SSC CGL level Question Set 50 on Simple Interest and Compound Interest 1

50th SSC CGL level Question Set, 1st on Simple Interest and Compound Interest problems

SSC CGL question set 50 simple interest compound interest

This is the 50th question set of 10 practice problem exercise for SSC CGL exam and 1st on Simple interest and Compound interest problems. Students must complete this question set in prescribed time first and then only refer to the corresponding solution set for extracting maximum benefits from this resource.

In MCQ test, you need to deduce the answer in shortest possible time and select the right choice.

Based on our analysis and experience we have seen that, for accurate and quick answering, the student

  • must have complete understanding of the basic concepts in the topic area
  • is adequately fast in mental math calculation
  • should try to solve each problem using the basic and rich concepts in the specific topic area and
  • does most of the deductive reasoning and calculation in his or her head rather than on paper.

Actual problem solving is done in the fourth layer. You need to use your problem solving abilities to gain an edge in competition.

Before going through the solutions you should go through our sessions on Basic and rich concepts on Simple Interest and Compound Interest for detailed explanation of the efficient Simple Interest and Compound Interest problem solving techniques and related concepts that we will use for this present set of 10 problems.

50th question set- 10 problems for SSC CGL exam: 1st on Simple interest and Compound interest problems - time 15 mins

Problem 1.

A man borrowed Rs.16000 from two persons. He paid 6% interest per annum to one and 10% interest per annum to the other. In the first year he paid a total interest of Rs.1120. How much did he borrow at each rate?

  1. Rs.12500 : Rs.3500
  2. Rs.11000 : Rs.5000
  3. Rs.12000 : Rs.4000
  4. Rs.10000 : Rs.6000

Problem 2.

A certain sum of money amounts to Rs.1680 in 3 years and to Rs.1800 in 5 years. Find the sum and rate of simple interest.

  1. Rs.1200 : 4%
  2. Rs.1500 : 4%
  3. Rs.1800 : 5%
  4. Rs.1600 : 5%

Problem 3.

A sum of money at compound interest amounts to Rs.650 at the end of the first year and Rs.676 at the end of the second year. The sum of money is,

  1. Rs.1300
  2. Rs.650
  3. Rs.1250
  4. Rs.625

Problem 4.

A sum of money placed at compound interest doubles itself in 5 years. In how many years it would be 8 times of itself at the same rate of interest?

  1. 10 years
  2. 15 years
  3. 20 years
  4. 7 years

Problem 5.

The compound interest on Rs.2000 in 2 years, if the rate of interest is 4% per annum for the first year and 3% per annum for the second year, will be,

  1. Rs.143.40
  2. Rs.141.40
  3. Rs.140.40
  4. Rs.142.40

Problem 6.

An amount of money at compound interest grows up to Rs.3840 in 4 years and up to Rs.3936 in 5 years. Find the rate of interest.

  1. 2%
  2. 2.05%
  3. 3.5%
  4. 2.5%

Problem 7.

The time in which Rs.80000 amounts to Rs.92610 at 10% per annum compound interest, interest being compounded semi-annually, is

  1. 1.5 years
  2. 2 years
  3. 3 years
  4. 2.5 years

Problem 8.

A man borrows Rs.2550 to be paid back with compound interest at the rate of 4% per annum by the end of 2 years in two equal yearly installments. How much will each installment be?

  1. Rs.1352
  2. Rs.1283
  3. Rs.1377
  4. Rs.1275

Problem 9.

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

  1. 5%
  2. 10%
  3. 12%
  4. 8%

Problem 10.

If the compound interest on a sum for 2 years at 12.5% per annum is Rs.510, the simple interest for the same sum at the same rate for the same period of time is,

  1. Rs.480
  2. Rs.450
  3. Rs.400
  4. Rs.460

Answers to the questions

Problem 1. Answer: Option c: Rs.12000 : Rs.4000

Problem 2. Answer: Option b : Rs.1500 : 4%.

Problem 3. Answer: Option d: Rs.625.

Problem 4. Answer: Option b: 15 years.

Problem 5. Answer: Option d: Rs.142.40.

Problem 6. Answer: Option d : 2.5%.

Problem 7. Answer: Option a: 1.5 years.

Problem 8. Answer: Option a: Rs.1352.

Problem 9. Answer: Option d: 8%.

Problem 10. Answer: Option a: Rs.480.


Recommended reading

Guidelines

7 steps to sure success in SSC CGL Tier I and Tier II competitive steps

Tutorials

Basic and rich concepts on Simple Interest and Compound Interest

Related Question and Solution Sets

SSC CGL level Solution Set 50 on Simple interest and Compound interest 1