Simple Interest | Math | Chapter 10 | Grade 5 | With Exercises Solution

Simple Interest:

Objectives:

Student will be able to:

1. Define simple interest.
2. Define principal and amount.
3. Show the relationship between principal, amount and interest.
4. Calculate the interest over certain amount for certain time period.

Outcomes:

Students will have learnt to apply the concept of simple interest in their real life. They will understand how the financial institutions work on money.

Materials:

Brochures of different banks and co-operatives, etc.

Simple Interest: Definition/button 

Here you will learn about Principal, Interest and Amount. Let say - when we deposit money in a bank, the bank will give some extra money after certain periods of time. Similarly, if we lend money from the bank for a certain time, we need to pay certain extra money because of lending. This extra money, except the loan amount, is known as interest.

Interest rate depends upon the place/banks where we deposit or borrow money.

Also Check:

Easy ways for Testing Divisibility | Divisibility Rules.
Geometry | Math | Chapter 1 | Grade 5 | With Exercises Solution
The Number System | Math | Chapter 2 | Grade 5 | With Exercises Solution
Prime and Composite Numbers | Math | Chapter 3 | Grade 5 | With Exercises Solution
Fundamental Operations | Math | Chapter 4 | Grade 5 | With Exercises Solution
Measurement System | Math | Chapter 5 | Grade 5 | With Exercises Solution
Mensuration | Math | Chapter 6 | Grade 5 | With Exercises Solution
Unitary Method | Math | Chapter 8 | Grade 5 | With Exercises Solution
Profit and Loss | Math | Chapter 9 | Grade 5 | With Exercises Solution
Simple Interest | Math | Chapter 10 | Grade 5 | With Exercises Solution
Sets | Math | Chapter 13 | Grade 5 | With Exercises Solution
Algebra | Math | Chapter 14 | Grade 5 | With Exercises Solution

Money deposited to or borrowed from the bank is called Principal. The sum of Principal and Interest is known as Amount.

#What is Principal (P)?
The money that is deposited to or borrowed from a bank is called the "Principal"
#What is Interest (I)?
The extra money returned by or given to a bank is called the "Interest"
#What is Amount (A)?
The total money returned by or given to a bank is called the "Amount".

∴ Amount (A) = Principal (P) + Interest (I) alert-success
∴ Interest (I) = Amount (A) - Principal (P) alert-success
∴ Principal (P) = Amount (A) - Interest (I) alert-success

The amount of interest depends upon the principal, interest of rate and time period.

Few examples of simple interest are as follows:

Example 1: The interest on Rs. 100 for 1 year is Rs. 2. Find the interest on Rs. 500 deposited for 1 year.

Solution:
Here,
∵ The interest on Rs. 100 for 1 year = Rs. 2
∴ The interest on Rs. 1 for 1 year = Rs. 2/100 [Note - less means divide]
∴ The interest on Rs. 500 for 1 year = Rs. 2/100 x 500 = Rs. 10 [Note - more means multiplication]
Hence, the interest on Rs. 500 for 1 year is Rs. 10.
∴ Rate of interest (R) = 10%.

Example 2: The interest on Rs. 5,000 for 1 year is Rs 300. Find the interest on Rs. 10,000 for 5 years. How much will he get in total after 5 years?
Solution:
Here,
∵ The interest on Rs. 5,000 for 1 year = Rs. 300
∴ The interest on Rs. 1 for 1 year = Rs. 300/5,000 [Note - Less money, less interest]
∴ The interest on Rs. 10,000 for 1 year = Rs. 300/5,000 x 10,000 [Note - More money more interest]
∴ The interest on Rs. 10,000 for 5 year = Rs. 300/5,000 x 10,000 x 5 = 3,000 [Note - More time more interest]
Now,
∴ Total amount of money he gets back after 5 years (A) = P + I = 10,000 + 3,000 = Rs. 13,000.

Classwork Exercise

Answer the following questions as quickly as possible.

1. Write the rate of interest in the given table on the basis of the given information as quickly as possible.

S.N.	Principal	Time	Interest	Rate of Interest
1	Rs. 100	1 year	Rs. 5	5%
2	Rs. 100	1 year	Rs. 7	7%
3	Rs. 100	1 year	Rs. 12	12%
4	Rs. 100	1 year	Rs. 18	18%
5	Rs. 100	1 year	Rs. 24	24%

Grade 5: Math Subject-Chapter:10 - Simple Interest: Exercise 10.1 (With Solution)/button

1. If the interest on Rs. 100 for 1 year is Rs. 4, find the interest for 1 year on:
a) Rs. 300
Solution:
Here,
∵ The interest on Rs. 100 for 1 year = Rs. 4
∴ The interest on Rs. 1 for 1 year = Rs. 4/100
∴ The interest on Rs. 300 for 1 year = Rs. 4/100 x 300 = Rs. 12
Hence, the interest on Rs. 300 for 1 year is Rs. 12.

b) Rs. 500
Solution:
Here,
∵ The interest on Rs. 100 for 1 year = Rs. 4
∴ The interest on Rs. 1 for 1 year = Rs. 4/100
∴ The interest on Rs. 500 for 1 year = Rs. 4/100 x 500 = Rs. 20
Hence, the interest on Rs. 500 for 1 year is Rs. 20.

c) Rs. 700
Solution:
Here,
∵ The interest on Rs. 100 for 1 year = Rs. 4
∴ The interest on Rs. 1 for 1 year = Rs. 4/100
∴ The interest on Rs. 700 for 1 year = Rs. 4/100 x 700 = Rs. 28
Hence, the interest on Rs. 700 for 1 year is Rs. 28.

d) Rs. 800
Solution:
Here,
∵ The interest on Rs. 100 for 1 year = Rs. 4
∴ The interest on Rs. 1 for 1 year = Rs. 4/100
∴ The interest on Rs. 800 for 1 year = Rs. 4/100 x 800 = Rs. 32
Hence, the interest on Rs. 800 for 1 year is Rs. 32.

e) Rs. 1,000
Solution:
Here,
∵ The interest on Rs. 100 for 1 year = Rs. 4
∴ The interest on Rs. 1 for 1 year = Rs. 4/100
∴ The interest on Rs. 1,000 for 1 year = Rs. 4/100 x 1,000 = Rs. 40
Hence, the interest on Rs. 1,000 for 1 year is Rs. 40.

f) Rs. 5,000
Solution:
Here,
∵ The interest on Rs. 100 for 1 year = Rs. 4
∴ The interest on Rs. 1 for 1 year = Rs. 4/100
∴ The interest on Rs. 5,000 for 1 year = Rs. 4/100 x 5,000 = Rs. 200
Hence, the interest on Rs. 5,000 for 1 year is Rs. 200.

2. If the interest on Rs. 100 for 1 year is Rs. 5, find the interest on the same amount for,

a) 3 years
Solution:
Here,
∵ The interest on Rs. 100 for 1 year = Rs. 5
∴ The interest on Rs. 100 for 3 years = Rs. 5 x 3 = Rs. 15.
Hence, the interest on Rs. 100 for 3 years is Rs. 15.

b) 4 years
Solution:
Here,
∵ The interest on Rs. 100 for 1 year = Rs. 5
∴ The interest on Rs. 100 for 4 years = Rs. 5 x 4 = Rs. 20.
Hence, the interest on Rs. 100 for 4 years is Rs. 20.

c) 6 years
Solution:
Here,
∵ The interest on Rs. 100 for 1 year = Rs. 5
∴ The interest on Rs. 100 for 6 years = Rs. 5 x 6 = Rs. 30.
Hence, the interest on Rs. 100 for 4 years is Rs. 30.

d) 7 years
Solution:
Here,
∵ The interest on Rs. 100 for 1 year = Rs. 5
∴ The interest on Rs. 100 for 7 years = Rs. 5 x 7 = Rs. 35.
Hence, the interest on Rs. 100 for 7 years is Rs. 35.

e) 9 years
Solution:
Here,
∵ The interest on Rs. 100 for 1 year = Rs. 5
∴ The interest on Rs. 100 for 9 years = Rs. 5 x 9 = Rs. 45.
Hence, the interest on Rs. 100 for 9 years is Rs. 45.

f) 10 years
Solution:
Here,
∵ The interest on Rs. 100 for 1 year = Rs. 5
∴ The interest on Rs. 100 for 10 years = Rs. 5 x 10 = Rs. 50.
Hence, the interest on Rs. 100 for 10 years is Rs. 50.

g) 12 years
Solution:
Here,
∵ The interest on Rs. 100 for 1 year = Rs. 5
∴ The interest on Rs. 100 for 12 years = Rs. 5 x 12 = Rs. 60.
Hence, the interest on Rs. 100 for 12 years is Rs. 60.

h) 14 years
Solution:
Here,
∵ The interest on Rs. 100 for 1 year = Rs. 5
∴ The interest on Rs. 100 for 14 years = Rs. 5 x 14 = Rs. 70.
Hence, the interest on Rs. 100 for 14 years is Rs. 70.

3. Find the interest on Rs. 500 for 7 years, if the interest on Rs. 100 is Rs. 4 for 1 year.
Solution:
Here,
∵ The interest on Rs. 100 for 1 year = Rs. 4
∴ The interest on Rs. 1 for 1 year = Rs. 4/100
∴ The interest on Rs, 500 for 1 year = Rs. 4/100 x 500
∴ The interest on Rs. 500 for 7 years = Rs. 4/100 x 500 x 7 = Rs. 140.
Hence, the interest on Rs. 500 for 7 years is Rs. 140.

4. If the interest on Rs. 100 for 1 year is Rs. 5, find the interest on Rs. 800 on 5 years.
Solution:
Here,
∵ The interest on Rs. 100 for 1 year = Rs. 5
∴ The interest on Rs. 1 for 1 year = Rs. 5/100
∴ The interest on Rs, 800 for 1 year = Rs. 5/100 x 800
∴ The interest on Rs. 800 for 5 years = Rs. 5/100 x 800 x 5 = Rs. 200.
Hence, the interest on Rs. 800 for 5 years is Rs. 200.

5. Find the interest on Rs. 100 for 5 years, if the interest on Rs. 100 is Rs. 7 for 1 year.
Solution:
Here,
∵ The interest on Rs. 100 for 1 year = Rs. 7
∴ The interest on Rs. 100 for 5 year = Rs. 7 x 5 = Rs. 35.
Hence, the interest on Rs. 100 for 5 years is Rs. 35.

6. If the interest on Rs. 100 for 1 year is Rs. 3, find the interest on Rs. 1,500 for 6 years?
Solution:
Here,
∵ The interest on Rs. 100 for 1 year = Rs. 3
∴ The interest on Rs. 1 for 1 year = Rs. 3/100
∴ The interest on Rs, 1.500 for 1 year = Rs. 3/100 x 1,500
∴ The interest on Rs. 1,500 for 6 years = Rs. 3/100 x 1,500 x 6 = Rs. 200.
Hence, the interest on Rs. 1,500 for 6 years is Rs. 270.

7. The interest on Rs. 100 for 1 year is Rs. 6. Find the interest for three years.
Solution:
Here,
∵ The interest on Rs. 100 for 1 year = Rs. 6
∴ The interest on Rs. 100 for 3 years = Rs. 6 x 3 = Rs. 18.
Hence, the interest on Rs. 100 for 3 years is Rs. 18.

8. The interest on Rs. 550 for a year is Rs. 64. Find the interest of Rs. 800 for 3 years.
Solution:
Here,
∵ The interest on Rs. 550 for 1 year = Rs. 64
∴ The interest on Rs. 1 for 1 year = Rs. 64/550
∴ The interest on Rs, 800 for 1 year = Rs. 64/550 x 800
∴ The interest on Rs. 800 for 3 years = Rs. 64/550 x 800 x 3 = Rs. 279.27.
Hence, the interest on Rs. 800 for 3 years is Rs. 279.27.

9. The interest on Rs. 700 for a year is Rs. 105. Find the interest for that amount for 2 years.
Solution:
Here,
∵ The interest on Rs. 700 for 1 year = Rs. 105
∴ The interest on Rs. 1 for 1 year = Rs. 105/700
∴ The interest on same amount (Rs, 700) for 2 year = Rs. 105 x 2 = Rs. 210.
Hence, the interest for that amount Rs. 700 for 2 years is Rs. 210.

Search Terms:/button

Simple Interest Grade 5 Exercises Solution., Grade 5 Math Exercises and Solution of Simple Interest., What is Simple Interest?, What is Principal?, What is Amount?, Class 5 Simple Interest exercise., Class 5 Math Simple Interest Formula., Check and learn Simple Interest Grade-Class 5 Math subject., Grade 5 Math Chapter 10 Exercise 10.1 Solutions., Math Simple Interest exercise 10.1 Solution of Grade-Class 5., Easy way to learn Simple Interest Class 5. alert-info