SSC CGL – Important Short Tricks to Solve Simple Interest Questions | Download PDF

This article is for the aspirants of various competitive exams like SSC CGL, bank exams like IBPS, IBPS PO and etc. Here we have listed some of the Important Short Tricks to Solve Simple Interest Questions. IBPS PO is one the primary bank exams of all times. Competitive exam preparation has always been a crucial task involving dedication and commitment. Previous Year Questions of Simple Interest For SSC CGL.

This article will help you solve a maximum number of questions in a minimum amount of time. Candidates must take a lot of online IBPS PO mock test for practice.

Simple Interest problems based on this concept are not only a little complicated but also asked very frequently in competitive exams. So let’s establish a relation between terms and formulas that help to solve such Simple Interest formulas. Readers can download the PDF from the link given below.

 

1. 

Reena took a loan of Rs. 1200 with simple interest for as many years as the rate of interest. If she paid Rs. 432 as interest at the end of the loan period, what was the rate of interest?

A. 3.6 B. 6 C. 18 D. Cannot be determined E. None of these

 

 

2. 

A person borrows Rs. 5000 for 2 years at 4% p.a. simple interest. He immediately lends it to another person at 6p.a for 2 years. Find his gain in the transaction per year.

A. Rs. 112.50 B. Rs. 125 C. Rs. 150 D. Rs. 167.50

 

 

3. 

A certain amount earns simple interest of Rs. 1750 after 7 years. Had the interest been 2% more, how much more interest would it have earned?

A. Rs. 35 B. Rs. 245 C. Rs. 350 D. Cannot be determined E. None of these

 

 

4. 

What will be the ratio of simple interest earned by a certain amount at the same rate of interest for 6 years and that for 9 years?

A. 1 : 3 B. 1 : 4 C. 2 : 3 D. Data inadequate E. None of these

 

 

Each of the questions given below consists of a statement and/or a question and two statements numbered I and II given below it. You have to decide whether the data provided in the statement(s) is/are sufficient to answer the given question. Read both statements and

• Give answer (A) if the data in Statement I alone are sufficient to answer the question, while the data in Statement II alone are not sufficient to answer the question.
• Give answer (B) if the data in Statement II alone are sufficient to answer the question, while the data in Statement I alone are not sufficient to answer the question.
• Give answer (C) if the data either in Statement I or in Statement II alone are sufficient to answer the question.
• Give answer (D) if the data even in both Statements I and II together are not sufficient to answer the question.
• Give answer(E) if the data in both Statements I and II together are necessary to answer the question.

 

5. 

The simple interest on a sum of money is Rs. 50. What is the sum? I.  The interest rate is 10% p.a.  II.  The sum earned simple interest in 10 years.

A. I alone sufficient while II alone not sufficient to answer B. II alone sufficient while I alone not sufficient to answer C. Either I or II alone sufficient to answer D. Both I and II are not sufficient to answer E. Both I and II are necessary to answer

 

 

6. 

What percentage of simple interest per annum did Anand pay to Deepak? I.  Anand borrowed Rs. 8000 from Deepak for four years.  II.  Anand returned Rs. 8800 to Deepak at the end of two years and settled the loan.

A. I alone sufficient while II alone not sufficient to answer B. II alone sufficient while I alone not sufficient to answer C. Either I or II alone sufficient to answer D. Both I and II are not sufficient to answer E. Both I and II are necessary to answer

 

 

7. 

What is the sum which earned interest? I.  The total simple interest was Rs. 7000 after 7 years.  II.  The total of the sum and simple interest was double the sum after 5 years.

A. I alone sufficient while II alone not sufficient to answer B. II alone sufficient while I alone not sufficient to answer C. Either I or II alone sufficient to answer D. Both I and II are not sufficient to answer E. Both I and II are necessary to answer

 

 

8. 

What is the sum which earned interest? I.  The total simple interest was Rs. 7000 after 7 years.  II.  The total of the sum and simple interest was double the sum after 5 years.

A. I alone sufficient while II alone not sufficient to answer B. II alone sufficient while I alone not sufficient to answer C. Either I or II alone sufficient to answer D. Both I and II are not sufficient to answer E. Both I and II are necessary to answer

 

 

9. 

What is the rate of simple interest? I.  The total interest earned was Rs. 4000.  II.  The sum was invested for 4 years.

A. I alone sufficient while II alone not sufficient to answer B. II alone sufficient while I alone not sufficient to answer C. Either I or II alone sufficient to answer D. Both I and II are not sufficient to answer E. Both I and II are necessary to answer

 

Answers 

 

1. 

Let rate = R% and time = R years.

Then,		1200 x R x R		= 432
		100

 12R² = 432

 R² = 36

 R = 6.

 

2. 

Gain in 2 years	= Rs. 5000 x 25 x 2 – 5000 x 4 x 2 4 100 100
	= Rs. (625 – 400)
	= Rs. 225.

Gain in 1 year = Rs.		225		= Rs. 112.50
		2

 

 

3. 

We need to know the S.I., principal and time to find the rate.

Since the principal is not given, so data is inadequate.

 

4. 

Let the principal be P and the rate of interest be R%.

Required ratio =	P x R x 6 100	=	6PR	=	6	= 2 : 3.
	P x R x 9 100		9PR		9

 

 

5. 

Given : S.I. = Rs. 50.

I gives, R = 10% p.a.

II gives T = 10 years.

Sum =		100 x S.I.		= Rs.		100 x 50		= Rs. 50.
		T x R				10 x 10

Thus, I and II together give the answer.

 The correct answer is (E)

 

 

6. 

Let the rate be R% p.a.

I gives, P = Rs. 8000 and T = 4 years.

II gives, S.I. = Rs. (8800 – 8000) = Rs. 800.

R =		100 x S.I.		=		100 x 800	%	= 2	1	% p.a.
		P x T				8000 x 4			2

Thus, I and II both are needed to get the answer.

 The correct answer is (E)

 

7. 

Let the rate be R% p.a.

I gives, P = Rs. 8000 and T = 4 years.

II gives, S.I. = Rs. (8800 – 8000) = Rs. 800.

R =		100 x S.I.		=		100 x 800	%	= 2	1	% p.a.
		P x T				8000 x 4			2

Thus, I and II both are needed to get the answer.

 The correct answer is (E).

 

8. 

Let the sum be Rs. x.

I gives, S.I. = Rs. 7000 and T = 7 years.

II gives, Sum + S.I. for 5 years = 2 x Sum          Sum = S.I. for 5 years.

Now, S.I. for 7 years = Rs. 7000.

S.I. for 1 year = Rs.	7000	= Rs. 1000.
	7

Thus, I and II both are needed to get the answer.

 The correct answer is (E).

 

9. 

We know that R =		100 x S.I.
		P x T

Now, I give, S.I. = Rs. 4000.

II gives T = 4 years.

But, P is unknown. So, we cannot find R.

So, given data is insufficient to get R.

 The correct answer is (D).

 

 

For Answers of Other Questions and explanations 

>> TRY EXAMIN APP