Shortcut Trick to Solve Simple Interest For Bank Exams

Shortcut Rules to Solve Problems on Simple Interest for Banking Exams

Effective for IBPS PO - SBI PO - Bank Exams - SSC CGL

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 questions was generally asked. 

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Trick - 1

• When time (t) changes from ${{t}_{1}}to {{t}_{2}}$ 

$S{{I}_{1}}-S{{I}_{2}}=\frac{P\times r\times ({{t}_{1}}-{{t}_{2}})}{100}$ 

where, SI = simple interest, P = principal, r = Rate percent per annum.


Trick - 2

• When Principal (P) changes from P1 to P2,then SI1 - SI2 is given by 

$\frac{({{P}_{1}}-{{P}_{2}})r\times t}{100}$

 Trick - 3 

• The anual payment that will discharge a debt of Rs. A due in t years at the time rate of interest r% per annum is

$\frac{100A}{100t+\frac{rt(t-1)}{2}}$

 Trick - 4

• A certain sum is invested for certain time. It amounts to Rs.A1 at r1% per annum. But when invested at r2% per annum, it amounts to Rs.A2 then the time is given by

$\frac{{{A}_{1}}-{{A}_{2}}}{{{A}_{2}}{{r}_{1}}-{{A}_{1}}{{r}_{2}}}\times 100years$ 

Trick - 5

• If a sum of money becomes 'x' times in 't' years as SI, the rate of interest is given  

$\frac{100(x-1)}{t}%$  

Trick - 6

• When rate (r) changes from R1 to R2, SI1-SI2 is given by 

$\frac{P\times \left( {{r}_{1}}-{{r}_{2}} \right)\times t}{100}$

Questions For Parctice

Q1. If the simple interest on Rs.2000 increases by Rs.40, when the time increases by 4 years. Find the rate percent per annum.

Q2. If the simple interest on Rs.1200 be more than the interest on Rs.1000 by Rs.30 in 3 years. Find the rate percent per annum.

Q3. What annual payment will discharge a debt of Rs.770 due in 5 years, the rate of interest being 5% per annum?

Q4. A certain sum is invested for certain time. It amounts to Rs.80 at 5% per annum. But when invested at 2% per annum, it amounts to Rs.40. Find the time.

Q5. A sum of money doubles itself in 10 years at simple interest. What is the rate of interest ?

Q6.  If the simple interest on Rs.2000 increases by Rs.40, when the rate % increases by 2% per annum. Find the time.

Answers

Answer 1. 0.5%.
Answer 2. 5%
Answer 3. Rs.140
Answer 4. 100 years
Answer 5. 10%
Answer 6. 1 year