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SSC CGL Simple and Compound Interest Practice Test 1

15 SSC CGL questions on SI, CI, amount, principal, rate, and annual interest calculations.

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SSC CGL Practice Session

SSC CGL Simple and Compound Interest Practice Test 1

15 SSC CGL questions on SI, CI, amount, principal, rate, and annual interest calculations.

Questions
14
Marking
+2 correct, -0.5 wrong
Format
15-question ad-supported session
Preview all 14 questions in SSC CGL Simple and Compound Interest Practice Test 1 (no login required)
  1. Simple Interest

    1. Find the simple interest on Rs. 2000 at 10% per annum for 2 years.

    • A. Rs. 200
    • B. Rs. 300
    • C. Rs. 400 (Correct)
    • D. Rs. 500

    Explanation: SI = PRT/100 = 2000 × 10 × 2 / 100 = 400.

  2. Amount

    2. If simple interest on Rs. 1000 for 3 years is Rs. 300, the amount is:

    • A. 1200
    • B. 1250
    • C. 1300 (Correct)
    • D. 1350

    Explanation: Amount = Principal + Interest = 1000 + 300 = 1300.

  3. Time

    3. In how many years will Rs. 800 amount to Rs. 1000 at 5% simple interest?

    • A. 4
    • B. 5 (Correct)
    • C. 6
    • D. 7

    Explanation: Interest = 200. Time = SI × 100 / PR = 200 × 100 / (800 × 5) = 5 years.

  4. Compound Interest

    4. The amount on Rs. 1000 at 10% compound interest for 2 years is:

    • A. 1100
    • B. 1200
    • C. 1210 (Correct)
    • D. 1220

    Explanation: Amount = 1000 × (1.1)^2 = 1210.

  5. Compound Interest

    5. Compound interest on Rs. 2000 at 5% for 2 years is:

    • A. 200
    • B. 205 (Correct)
    • C. 210
    • D. 215

    Explanation: Amount = 2000 × (1.05)^2 = 2205, so CI = 205.

  6. Difference SI and CI

    6. The difference between compound interest and simple interest on Rs. 1000 for 2 years at 10% is:

    • A. 5
    • B. 10 (Correct)
    • C. 15
    • D. 20

    Explanation: SI = 200 and CI = 210, so difference = 10.

  7. Half-yearly CI

    7. If interest is compounded half-yearly at 10% p.a., then the rate per half-year is:

    • A. 2.5%
    • B. 5% (Correct)
    • C. 10%
    • D. 20%

    Explanation: For half-yearly compounding, 10% annual rate becomes 5% per half-year.

  8. Principal

    8. If the simple interest is Rs. 240 at 8% for 3 years, the principal is:

    • A. 800
    • B. 900
    • C. 1000 (Correct)
    • D. 1200

    Explanation: P = SI × 100 / RT = 240 × 100 / (8 × 3) = 1000.

  9. Simple Interest

    9. Simple interest on Rs. 5000 at 4% for 1 year is:

    • A. 100
    • B. 150
    • C. 200 (Correct)
    • D. 250

    Explanation: SI = 5000 × 4 × 1 / 100 = 200.

  10. Annual Increase

    10. A sum becomes Rs. 2420 in 2 years at 10% compound interest. The principal was:

    • A. 1800
    • B. 1900
    • C. 2000 (Correct)
    • D. 2200

    Explanation: P = 2420 / (1.1)^2 = 2420 / 1.21 = 2000.

  11. CI Formula

    11. A sum doubles in 8 years at compound interest. In how many years will it become four times at the same rate?

    • A. 12
    • B. 14
    • C. 16 (Correct)
    • D. 18

    Explanation: If it doubles in 8 years, it will double again in another 8 years. So four times in 16 years.

  12. SI to Amount

    12. If SI is Rs. 90 on Rs. 600, the amount is:

    • A. 660
    • B. 680
    • C. 690 (Correct)
    • D. 700

    Explanation: Amount = 600 + 90 = 690.

  13. Compound Interest

    13. At 20% compound interest for 2 years, Rs. 500 becomes:

    • A. 680
    • B. 700
    • C. 720 (Correct)
    • D. 740

    Explanation: 500 × 1.2 × 1.2 = 720.

  14. Present Worth

    14. What principal will amount to Rs. 1320 in 2 years at 10% simple interest?

    • A. 1000
    • B. 1050
    • C. 1100 (Correct)
    • D. 1200

    Explanation: A = P(1 + RT/100) = P(1.2), so P = 1320 / 1.2 = 1100.