Tips and Tricks for Simple Interest Problems in SSC Exams

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Simple Interest Problems, Tips & Tricks for SSC exams

The Numerical ability section is a nightmare for many students appearing for SSC Exams but in reality, it is not. Infact, quantitative aptitude is one of the easiest sections to solve if you start preparing for it properly. Simple Interest is one of those topics where questions are relatively easy if you know the correct approach. So, we bring you some of the easiest and smart tips and tricks for simple interest problems in SSC exams.

For making Simple Interest a cakewalk for you, we bring you an article on Important Short Tricks to solve Simple Interest Questions which will surely make the chapter easy for you all.

Important Concepts and Short Tricks to solve Simple Interest Problems

  • Interest- The amount of money paid by borrower to the money lender for use of money lent.
  • Per annumusually refers to in a year.
  • The sum of the principal and interest is called the amount. Interest is paid yearly, half-yearly or quarterly as per terms.
  • Interest is usually of two types- Simple Interest and Compound Interest.
  • Rate of Interest- Rate of interest is the rate at which interest is charged on the principal amount.

To compute Simple Interest, you need to multiply the amount of principal by number of years and rate per cent followed by division of the result by 100.

The formula is-

In which SI = Simple Interest, t = no of years, p = principle, r = rate percent

Similarly, Compute p= (100 x SI) / RT

Compute r= (100 x SI) / PT

Compute t= (100 x SI) / PR

Solved Simple Interest Problems:

Example- Compute the simple interest on an amount of Rs.400 for a period of 5 years at 6 %.

Solution: Apply the formula for Simple Interest

Table 1- Rate of interest- Time period conversion

Given rate percent (r%) Given time (t) Required rate percent (r%) Required time (t)
Annual r% t years r/ 2 (%) Half-yearly 2t
Annual r% t years r/ 4 (%) Quarterly 4t
Annual r% t years r/ 12 (%) Monthly 12t

Tips and Tricks to solve simple interest problems

Trick 1:- In a time period of T years if an amount becomes n times at simple interest, the rate of interest/ interest rate per annum can be computed by

Trick 2:- An amount P1 is lent at a simple interest of R1per annum and an amount P2 is lent at a simple interest of R2% per annum, the rate of interest for the entire whole sum can be computed by

Trick 3:- An amount of money becomes n1 in a time of t1 year. It will become n2 times of itself in t2 (If the rate is constant)

Trick 4:- In what time will the simple interest be “n” of the principal at “r %” per annum:-

The formula is rt =n x 100

Trick 5:- If an amount of money is lent out in n parts in a manner so that the equal sum is obtained at an interest on each of the parts where are interest rates be R1, R2, …, Rn and the time periods be T1, T2, …, Tn , compute the ration in which the sum will be divided into parts by formula-

We hope that this article is helpful for learning tips and tricks for simple interest problems in SSC exams. Stay tuned for more articles on how to prepare and crack SSC exams. All the best!

 

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