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
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.
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.
Answer 1. 5%
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
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
$=\frac{100\left(
{{A}_{2}}-{{A}_{1}} \right)}{{{A}_{1}}{{t}_{2}}-{{A}_{2}}{{t}_{1}}}$
- 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
$\left[
\frac{A\times 100}{r\left( {{P}_{2}}-{{P}_{1}} \right)} \right]years$
- 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 5. 5 years
Answer 6. Rs. 640
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