{"id":11035044,"date":"2020-10-02T18:20:31","date_gmt":"2020-10-02T12:50:31","guid":{"rendered":"https:\/\/entri.app\/blog\/?p=11035044"},"modified":"2020-10-02T18:20:31","modified_gmt":"2020-10-02T12:50:31","slug":"how-to-approach-simple-interest-problems","status":"publish","type":"post","link":"https:\/\/entri.app\/blog\/how-to-approach-simple-interest-problems\/","title":{"rendered":"How to Approach Simple Interest Problems?"},"content":{"rendered":"

Problems from Simple Interest(SI)\u00a0 are an important part of the Quantitative Aptitude section in every competitive examination including Banking<\/a>, SSC<\/a>, Railway<\/a> and State PSC<\/a>. It is relatively easy to solve the Simple Interest questions on comparing with the Compound Interest. Let’s discuss some shortcut methods to solve Simple Interest problems in this article.<\/p>\n

The important variables in the SI are<\/p>\n

    \n
  1. Principal (P)<\/li>\n
  2. Rate of Interest( R)<\/li>\n
  3. Time Duration (T)<\/li>\n
  4. Simple Interest (I)<\/li>\n<\/ol>\n

    The general formula to solve SI questions are<\/strong><\/h3>\n

    \"\"<\/p>\n

    \"\"<\/p>\n

    \"\"<\/p>\n

    \"\"<\/p>\n

     <\/p>\n

    Practice Simple Interest Questions 2020<\/a><\/p>\n

    Problems on Simple Interest<\/strong><\/h3>\n

    Type 1<\/h4>\n
      \n
    1. In what time, we can get Rs. 1200 as Simple Interest on Rs. 5000 at the rate of 8%?<\/li>\n<\/ol>\n

      Conventional Method<\/strong><\/h4>\n

      \"\"<\/p>\n

      2. A sum fetched a total simple interest of\u00a0 Rs.929.20 at the rate of 8% in 5yrs. Find the sum.<\/p>\n

      Conventional Method<\/strong><\/h4>\n

      \"\"<\/p>\n

      Short cut<\/strong><\/h4>\n

      In 5years at 8% interest, the simple interest fetched would be 40% of the principal.<\/p>\n

      \"\"<\/p>\n

      Type 2<\/h4>\n

      1. Ravi gave an amount of Rs 20,000 to persons A and B for 2 years at the rate of 10% and 15% Simple interest respectively. After 2 years, he received a total amount of Rs.4400 as Simple Interest. How much money was given at 10% interest?<\/p>\n

      Conventional Method<\/strong><\/h4>\n

      \"\"<\/p>\n

       <\/p>\n

      Short cut Method (Alligation Method)<\/strong><\/h4>\n

      Simple interest in 3 years = 18,000<\/p>\n

      Simple Interest in 1 year =\u00a0 18,000\/3\u00a0 = 6000<\/p>\n

      6000= x% of 50,000<\/p>\n

      =\u00a0 11%<\/p>\n

      \"\"<\/p>\n

       <\/p>\n

      2. A total sum of Rs.50,000 has been given to A and B at the rate of 10% and 15% respectively. After 3years, a total of Rs.18,000 is obtained as interest. Find the amount given at 10%.<\/p>\n

      Conventional Method<\/strong><\/h4>\n

      \"\"<\/p>\n

      Alligation Method<\/strong><\/h4>\n

      The amount given at 10% is Rs 5000. In 3 yrs. It becomes Rs15,000.<\/p>\n

      The amount given at 15% is Rs. 7500, in 3 yrs it becomes Rs. 22500<\/p>\n

       <\/p>\n

      \"\"<\/p>\n

      Type 3<\/h4>\n

      1. Find the SI accrued on Rs.20,000 for 1 year at 4% compounded half-yearly.<\/p>\n

      Conventional Method<\/strong><\/h4>\n

      If compounded half-yearly, Rate= r\/2= 2% and time period= t^2 = 2yrs.<\/p>\n

      \"\"<\/p>\n

      Shortcut Method<\/strong><\/h4>\n

      \"\"<\/p>\n

      Sample Questions<\/strong><\/h4>\n

      1. The difference between the simple interest received from two different sources on Rs.15000 for 3yrs is Rs13.50. The difference between the rate of interest is<\/p>\n

      (a) 020%\u00a0 \u00a0 \u00a0(b)0.30%\u00a0 \u00a0 \u00a0 \u00a0(c)0.50%\u00a0 \u00a0 \u00a0 \u00a0 (d) 0.80%\u00a0 \u00a0 (e) None of these<\/p>\n

      Answer: B<\/p>\n

      2. An automobile finance claims to be lending money at simple interest, but he includes the interest every six months for calculating the principal. If he is charging an interest of 10%, the effective rate of interest becomes?<\/p>\n

      (a) 10%\u00a0 \u00a0 \u00a0 \u00a0(b) 10.25%\u00a0 \u00a0 \u00a0 \u00a0 (c)10.10%\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(d) 10.08%\u00a0 \u00a0 (e) None of these<\/p>\n

      Answer: B<\/p>\n

      3. Stokes gave a loan of Rs. 400 to Ravi and recovered it at the rate of Rs. Rs.100 each month for six months, Rs.100 each month for six months, commencing from the end of 1st month. What is the effective rate of simple interest per annum?<\/p>\n

      (a) 115%\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(b) 100%\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (c) 95%\u00a0 \u00a0 (d) 80%\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (e) None of these<\/p>\n

      Answer: B<\/p>\n

      4. Out of a certain sum, one fifth is invested at 4%, one-sixth is invested at 8% and the rest at 2%. If the simple interest for 2 years from all these investments amounts to Rs.578.find the original sum.<\/p>\n

      .(a) 8500\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (b) 7500 (c) 6000\u00a0 \u00a0 \u00a0 \u00a0 (d) 7000\u00a0 (e) None of these<\/p>\n

      Answer: A<\/p>\n

      5. If Rs.7452 is divided into three parts such\u00a0that their amounts after 2, 3 and 4 years respectively are equal, the simple interest is at the rate of 5% per annum. Find the difference between the greatest and smallest parts of the sum.
      \n(a) 204\u00a0 \u00a0 \u00a0 \u00a0(b) 214\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (c) 211\u00a0 \u00a0 (d) 216\u00a0 \u00a0(e) 264<\/p>\n

      Answer: D<\/p>\n

      6. Arun took a loan of\u00a0 Rs.1400 with simple interest for as many years as the rate of interest. If he paid Rs686 \u00a0as interest at the end of the loan period, what was the rate of interest?<\/p>\n

      (a)4\u00a0 \u00a0 (b)5\u00a0 \u00a0 \u00a0(c)6\u00a0 \u00a0 \u00a0 (d)7\u00a0 \u00a0 (e) None of these<\/p>\n

      Answer: D<\/p>\n

      Click here for the detailed explanation<\/a><\/p>\n

      Conclusion<\/strong><\/h4>\n

      Entri <\/a>app provides you with the best online learning platform for various Government examinations like\u00a0 State PSC<\/a>, SSC<\/a>, RRB<\/a>,<\/span>\u00a0BANKING<\/a> and other competitive exams.1000+ video classes on various topics handled by our expert faculties will help you clear the concept and makes you excel in the subject. We also try to clear your doubts through doubt clearing sessions. You will be provided with quality quizzes and mock tests to brush up your concepts and improve weak areas.<\/p>\n","protected":false},"excerpt":{"rendered":"

      Problems from Simple Interest(SI)\u00a0 are an important part of the Quantitative Aptitude section in every competitive examination including Banking, SSC, Railway and State PSC. It is relatively easy to solve the Simple Interest questions on comparing with the Compound Interest. Let’s discuss some shortcut methods to solve Simple Interest problems in this article. The important […]<\/p>\n","protected":false},"author":57,"featured_media":12400335,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[802,1746],"tags":[],"class_list":["post-11035044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-preparation-tips-tricks"],"acf":[],"yoast_head":"\nHow to Approach Simple Interest Problems? - Entri Blog<\/title>\n<meta name=\"description\" content=\"Here we discusses the complete strategy about how to approch simple interest problems conventional method, shortcuts are also discussed.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/entri.app\/blog\/how-to-approach-simple-interest-problems\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Approach Simple Interest Problems? 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