How To Solve Simple Interest Problems

How To Solve Simple Interest Problems-58
In 4 years his brother paid him back the ,000 plus 0 in interest. Solution We are asked to find the rate of interest, r. This might happen, for instance, in making a car purchase when the dealer adds the cost of a warranty to the price of the car.

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Here you can find objective type Aptitude Simple Interest questions and answers for interview and entrance examination. If the total amount of simple interest earned in 2 years be Rs.

Multiple choice and true or false type questions are also provided. 13,900 divided in two different schemes A and B at the simple interest rate of 14% p.a.

It makes a deposit or loan grow faster as compared to simple interest.

The interest at which compound interest accumulates depends on the frequency of compounding; more the number of compounding periods, the greater the compound interest.

Do you know that banks pay you to let them keep your money?

The money you put in the bank is called the principal, P, and the bank pays you interest, I.

If we go by the formula of simple interest, it will take a lot of time to solve this kind of question Watch this video to know the Golden Rules to solve SI & CI problems. The rate of interest for the first 2 years is 4% per annum, for the next 3 years is 7.5% per annum and for the period beyond 5 years 12.5% per annum.

If a man gets Rs 1075 as a simple interest for 6 years, how much money did he deposit?

Using this knowledge, we try to solve the problem visually. 50/ year ∴ SI for 6 years = 50 × 6 = 300Principal Amount = Amount after 6 years – SI for 6 years This problem could have easily been solved in your head using this method without writing down a single equation.

We know that simple interest is same for all the years. This could save you at least 45 seconds per question.

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