how to solve simple interest problems in aptitude ,also practice bankers adda aptitude quiz night classes.How to solve Simple Interest questions in exam.Simple Interest questions are very important and this is often asked in most of the examination. Candidate’s who have been preparing for IBPS PO clerk and SO examination and all other exams will need to know the tricks to solve the simple interest questions in the examination. Here is some of the important details which they need to know for solving the questions.
Candidates who will qualify the examination with good marks will be called next for the personal interview process. Candidates who understand the SI very well can score 2-3 marks extra in the examination as it is always asked in the written test. The question in Simple interest is asked with the combination of compound interest and candidates will need to know the details of SI and CI also. Simple interest are not very difficult to solve and this is among the simple questions. Sometimes it can be tricky and candidates will need to have good understanding for the concept to solve the questions. They should focus on SI and CI concepts and they can improve their performance in the examination. Below are some of the formulae which candidates need to know.
Simple interest questions formula to solve
First candidates will need to know the formula of the questions which is very important and they should solve maximum number of questions of different type to help them make confident in the examination. All those candidates who will pass the written test with good marks will have better chances of selection in the further process. First learn the basic formula to solve simple interest and understand the concept of simple interest
When anyone borrows a sum of money from any person/ institution, based on the agreement, they have to return the lender sum with an interest also. This interest can be compound or simple in nature based on the agreement. The interest for one year is determined with a rate which is fixed before lending the money. This is called the rate of interest. Based on this rate of interest, total amount to be paid after a fixed number of years/ time period is determined and calculation is based on this manner.
Formula: Simple interest= P*R*T/100
P= principal, the sum which was lend
R= Rate of interest which was decided at the beginning
T= Time in years
This will give simple interest to be paid after a certain year and we can calculate total amount to be paid as under
Total amount to be paid= Principal amount+ simple interest
It is also to be noted that the interest can be half yearly, quarterly or monthly as based on the situation. For example, if a person lends a money for a period of one month only and the rate will become monthly automatically and the time is to be multiplied by 12 to make it equivalent to the year for the purpose of calculation. The calculation as given as under
If rate is half yearly, then, R=R/2 and time = 2T
If rate is quarterly then, R=R/4 and time= 4T
If rate is monthly then R=R/12 and time= 12T
Candidates should learn these formulae and after this they should solve a lot of questions to help them prepare for the exam well. There will be questions from the simple ingest in evenly exam and such a topic should not be ignored, also the questions which are asked is not difficult in nature and candidates can solve it after a little practice. Below are some of the details which you will need to know for the examination.
Candidates should also know some shortcut to solve the questions and they can use the below formula to solve the questions based on it.
If a sum of money becomes “n” times in “T years” at simple interest, then the rate of interest per annum can be given be
If an amount P1 is lent out at simple interest of R1% per annum and another amount P2 at simple interest rate of R2% per annum, then the rate of interest for the whole sum can be given by
A sum of money at simple interest n1 itself in t1 year. It will become n2 times of itself in (If Rate is constant)
T1/T2= n1-1/ n2-1
If a certain sum of money is lent out in n parts in such a manner that equal sum of money is obtained at simple interest on each part where interest rates are R1, R2, … , Rn respectively and time periods are T1, T2, … , Tn respectively, then the ratio in which the sum will be divided in n parts can be given by