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Aptitude Simple Interest Online Test-01
No.of Questions 15 | Time : 30 Minutes
Click for Aptitude Previous Exam Papers

Concept - Simple Interest



Definition: Interest is the money paid by the borrower to the lender for the use of money lent.

Some Important Formulae:

 

P=Principal Amount
T=Time
R=Rate of Interest
A=Actual

 

1.The annual payment that will discharge a debt of Rs. A due in ‘t’ years at the rate of interest

2.If a sum of money becomes ‘x’ times in ‘t’ years at Simple Interest, the rate of interest is given by

 

3.A sum of money becomes double in ‘n’ years. Then it will become ‘x’ times in (x-1) * n years.

 

Eg 1 :

'A' deposit Rs.3000/- in a bank for 3 years at 8% interest. What is the amount he obtain after 1 and 2 years.

 

Solution:
As % is 100; So for every 100 Rupees A gets 8/- interest
therefore, for Re.1 he gets = 8/100


So for Rs.3000/- he gets = 300 * 8 /100 = Rs.240/- for 1 year
for 2 years = 240 * 2 = 480 and so on.

Therefore after 1 year 3000 + 240 = 3240

Therefore afater 2 years 3000 + 480 = 3480

 

Practice following examples

 

1)Find the simple interest on Rs.7,500/- in 4 years at 15% per annum= ?

2)Find the simple interest on 8,000/- in 3 1/2 years at 12% per annum?

3)The Simple interest on Rs.6,000/- in 3 years and 4 months is Rs. 3,000. Find the r% per annum

4)The simple interest on Rs.6400/- at 12 1/2% per annum is Rs.2,000/-. find period.

5)What sum will amount to Rs.1920/- in 4 years at 15% per annum simple interest?

 

Answers:

1) 4500/- (Hint ptr/100)

2) 3360/- (Hint ptr/100)

3) 15; (Hint 100xSI/PT)

4) 2 1/2 Years; (100xSI/PR)

5) Rs.1200/- (ptr/100)






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