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Worked Out Problem Simple Interest and Compound Interest

Jan 25 • Bank, Maths Notes • 645 Views • No Comments on Worked Out Problem Simple Interest and Compound Interest

Worked Out Problem Simple Interest and Compound Interest

Worked Out Problem Simple Interest and Compound Interest for SSC,SBI PO,IBPS PO and government exam.

  1. A  sum of Rs. 1600 gives a simple interest of Rs. 252 in 2 years and 3 months. the rate of interest per annum is

     Solution: I =P × R × T/100

                    252 = 1600 × R × 9/4 /100

                      R = 7%

  1. What sum of money will amount to Rs. 520 in 5 years and to Rs. 568 in 7 years at simple Interest ?

     Solution: principal + interest for 5 years = 520                                                (1)

      Principal + interest for 7 years = 568                                                                    (2)

       Subtracting (1) from (2)

      Interest for two years = 568 – 520 = 48

      Interest for 1 years = 24

      Interest for 5 years = 120

      Principal = 520 – 120 = 400

  1. What should be the least number of years in which the simple interest on Rs. 2600 at 6 2/3 % will be an exact number of rupees ?

      Solution : Interest for 1 year = 26002031100 = 520/3

                     If we multiply by 3 in interest for 1 year, we get the exact number of rupees

                    Minimum time = 3 years

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  1. Ratio of the principal and the amount after 1 year is 10 :12 . then the rate of interest  per  annum is

       Solution: P:A = 10 :12

                           P : I = 10 :2

                         P/I = 10/2 = 5

                             I = P × R × T/100

                I = 5I × R × T/100

                              R= 20%     

Worked Out Problem Simple Interest and Compound Interest                                                                               

  1. A person invests money in three different schemes for 6 years, 10 years and 12 years at 10 percent,12 percent and 15 percent respectively. At the completion of each scheme, he gets the same interest. The ratio of his investment is

           Solution: let the principal be P1,P2 and P3 for 6 , 10 and 12 years respectively

            P1 = 100 × I/6 × 10

            P2 = 100 × I/10 × 12

            P3 = 100 × I/12 × 15

           P1:P2:P3 = 1/60:1/120:1/180
                            = 6:3:2

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  1. The sum of money that yields a compound interest of Rs. 420 during the second year at  5% p.a. Is

          Solution: C.I. = P [(1 + R/100)t-1] – PR/100

                          420 = P [(1+ 5/100)2-1] – P5/100

                           420 = 41P/400 – 5P/100

                           420 = 21P/400

                             P = 8000

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  1. A man saves Rs. 2000 at the end of each year and invests the money at 5 Compound interest. At the end of 3 years he will have

            Solution: he saves 2000 at the end of 1st year

             Interest in the  second year = 2000 × 5 × 1/100 = 100

             Amount = 2000 + 100 = 2100

             He saves another 2000 at the end of 2nd year

             Principal for the 3rd year = 2100 + 2000 = 4100

             Interest in the 3rd year = 4100 × 5 × 1/100 = 205

             Amount = 4100 + 205 = 4305

             But he saves 2000 at the end of 3rd year

             So total amount = 4305 + 2000 = 6305

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  1. The difference between the compound interest and simple interest for the amount Rs. 5000 in 2 years is Rs. 32. The rate of interest is

           Solution: simple interest for 1st year = 5000R1/100 = 50R

            Simple interest for 2nd year = 50R

            Compound interest for 2nd year = 50R +50RR/100

             Difference between C.I. and S.I. = 32

             50R2/100 = 32

             R2 = 64

             R = 8%                                                                                                                

             Alternative

             Difference between C.I. and S.I. = P R2/100100

             32 = 5000 R2/10000

             R2= 64

             R = 8

  1. A sum of money doubles itself in 4 years at compound interest. It will amount to 8 Times it self at the same rate of interest in :

              Solution: let the principal be x

               Amount = 2x in 4 years

               2x = x(1r/100)4

               2 = (1 + r/100)4

         When amount = 8x

                8x =  x(1 + r/100)t

         8 =  (1r/100)t

         23 = (1 + r/100)t

              (1 + r/.100)12 = (1 + r/100)t

         T = 12 years

  1. If the compound interest on a certain sum for 2 years at 3% per annum is Rs. 101.50 , then the simple interest on the same sum at the same rate and for the Same time will be

             Solution: The compound interest for 2 years in terms of interest is

              C.I. = I +  I × r/100*2

        101.5 = y + 3y/200

             203y/200 = 101.5

             Y = 20300/203
             Y = 100

  1.  An amount of money appreciates to Rs. 7000 after 4 years and to Rs. 10000 After 8 years at a certain compound interest compounded annually. The Initial amount of money was

             Solution: After 4 years the amount 7000 will be the principal for the next 4 years

             10000 = 7000 (1 + r/100)4                                                                 

             10/7 = (1 + r/100)4

             Now, when amount =  7000, T= 4 years,

             7000 = P(1 + r/100)4

             7000 = P × 10/7

             P = 4900

For Practice Question on Simple Interest and Compound Interest

Join us on Telegram and Facebook for BANK Exam is also asked in other government exam like BANK IBPS SO RRB SSC. This note has been prepared by  Ms. Supriya Kundu is of one of best teacher in this field.If any question please ask in below.

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