type 1 basic simple interest using formula Practice Questions Answers Test with Solutions & More Shortcuts

Question : 1 [SSC SAS 2010]

A lent Rs.5000 to B for 2 years and Rs.3000 to C for 4 years on simple interest at the same rate of interest and received Rs.2200 in all from both as interest. The rate of interest per annum is

a) 5%

b) 7%

c) 10%

d) 7$1/8$%

Answer: (c)

Using Rule 1,

Let the rate of interest per annum be r%

According to the question,

${5000 × 2 × r}/100 + {3000 × 4 × r}/100 = 2200$

100r + 120r = 2200

220 r = 2200

r = $2200/220$ = 10%

Question : 2 [SSC CGL Prelim 2003]

Rs.500 was invested at 12% per annum simple interest and a certain sum of money invested at 10% per annum simple interest. If the sum of the interest on both the sum after 4 years is Rs.480, the latter sum of money is :

a) Rs.750

b) Rs.450

c) Rs.550

d) Rs.600

Answer: (d)

Using Rule 1,

Simple interest gained from Rs.500

= ${500 × 12 × 4}/100$ = Rs.240

Let the other Principal be x.

S.I. gained = Rs.(480 - 240) = Rs.240

${x × 10 × 4}/100$ = 240

$x = {240 × 100}/40$ = Rs.600

Question : 3 [SSC CGL Prelim 2003]

A certain sum of money amounts to Rs.756 in 2 years and to Rs.873 in 3$1/2$ years at a certain rate of simple interest. The rate of interest per annum is

a) 11%

b) 10%

c) 13%

d) 12%

Answer: (c)

S.I. for 1$1/2$ years

= Rs.(873 - 756) = Rs.117

S.I. for 2 years

= Rs.$(117 × 2/3 × 2)$ = Rs.156

Principal = 756 - 156 = Rs.600

Now, P = 600, T = 2, S.I. = 156

R = ${100 × S.I.}/{P × T}$

= ${100 × 156}/{600 × 2}$ = 13%

Using Rule 12,

Rate of interest

= $({A_1 - A_2}/{A_2T_1 - A_1T_2})$ × 100

= $({756 - 873}/{873 × 2 - 756 × 7/2}) × 100$

= $({- 117}/{1746 - 2646}) × 100$

= $({- 117}/{- 900})$ × 100 = 13%

Question : 4 [SSC CGL Prelim 2005]

A man had Rs.16,000, part of which he lent at 4% and the rest at 5% per annum simple interest. If the total interest received was Rs.700 in one year, the money lent at 4% per annum was

a) Rs.8,000

b) Rs.12,000

c) Rs.6,000

d) Rs.10,000

Answer: (d)

Using Rule 1,

Let the sum lent at 4% = Rs.x

Amount at 5%= (16000 - x )

According to the question,

${x × 4 × 1}/100 + {(16000 - X) × 5 × 1}/100$ = 700

4x + 80000 - 5x = 70000

x = 80000 - 70000 = Rs.10000

Question : 5 [SSC CGL Prelim 2000]

A sum of Rs.1600 gives a simple interest of Rs.252 in 2 years and 3 months. The rate of interest per annum is:

a) 8%

b) 5$1/2$%

c) 6%

d) 7%

Answer: (d)

Using Rule 1,

Principal (P) = Rs.1600

T = 2 years 3 months

= $(2 + 3/12) yrs. = (2 + 1/4) yrs. = 9/4 yrs.$

S.I = Rs.252

R = % rate of interest per annum

R = ${100 × S.I.}/{P × t}$

= ${100 × 252}/{1600 × 9/4}$

Rate of interest = 7% per annum.

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