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Quantitative Aptitude : Simple Interest

Quantitative Aptitude : Simple Interest

By :Test Series For Competition

This test has 50 multiple choice questions based on important topic of Quantitative Aptitude section for SSC that is Simple Interest. after practicing this test students can solve any question related to Simple Interest. student can get a huge discount right now. hurry up and buy this test to prepare for various competitive exams.

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Simple Interest is one of the most important topics in quantitative aptitude section in various SSC and Banking exams. Generally, there are questions asked related to basic concepts and formulas of Simple Interest. So this Test will help you prepare for these questions. When a person or bank lends money to a borrower, the borrower usually has to pay an extra amount of money to the lender. This extra money is called interest. Simple interest is based on the principal amount of a loan or deposit. 

Important formula

1. If a certain sum in T years at R% per annum amounts to Rs. A, then the sum will be

P = 100 * A / 100 + R * T.

2. The annual payment that will discharge a debt of Rs. A due in T years at R% per annum is .

Annual payment = (100 A/100T + RT(T-1)/2).

3. If a certain sum is invested in n types of investments in such a manner that equal amount is obtained on each investment where interest rates are R1, R2, R3 ……, R_n, respectively and time periods are T1, T2, T3, ……, T_n, respectively, then the ratio in which the amounts are invested is

1/100+R1T1: 1/100+R1T1: 1/100+R2T2: 1/100+R3T3:.......1/100+RnTn.

4. If a certain sum of money becomes n times itself in T years at simple interest, then the rate of interest per annum is

R = 100(n-1)/T %.

5. If a certain sum of money becomes n times itself at R% per annum simple interest in T years, then

T = (n-1/R) * 100 years

6. If a certain sum of money becomes n times itself in T years at a simple interest, then the time T in which it will become m times itself is given by

T' = (m-1/n-1) * T years

7. Effect of change of P, R and T on simple interest is given by the following formula:

= Product of fixed parameter/100 * [difference of product of variable parameter]

for example, if rate (R) change from R1 to R2  and P,T are fixed, then

change in SI = PT/100 * (R1 - R2)

Similarly, if principal(P) change from P1 to P2 and R,T are fixed, thhen change in SI

 = RT/100 * (P1 - P2)

Also, if rate(R) changes from R1 to R2 and time (T) changes from T1 to T2 but principal (P) is fixed, then change in 

SI = P/100 * [R1T1 - R2T2] 

8. If a certain sum of money P lent out at SI amounts to A1 in T1 years and to A2 in T2 years, then

P = A1T2 - A2T1/T2 - T1 and R = A1 - A2/A1T2 - A2T1 * 100%

9. If a certain sum of money P lent out for a certain time T amounts to A1 at R1 % per annum and to A2 at R2 % per annum, then

                                   P = A2R1 - A1R2/R1 - R2 and T = A1 - A2/A2R1 - A1R2 * 100 years

10. If an amount P1 lent at the simple interest rate of R1 % per annum and another amount P2 at the simple interest rate of R2 % per annum, then the rate of interest for the whole sum is

R = (P1R1 - P2R2/P1 + P2)

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  • Subject: quantitative-aptitude
  • No. Of Questions.: 50
  • Max Marks: 50
  • Valid till : 31 Dec 2020

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