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

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: (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: (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: (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: (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: (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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