his sons Pravin and Rishi and asked them to invest it at 10% rate of interest compounded annually. It was seen that Pravin and Rishi got same amount after 17 and 18 years respectively. How much (in ₹) did Nitin give to Pravin?

7. 
Vijay has ₹1224 with him. He divided it amongst his sons Ajay and Prakash and asked them to invest it at 4% rate of interest compounded annually. It was seen that Ajay and Prakash got same amount after 18 and 19 years respectively. How much (in ₹) did Vijay give to Prakash?

8. 
The simple interest on a principal amount (in ₹) is ₹318 for a period of 2 years at the rate of 6% per annum. The principal amount (in ₹) is:

9. 
Mahesh has ₹1617 with him. He divided it amongst his sons Vijay and Ajay and asked them to invest it at 10% rate of interest compounded annually. It was seen that Vijay and Ajay got same amount after 13 and 14 years respectively. How much (in ₹) did Mahesh give to Vijay?

10. 
The simple interest on a principal amount (in ₹) is ₹824 for a period of 4 years at the rate of 8% per annum. The principal amount (in ₹) is:

11. 
Shan has ₹1612 with him. He divided it amongst his sons Piyush and Manoj and asked them to invest it at 8% rate of interest compounded annually. It was seen that Piyush and Manoj got same amount after 12 and 13 years respectively. How much (in ₹) did Shan give to Piyush?

12. 
When difference between compound and simple interest for three years is ₹244 at 5% interest per annum, the principal is ₹______

13. 
Mahesh has ₹1617 with him. He divided it amongst his sons Vijay and Ajay and asked them to invest it at 10% rate of interest compounded annually. It was seen that Vijay and Ajay got same amount after 15 and 16 years respectively. How much (in₹) did Mahesh give to Vijay?

14. 
Amit invests a sum of ₹5400 and Gopal invests a sum of ₹9400 at the same rate of simple interest per annum. If, at the end of 6 years, Gopal gets ₹960 more interest than Amit, then find the rate of interest per annum (in percentage).

15. 
Manoj has ₹1612 with him. He divided it amongst his sons Anand and Anil and asked them to invest it at 8% rate of interest compounded annually. It was seen that Anand and Anil got same amount after 13 and 14 years respectively. How much (in ₹) did Manoj give to Anand?

16. 
If at same rate of interest, in 2 years, the simple interest is ₹40 and compound interest is ₹65, then what is the principal (in₹)?

17. 
Amit invests a sum of ₹5400 and Gopal invests a sum of ₹9400 at the same rate of simple interest per annum. If, at the end of 3 years, Gopal gets ₹840 more interest than Amit, then find the rate of interest per annum (in percentage).

18. 
When difference between compound and simple interest for three years is ₹228 at 4% interest per annum, the principal is ₹______

19. 
Find the simple interest (in₹) on ₹3500 as a sum borrowed at 7% per year rate of interest for 6 years.

20. 
A sum invested at 5% simple interest per annum grows to ₹806 in 6 years. If the amount remains the same, how much will it grow at a 12% simple interest rate in 5 years?

21. 
Find the simple interest (in ₹) on ₹3000 as a sum borrowed at 7% per year rate of interest for 5 years.

22. 
Rohan deposited ₹500 for 2 years, ₹650 for 4 years and ₹1,300 for 6 years, at the same rate of interest. He received the total simple interest of ₹1,140. What is the rate of interest per annum?

23. 
Find the simple interest (in₹) on ₹2500 as a sum borrowed at 6% per year rate of Interest for 3 years.

24. 
Find the simple interest (in ₹) on ₹3500 as a sum borrowed at 5% per year rate of interest for 5 years.

25. 
Sharad invested two equal amounts for 6 years and 3 years at the rate of 7% and 9% per annum, respectively. The sum of their simple interest is ₹1,587. The invested amount (in ₹) by Sharad is:

26. 
Find the simple interest (in ₹) on ₹2000 as a sum borrowed at 9% per year rate of interest for 2 years.

27. 
Find the simple interest (in₹)on ₹ 3000 as a sum borrowed at 9% per year rate of interest for 3 years.

28. 
Find the simple interest (in ₹) on ₹2500 as a sum borrowed at 7% per year rate of interest for 5 years.

29. 
A borrows ₹89,500 for 3 years at 7% p.a. simple interest. B borrows the same amount at simple interest of 9% for the first year, 8% for the second year, and 7% for the third year. What is the total simple interest (in ₹) paid by A and B?

30. 
What sum (in ₹) will earn a simple interest of ₹240 in 4 years at 12% per year rate of interest?

31. 
Find the simple interest (in ₹) on ₹2500 as a sum borrowed at 4% per year rate of interest for 4 years.

32. 
Find the simple interest (in ₹) on ₹2500 as a sum borrowed at 4% per year rate of interest for 5 years.

33. 
A person deposited ₹2,500 in a bank that pays 8% simple interest. He withdrew ₹1,000 (from amount) at the end of the first year. What will be his balance after 4 years?


Are you preparing for competitive exams like SSC, Banking, Railway, UPSC, or State PSC? One of the most frequently asked topics in Quantitative Aptitude is Simple and Compound Interest.

In this post, we’ve compiled the best MCQ questions on Simple and Compound Interest, collected from previous year exam papers. These questions come with detailed solutions to help you understand the concepts better.


📌 Benefits of Practicing These MCQs

  • Boost your conceptual clarity
  • Learn shortcuts for faster calculation
  • Improve your accuracy and speed in exams
  • Revise important formulas and logic

📝 Topics Covered in the Quiz:

  • Simple Interest (S.I.) Basics
  • Compound Interest (C.I.) Basics
  • Difference between S.I. and C.I.
  • Compound Interest on different compounding frequencies
  • Time and Rate-based variations
  • Formula-based and concept-based questions

🔔 Tip for Aspirants:

Mastering Simple and Compound Interest not only helps in clearing exams but also improves your personal financial understanding!