Simple Interest Questions For SSC CGL PDF:
Download Simple Interest Questions For SSC CGL PDF with solutions. Important practice problems on profit, loss and discount based on asked questions in CGL Previous papers.
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Question 1: If ratio of principal and simple interest for 1 year is 25 : 1, then the rate of interest is
a) 4%
b) 25%
c) 5%
d) 20%
Question 2: In certain years a sum of money is doubled to itself at 6 1/4 % simple interest per annum, then the required time will be
a) 16 Years
b) 12 1/2 years
c) 8 years
d) 10 2/3 years
Question 3: A sum of money lent out at simple interest amounts to Rs. 720 after 2 years and Rs. 1020 after a further period of 5 years. Find the principal.
a) Rs. 600
b) Rs. 1740
c) Rs. 6000
d) Rs. 120
Question 4: The compound interest on a certain sum of money for 2 years at 5% per annum is 410. The simple interest on the same sum at the same rate and for the same time is
a) 400
b) 300
c) 350
d) 405
Question 5: In what time will 8,000, at 3% per annum, produce the same interest as 6, 000 does in 5 years at 4 % simple interest ?
a) 5 years
b) 6 years
c) 3 years
d) 4 years
Answers & Solutions:
1) Answer (A)
Let the principal amount be P and Rate of interest be R and time period be T
SI = $\frac{PxRxT}{100}$
Given that :
$\frac{P}{\frac{PxRxT}{100}}$ = $\frac{25}{1}$
T = 1 year
$\frac{100}{R}$ = $\frac{25}{1}$
R = 4 %
2) Answer (A)
let the principal amount be Rs P and rate if interest be R% per annum
It is given that R = $\frac{25}{4}$% when interest is Simple Interest
Let T be time to double up the principal amount with the given rate of interest
SI = $\frac{P \times R \times T}{100}$
If the amount is doubled then simple interest accumulated is Rs P
=> P = $\frac{P \times 25 \times T}{4 \times 100}$
=> T = $\frac{100 \times 4}{25}$
=> T = 4*4 = 16 years
3) Answer (A)
Let the principal amount be P and rate of interest be R and time period be T
SI = $\frac{PxRxT}{100}$
When T = 2years , it is give that
P + $\frac{PxRx2}{100}$ = Rs 720…………..(1)
when T = 7 years
P + $\frac{PxRx7}{100}$ = Rs 1020……………….(2)
subtracting equation 1 from 2
$\frac{PxRx5}{100}$ = 300
As we can see that in 5 years the SI accumulated on a given principle is Rs 300 and we know that SI is same for every year, and hence we can conclude that:
SI for 2 years = Rs 120 …………………(3)
Using equation 1 and 3
P = 720 – 120
P = Rs 600
SSC CGL Impportant Questions and Answers PDF
4) Answer (A)
we know that :
1. For first year , compound interest and simple interest is same if the principal amount and rate of interest is same in both cases.
2. From 2nd year onwards ,the compound interest is normal interest plus the interest on accumulated amount due to interest untill last cycle.
3. Every year simple interest remains same if Rate of Interest and principal amount remains same .
Let the compound interest for 1st year be be Rs y
For two years ,CI = Rs 410
y + y + $\frac{5}{100}$y = 410
$\frac{41y}{20}$ = 410
y = 200
So for two years , Simple Interest = 200 + 200 = Rs 400
5) Answer (A)
It is given that Rs 6000 with interest 4% per annum (SI) produces an interest in 5 years = $\frac{P \times R \times T}{100}$ = $\frac{6000 \times 4 \times 5}{100}$
= Rs 1200
Now the new principal amount is Rs 8000 and rate of interest is 3 % per annum. Let the time be T years in which same Rs 1200 will be generated as interest.
$\frac{8000 \times 3 \times T}{100}$ = 1200
T = 5 years
