Simple Interest and Compound Interest Previous Year Questions asked in SSC CGL Mains(2018)

Simple Interest and Compound Interest is important topic in SSC CGL exam. SSC aspirants can expect 3 questions in each shift from this topic in Mains exam.Previous year simple interest and compound interest questions help you in your preparations. Total 9 Simple Interest and Compound Interest questions asked in SSC CGL Mains 2018 exam.Practice these questions over and over and Improve your efficiency.

(Note- Options Marked in Bold is correct ans.R is used as rate of interest and P is used as principal)

Ques.1.A person invested one- fourth of the sum of ₹ 25,000 at a certain rate of simple interest and the rest of at 4% p. a higher rate. If the total interest received for 2 years is ₹ 4,125 what is the rate at which the second sum was invested?
Options
A) 9.5%
B) 9.25%
C) 5.25%
D) 7.5%

Solution. 1/4 of 25000 = 6250
remaining = 18750
let Rate of interest= x% on 6250
then,Rate of interest on remaining =(x+4) %
4125= [6250×x/100 + (18750) × (x+4) /100] 2
x=5.25%
x+4= 9.25% Ans.

Ques. 2. A certain loan was returned in two equal half yearly instalments each of ₹ 6,750.If the rate of interest was 8% p.a, compounded yearly. How much was the interest paid on the loan?
Options
A) ₹750
B) ₹810
C) ₹790
D) ₹770

Solution. R=4% = 1/25
P I

(25 26) ×26
25² 26²
as installment are equal so we multiplied first installment by 26
650 676
625 676
1275 1352(Difference Between installment = 77
6760×77/676 = 770 Ans

Ques.3. A sum of ₹ 10,500 amounts to ₹ 13825 in 3 4/5 years at a certain rate percent per annum simple interest. What will be the simple interest on the same sum for 5 years at double the earlier rate?
Options
A) ₹ 8470
B) ₹8750
C) ₹ 8670
D) ₹8560

Solution.R = SI×100/P×T

=3325×100×5/10500×19 =8 1/3

2R =16 2/3

SI = (10500×1×5)/6

=8750 Ans.

Ques.4. A sum lent out at simple interest amounts to ₹6076 in 1 year and ₹ 7504 in 4 years. The sum and the rate of interest p.a are respectively:
Options
A)₹ 5,600 and 9%
B) ₹5,600 and 8.5%
C)₹ 5,400 and 9%
D) ₹5, 400 and 10%

Solution. S. I for 1 year= 7504-6076/3 =1428/3 = 476
P+476 =6076
P=5600
R=476/5600 %
R=8.5%
P= 5600 R= 8.5℅ Ans.

Ques.5. A loan has to be returned in two equal yearly installments each of ₹ 44100. If the rate of interest is 5% p. a compounded annually, the total interest paid is:
Options
A) ₹5840
B) ₹6000
C) ₹6200
D) ₹6280

Solution. 5% = 1/20
P I
(20 21) ×21
20² 21²
As equal installment are there so we multiplied 1st year installments by 21
420 441
400 441
820 882
Interest = 882-820 = 62
= 44100×62/441
= 6200 Ans

Ques.6. A sum amounts to ₹ 14,395.20 at 9.25% p.a simple interest in 5.4years. What will be the simple interest on the same sum at 8.6℅ p.a. in 4.5 years?
Options
A) ₹3, 715.20
B) ₹3, 627
C) ₹3797.76
D) ₹ 3,672

Solution. Effective rate in 5.4 years = 9.25×5.4= 49.95
14395.2=P(100+49.95/100)
P=14395.20×100/149.95
S.i = 14395.20×100×8.6×4.5/149.95×100
S.I=3715.20 Ans

Ques.7. A sum of ₹18000 is lent at 10% p.a, compound interest, compounded annually. what is the difference between the compound interest for 3rd year and 4th year?
Options
A) ₹220.60
B) ₹217.80
C) ₹221.80
D) ₹215.40

Solution.
Rate of 3rd year = 33.1%-21%=12.1
Rate of 4th year = 46.41% -33% =13.31%
Difference of 4th year & 3rd CI =1.21%
= 18000× 1.21/100 = ₹217.8

Ques.8. What will be the Compound interest on a sum of ₹ 31,250 for 2 years at 12% p.a. If the interest is compounded 8 monthly?
Options
A) ₹8106
B) ₹8116
C) ₹8016
D) ₹8156

Solution.Rate for 8 Months =(12×8)/12 =8%

Time =3 Successive Rate of 8% for 3 Years=25.97%

CI = 31250 × 25.97/100 = ₹ 8116 Ans.

Ques.9. A sum of ₹5000 is divided into two parts such that the simple interest on the first part for 4 1/5 years at 6 2/3% p. a is double the simple interest on the second part for 2 3/4 years at 4%.What is the difference between the two parts?
Options
A) ₹680
B) ₹600
C) ₹560
D) ₹620

Solution. Let parts are A & B

A× 21/5 × 20/3 = 2 × B × 4 × 11/4

= A/B = 11/14

Difference = 3×5000/25 =₹600 Ans.

Read More

Profit and Loss Previous Year Questions asked in SSC CGL Mains(2018)