Important Short Tricks to solve Simple Interest Questions

Numerical ability section is considered to be one of the toughest subjects of SSC Exams but it can be scored off well if prepared well. Simple Interest is one of the toughest chapters which leaves candidates a bit confused and most of the aspirants leave these questions untouched.

To make the chapter easy for you all, we are providing you all some Important Short Tricks to solve Simple Interest Questions which will surely make the chapter easy for you all.

Important Short Tricks to solve Simple Interest Questions

Interest is the money paid by the borrow to the lender for the use of money lent.
The sum lent is called the Principal. Interest is usually calculated at the rate of so many rupees for every Rs.100 of the money lent for a year. This is called the rate per cent per annum.
‘Per annum’ means for a year. The words ‘per annum’ are sometimes omitted. Thus, 6 p.c. means that Rs.6 is the interest on Rs.100 in one year.
The sum of the principal and interest is called the amount. The interest is usually paid yearly, half-yearly or quarterly as agreed upon.
Interest is of two kind, Simple and Compound. When interest is calculated on the original principal for any length of time it is called simple interest. Compound interest is defined in the next chapter.

To find Simple Interest, multiply the principal by the number of years and by the rate per cent and divide the result by 100.

This may be remembered in the symbolic form

Where I = Interest, p = principle, t = number of years, r = % rate

Ex. 1. Find the simple interest on Rs.400 for 5 years at 6 per cent.

Solution:

Interest for a number of days

When the time is given in days or in years and days, 365 days are reckoned to a year. But when the time is given in months and days, 12 months are reckoned to a year and 30 days to the month. The day on which the money is paid back should be include be but not the day on which it is borrowed, ie, in counting, the first day is omitted.

Ex. 2. Find the simple interest on Rs.306. 25 from March 3rd to July 27that per annum.

Solution:

Interest = Rs. 

= = Rs. 4.59

To find principal:-

Since I =                             

Ex.3. What sum of money will produce Rs.143 interest in  years at p.c. simple interest?

Solution:

Let the required sum be Rs. P. Then

Rs P = 

To find rate %:-

Since I =