SSC CHSL Simple and Compound Interest Questions with Solutions for Competitive Exams. Question answer practice set from Previous year question paper for the self study of upcoming exams.
EXAM : SSC CHSL (AUGUST 2021 ALL SHIFT)
Medium : ENGLISH
Simple and Compound Interest Questions
Q.1: Varun and Madhur invested ₹25,000 each in different schemes. Varun earned simple interest at 11% per annum, whereas Madhur earned compound interest at 10% per annum compounded annually. Who received more interest after 2 years and how much?
(A) Varun, ₹250
(B) Madhur, ₹250
(C) Varun, ₹500
(D) Madhur, ₹302.50
Show Answer
Varun’s simple interest
Madhur’s compound interest
Profit of varun =5500 – 5250 = 250₹
Q.2: If the difference between the compound interest compounded annually and the simple interest on a certain sum of money for three years at 10% per annum ₹279, then the sum ( in ₹ ) is:
(A) 10,000
(B) 9,000
(C) 8,000
(D) 7,500
Show Answer
Of 3 years
P = 9000₹
Q.3: What will be the compound interest ( in ₹ ) on a sum of ₹7,200 for 18 months at a rate of 20% per annum, if the interest is compounded half-yearly (nearest to an integer) ?
(A) 2,833
(B) 2,383
(C) 2,338
(D) 3,238
Show Answer
P = 7200
R% = 20% (Annual)
R% = 10% (Half yearly)
T = 18 months = 3 half yearly
total C.I. = 2383.2 = 2383₹
Q.4: A sum fo money lent at simple interest amounts to ₹9,920 after 2 years and to ₹12,800 after 5 years. Find the rate of interest per annum.
(A) 18%
(B) 9.68%
(C) 12%
(D) 6.57%
Show Answer
2 year compound = 9920
5 year compound = 12800
3 year interest = 2880₹
1 year simple interest
1 year S.I. = 960₹
2 year S.I. = 1920
Principal = 9920 – 1920 = 8000
Rate (R)
Q.5: The 12% interest earned on a sum of ₹2,60,000 is to be used for awarding 24 scholarship of equal value every year in a school. What is the value ( in ₹) of each scholarship?
(A) 1,250
(B) 1,200
(C) 1,150
(D) 1,300
Show Answer
Simple interest
Value of each scholarship
Q.6: If the simple interest on a certain sum of money borrowed for 4 years at 9.5% per annum exceeds the simple interest on the same sum for 3 years 12.5% per annum by ₹225, then the sum borrowed is:
(A) ₹35,000
(B) ₹45,000
(C) ₹42,000
(D) ₹48,000
Show Answer
R% x T = S.I.
9.5% x 4 = 38%
12.5% x 3 = 37.5%
Difference in interest = 38% – 37.5%
0.5% = 225
1% =
Q.7: The compound interest on a certain sum of money for 3 years, compounded annually, at a rate of interest of 10% per annum is ₹1,324. The sum is:
(A) ₹4,000
(B) ₹5,500
(C) ₹5,000
(D) ₹4,500
Show Answer
R% = 10% =
10 : 11
10 : 11
10 : 11
1000 : 1331
(C.I.) = 1331 – 1000 = 331
A.T.Q. 331 = 1324
1 = 4
Principal (Amount) = 4 x 1000 = 4000
Thanks for attempt SSC CHSL Simple and Compound Interest Questions for competitive exams.
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