type 1 basic simple interest using formula Practice Questions Answers Test with Solutions & More Shortcuts
simple interest PRACTICE TEST [6 - EXERCISES]
type 1 basic simple interest using formula
type 2 increase or decrease in interest rate
type 3 money multiples in ‘n’ years
type 4 difference & equality of si rate & years
type 5 si on ‘n’ years & ‘x/y ‘of sum
type 6 si with ratios
Question : 6 [SSC CGL Prelim 2004]
A man took a loan from a bank at the rate of 12% per annum at simple interest. After 3 years he had to pay Rs.5,400 as interest only for the period. The principal amount borrowed by him was :
a) Rs.10,000
b) Rs.2,000
c) Rs.15,000
d) Rs.20,000
Answer »Answer: (c)
Using Rule 1,
Let the principal be x.
S.I. = ${\text"Principal × Rate × Time"/100$
5400 = ${x × 12 × 3}/100$
$x = {5400 × 100}/{12 × 3}$ = Rs.15000
Question : 7 [SSC CGL Prelim 2005]
In what time will Rs.72 become Rs.81 at 6$1/4$% per annum simple interest ?
a) 3 years
b) 2 years
c) None of these
d) 2 years 6 months
Answer »Answer: (b)
Using Rule 1,
Interest = Rs.(81–72)= Rs.9
Let the time be t years.
Then, 9 = ${72 × 25 × t}/{4 × 100}$
t = ${9 × 400}/{72 × 25}$ = 2 years.
Question : 8 [SSC CPO S.I.2004]
The sum of money, that will give Rs.1 as interest per day at the rate of 5% per annum simple interest is
a) Rs.36500
b) Rs.3650
c) Rs.7300
d) Rs.730
Answer »Answer: (c)
Using Rule 1,
The sum of money will give Rs.365 as simple interest in a year.
S.I. = $\text"PRT"/100$
365 = ${P × 5 × 1}/100$
P = ${365 × 100}/5$ = Rs.7300
Question : 9 [SSC CGL Tier-1 2011]
Rs.800 becomes Rs.956 in 3 years at a certain rate of simple interest. If the rate of interest is increased by 4%, what amount will 800 become in 3 years ?
a) Rs.1025
b) Rs.1020.80
c) Rs.1050
d) Rs.1052
Answer »Answer: (d)
Using Rule 1,
S.I. = 956 - 800 = Rs.156
Rate = ${S.I. × 100}/{Principal × Time}$
= ${156 × 100}/{800 × 3}$ = 6.5% per annum
New rate = 10.5%
S.I. = ${\text"Principal × Rate × Time"/100$
= ${800 × 3 × 10.5}/100$ = Rs.252
Amount = 800 + 252 = Rs.1052
Question : 10 [SSC CGL Prelim 2003]
A money lender finds that due to fall in the annual rate of interest 8% to 7$3/4$% , his yearly income diminishes by Rs.61.50. His capital is
a) Rs.23800
b) Rs.22400
c) Rs.26000
d) Rs.24600
Answer »Answer: (d)
Difference in rate
= $(8 - 7{3}/4)% = 1/4$%
Let the capital be Rs.x.
$1/4$% of x = 61.50
x = 61.50 × 100 × 4 = Rs.24600
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type 1 basic simple interest using formula Shortcuts »
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type 1 basic simple interest using formula
Defination & Shortcuts … -
type 2 increase or decrease in interest rate
Defination & Shortcuts … -
type 3 money multiples in ‘n’ years
Defination & Shortcuts … -
type 4 difference & equality of si rate & years
Defination & Shortcuts … -
type 5 si on ‘n’ years & ‘x/y ‘of sum
Defination & Shortcuts … -
type 6 si with ratios
Defination & Shortcuts …
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