Banking Exams  >  Quantitative Aptitude for Competitive Examinations  >  Concepts: Simple Interest

Concepts: Simple Interest Notes | Study Quantitative Aptitude for Competitive Examinations - Banking Exams

Document Description: Concepts: Simple Interest for Banking Exams 2022 is part of Quantitative Aptitude for Competitive Examinations preparation. The notes and questions for Concepts: Simple Interest have been prepared according to the Banking Exams exam syllabus. Information about Concepts: Simple Interest covers topics like and Concepts: Simple Interest Example, for Banking Exams 2022 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Concepts: Simple Interest.

Introduction of Concepts: Simple Interest in English is available as part of our Quantitative Aptitude for Competitive Examinations for Banking Exams & Concepts: Simple Interest in Hindi for Quantitative Aptitude for Competitive Examinations course. Download more important topics related with notes, lectures and mock test series for Banking Exams Exam by signing up for free. Banking Exams: Concepts: Simple Interest Notes | Study Quantitative Aptitude for Competitive Examinations - Banking Exams
1 Crore+ students have signed up on EduRev. Have you?

Simple Interest:

Formula:

1) SI = P x R x T/100 

2) Principal = Simple Interest ×100/ R × T

3) Rate of Interest = Simple Interest ×100 / P × T

4) Time = Simple Interest ×100 / P × R

5) If rate of Simple interest differs from year to year, then

Simple Interest = Principal × (R1+R2+ R3…..)/100

The four variables in the above formula are:
 SI=Simple Interest
 P=Principal Amount (This the amount invested)
 T=Number of years
 R=Rate of interest (per year) in percentage

 

1). A sum of money is divided into n parts in such a way that the interest on the first part at r1% for t1 years, on second part at r2% for t2 years, on third part at r3% for t3years and so on, are equal. Then the ratio in which the sum is divided in n part is:

1/r1×t1: 1/r2 ×t2: 1/r3×t3

Example:

A sum of Rs 7700 is lent out in two parts in such a way that the interest on one part at 20% for 5 yr is equal to that on another part at 9% for 6 yr. Find the two sums.

Solution:

Here, R1 = 20% R2 = 9%

T1 = 5 yr T2 = 6 yr

By using formula, ratio of two sums  = 1/100 : 1/54 = 27 : 50

Therefore, first part = [27/(27+50)]*7700 = Rs 2700

Second part = [50/(27+50)]*7700 = Rs 5000

 

2). Amount = Principal + S.I = p + [(p x r x t)/100]

Example:

What Principal will amount to Rs. 16000 in 6 years at 10% simple interest?

Solution:

Let the principal be Rs. p, given rate of interest is 10% and time = 6 years.
 Amount received at the end of 6 years = 16000 Rs.
 => 16000 = p + (p x 10 x 6)/100 = p + 6p/10 = 16p/10 => P = 16000 x (10/16) = 1000 x 10 = 10000 Rs.
 Principal should be Rs. 10000

3). If sum becomes n times in T yr at simple interest, then formula for calculating rate of interest
R =100(n-1) /T %
4). A sum of money becomes 4 times in 20 yr at SI. Find the rate of interest?
 R =100(4-1)/20
 =100*3 / 20 =5*3 =15
5). If A sum becomes n times in at certain rate of interest .then the time taken in                    which the same amount will be n times at the same rate of interest:
= (n-1)/2 × T (n = number of times)

6). If A sum becomes 3 times in at certain rate of interest in 5years .find the time taken in  the same amount will be 8 times at the same rate of interest:
 =(8-1)/2*5
 = 7/2 * 5
 =17.5years

The document Concepts: Simple Interest Notes | Study Quantitative Aptitude for Competitive Examinations - Banking Exams is a part of the Banking Exams Course Quantitative Aptitude for Competitive Examinations.
All you need of Banking Exams at this link: Banking Exams

Related Searches

Exam

,

Concepts: Simple Interest Notes | Study Quantitative Aptitude for Competitive Examinations - Banking Exams

,

past year papers

,

study material

,

video lectures

,

Sample Paper

,

Semester Notes

,

pdf

,

Free

,

Concepts: Simple Interest Notes | Study Quantitative Aptitude for Competitive Examinations - Banking Exams

,

Important questions

,

practice quizzes

,

shortcuts and tricks

,

Extra Questions

,

mock tests for examination

,

Objective type Questions

,

ppt

,

MCQs

,

Summary

,

Previous Year Questions with Solutions

,

Viva Questions

,

Concepts: Simple Interest Notes | Study Quantitative Aptitude for Competitive Examinations - Banking Exams

;