SSC CGL Simple and Compound Interest Verified Practice Test 1

15 structurally validated Simple and Compound Interest questions with unique options, mapped answers and explanations.

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SSC CGL Practice Session

SSC CGL Simple and Compound Interest Verified Practice Test 1

15 structurally validated Simple and Compound Interest questions with unique options, mapped answers and explanations.

Questions

Marking

+2 correct, -0.5 wrong

Format

15-question practice session

Preview all 15 questions in SSC CGL Simple and Compound Interest Verified Practice Test 1 (no login required)

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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Simple Interest
15. Simple interest on Rs. 2000 at 10% per annum for 2 years is:
- A. 200
- B. 300
- C. 400 (Correct)
- D. 500
Explanation: SI = PRT/100 = 2000 x 10 x 2 / 100 = 400.