Shortcut Trick to Solve Simple Interest - 2

Shortcut Rules to Solve Problems on Simple Interest - 2

Effective for IBPS PO - SBI PO Exam

Dear Reader,

Here we will start a series of Quantitative Aptitude Shortcut Tricks for your upcoming SBI - IBPS - SSC and Other Government Competitive Exams. We will try to cover up all topics of the quantitative Aptitude Sections from which question was generally asked.

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Trick - 1

• If the simple interest on certain sum 'P' is 'I' and the number of years is equal to the rate percent annum, then the rate percent or time is given by

$\left[ \sqrt{\frac{100\times I}{P}} \right]$ 

Trick - 2

• If a person lends Rs.${{P}_{1}}$ for ${{t}_{1}}$ years and ${{P}_{2}}$ for ${{t}_{2}}$ years received altogether Rs.I as a simple interest, the rate percent per annum is

$\left( \frac{100I}{{{P}_{1}}{{t}_{1}}+{{P}_{2}}{{t}_{2}}} \right)%$ 

Trick - 3

• If a sum amounts to Rs.${{A}_{1}}$ in.${{t}_{1}}$ years and Rs.${{A}_{2}}$ in.${{t}_{2}}$ years at simple rate of interest, then rate per annum

$=\frac{100\left( {{A}_{2}}-{{A}_{1}} \right)}{{{A}_{1}}{{t}_{2}}-{{A}_{2}}{{t}_{1}}}$   

Trick - 4

• If the difference between the interest received from two different banks Rs.X for t years is Rs. ${{l}_{d,}}$, then the difference between their rates is given by

$\left[ \frac{{{I}_{d}}\times 100}{X\times t} \right]percent$ 

Trick - 5

•  If the simple interest on Rs.${{P}_{1}}$ is less than the interest on Rs.${{P}_{2}}$ at r% simple interest by Rs.A, then the time is given by

$\left[ \frac{A\times 100}{r\left( {{P}_{2}}-{{P}_{1}} \right)} \right]years$ 

Trick - 6

• The equal amount of money are deposited at ${{r}_{1}}$% and ${{r}_{2}}$% for ${{t}_{1}}$ and ${{t}_{2}}$ years respectively.If the difference between their interests is ${{l}_{d}}$, then the sum 

$=\frac{{{l}_{d}}\times 100}{{{r}_{1}}{{t}_{1}}-{{r}_{2}}{{t}_{2}}}$              

Questions for Practice

Q1. The simple interest on certain sum Rs.160 is Rs.40 and the number of years is equal to the rate percent annum. Find the rate percent

Q2. A person lends Rs.600 for 5 years and 750 for 2 years, received altogether Rs.450 as a simple interest. Find the rate per annum.

Q3. A sum of money at simple interest amounts to Rs.600 in 4 years and Rs.650 in 6 years. Find the rate of interest per annum.

Q4.  The difference between the interest received two different banks on Rs.500 for 2 years is Rs.2.5. Find the difference between their rates.

Q5. The simple interest on Rs.1650 will be less than the interest on Rs.1800 at 4% simple interest by Rs.30. Find the time.

Q6. The equal amount of money are deposited in two banks each at 15%per annum for 3.5 years and 5 years respectively. If the difference between their interests in Rs.144, find each sum. 

Answers

Answer 1. 5%

Answer 2. 10%

Answer 3. 5%

Answer 4. 0.25%
Answer 5. 5 years 

Answer 6. Rs. 640