Simple & Compound Interest

SSC CGL · Quantitative Aptitude · 33 practice questions with answers and explanations: 12 Easy, 10 Medium, 11 Hard.

Sample questions

Sample Easy question 1

Find the simple interest on Rs. 3000 at 8% per annum for 5 years.

  1. 1000
  2. 1100
  3. 1200
  4. 1300
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Answer: C. SI = (3000 × 8 × 5)/100 = 1200.

Sample Medium question 2

Find the difference between the compound interest and simple interest on Rs. 8000 for 2 years at 5% per annum.

  1. 18
  2. 20
  3. 22
  4. 25
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Answer: B. Difference for 2 years = P×(R/100)² = 8000×(0.05)² = 20.

Sample Hard question 3

A sum of money invested at compound interest amounts to Rs. 4840 in 2 years and Rs. 5324 in 3 years. Find the rate of interest.

  1. 8%
  2. 9%
  3. 10%
  4. 12%
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Answer: C. The interest earned in the 3rd year = 5324-4840 = 484, which is the interest on Rs. 4840 for 1 year. Rate = (484×100)/4840 = 10%.

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