Simple Interest

Simple Interest - For SSC CGL/Bank PO

Simple Interest (S.I.) = ( P X R X T)/100

where Principal = P, Rate = R% per annum (p.a.) and Time = T years

Amount = Principal + Simple Interest
 
1.  A sum of money becomes n times in t years at simple interest, then Rate of interest=
2.  A sum of money becomes n times at r% per annum at simple interest, then Time=
3. If any sum is n times of simple interest, then

 

Questions Asked from this Chapter:

 

Question Type 1: Based on Simple Interest Formula

Example:
What sum will amount to Rs 7000 in 5 years at 3*(1/3)% simple interest?
a) Rs 6300
b) Rs 6500
c) Rs 6000
d) Rs 5000
 

Question Type 2: Sum of money becomes "N" times of itself in "T" years at a certain rate of Simple Interest.

Example:

In how many years will a sum of money double itself at 12% per annum?
a) 8 years and 6 months
b) 6 years and 9 months
c) 8 years and 4 months
d) & years and 6 months

Question Type 3: If Simple Interest on a Certain Sum for "N" years is P/Q of the Sum

Example:

Simple interest on a certain sum for 6 years is 9/25 of the sum. The rate of interest is:
a) 6%
b) 6.5%
c) 8%
d) 8.5%

Question Type 4: Based on Difference on S.I. for "X" years & S.I. for "Y" years

Example:

Equal sums of money are lent to X and Y at 7.5% per annum for a period of 4 years and 5 years respectively. If the difference in interest paid by them was Rs 150, the sum lent to each was:
a) Rs 500
b) Rs 1000
c) Rs 2000
d) Rs 3000

 

Question Type 5: Based on Ratio

Example:
A person borrows some money for 5 years and (loan amount:total interest amount = 5:2). The ratio (loan amount:interest rate) is equal to:
a) 2:25
b) 2:1
c) 5:2
d) 25:2