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July 14, 2023
To know the latest Tips and tricks and shortcuts of Simple Interest problems, go through the page entirely.
Easy Tips & Tricks, Shortcuts of Simple Interest are given below:
Trick 3:-
\frac{T1}{T2}=\frac{n1-1}{n2-1}\frac{T1}{T2}=\frac{n1-1}{n2-1}
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Question 1. Find the simple interest of Rs 1000 for 10 years at 6% p.a.?
Options:
A. Rs. 60
B. Rs. 6000
C. Rs. 600
D. Rs. 6
Solution: We know that,
SI = p*r*t/100
SI = 1000*6*10/100
SI = 60000/100
SI = Rs. 600
Correct option: C
Question 1. If a sum of Rs.25000 is given as loan for a period of 4 years with the interest rates 2%, 4%, 5%, and 6% for the 1st, 2nd, 3rd, and 4th year respectively. What is the total amount that has to be paid at the end of 4 years?
A. Rs. 29250
B. Rs. 29520
C. Rs. 25920
D. Rs. 25290
Solution: As this is a case of Simple Interest we add 2% + 4% + 5% and 6% = 17%.
Amount = Principal + Rate of Interest.
Principal is 100% of the amount.
Therefore,
Amount = 100% + 17%.
Therefore Amount = 117%
Amount = (117*25000)/100
=29250
Correct option: A
Question 1. A sum of money becomes 5 times in 20 years. Calculate the rate of interest.
A. 20%
B. 13%
C. 15%
D. 25%
Solution: We know that, If sum of money becomes x times in t years at simple interest, then the rate is calculated as
R = 100 (x-1)/t %
R = 100 (5-1)/20
R = 100 (4)/20
R = 400/20
R = 20%
Question 2 : In an investment at 10% per annum simple interest after 2 years the interest received by Ryan is Rs. 580. What will be the principal amount that Ryan invests ?
Options (A) 3000 Rs
(B) 2000 Rs
(C) 2900 Rs (D) 2500 Rs
Solution: S.I = \frac{P\times R\times T}{100}
P = \frac{580\times 100}{10\times 2}P = 2900 Rs
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