‘Profit and Loss’ is one of the easiest topics in the Quantitative Aptitude section. Every year, two or three questions will be asked in the examination. Most of these questions can be solved easily by applying formulae. Below are some of the formulae that will help in solving these questions in the least possible time.
Cost Price (CP):
The price at which an article is bought is called the Cost Price of the article.
Selling Price (SP):
The price at which an article is sold is called the Selling Price of the article.
Marked Price (MP or MRP):
The price at which an article is marked or labelled is called the Marked Price of the article.
Profit or Gain:
The difference between the Cost Price and the Selling Price of an article where the Selling Price is greater than its Cost Price is called its Profit or Gain.
Loss:
The difference between the Cost Price and the Selling Price of an article where the Cost Price is greater than its Selling Price is called its Loss.
Discount:
The difference between the Marked Price and the Selling Price of an article is called its Discount.
Q) Find the profit percentage obtained on an article if it is bought at Rs.250 and sold at Rs.360.
Solution: Given, Cost Price = Rs.250
Selling Price = Rs.360
Profit = Rs.360 - Rs.250 = Rs.110.
Profit percentage = (110/250)*100 = 44%.
Q) Find the Selling Price of the article when an article is bought at Rs.1000 and was marked 10% above its cost price and given a discount of 10%.
Solution:
Cost Price of the article = Rs.1000
Marked price is 10% above Rs.1000 = 110% of 1000 = Rs.1100.
Discount = 10% of 1100 = Rs,110
Selling price = Rs.1100 - Rs.110 = Rs.990.
‘Interest’ is an important topic in Quantitative Aptitude for SSC exams. Generally, 1-2 questions can be seen in every examination. In this when money is borrowed by a person from a lender for a certain duration, then certain money is charged on that borrowed money that is called Interest. It is of two types: simple interest and compound interest. In simple interest, interest is charged on principal only. In compound interest, interest is charged on interest also after a certain time period.
In this certain terms are used which are given below :
(i) Principal = Money which a lender provides to a borrower.
(ii) Rate of interest = Percentage of money charged by the lender from the borrower for that money.
(iii) Time = Duration for which a lender provides money to a borrower.
Simple Interest = $$\frac{P\times R \times T}{100}$$
Compound interest = $$P[(1 + \frac{R}{100})^{T} - 1]$$
Amount = Principal + Simple/Compound Interest
$$P = \frac{Y}{(1 + \frac{R}{100})^{1}} + \frac{Y}{(1 + \frac{R}{100})^{2}} + .... + \frac{Y}{(1 + \frac{R}{100})^{N}}$$
Here P = Principal
R = Rate of interest
T= Time (in years)
N = Number of installments
Y = Each installment amount
Q) Find out the simple interest on Rs. 2000 for 2 years at the rate of 9% per annum.
Sol. P = 2000
R = 9%
T = 2
Simple Interest = $$\frac{2000\times 9 \times 2}{100}$$
= Rs. 360
Q) Find out the compound interest on Rs. 5000 for 2 years at the rate of 10% per annum.
Sol. P = 5000
R = 10%
T = 2
Compound interest = $$5000[(1 + \frac{10}{100})^{2} - 1]$$
= $$5000[(\frac{11}{10})^{2} - 1]$$
= Rs. 1050
