SSC CGL Simple and Compound Interest Verified Practice Test 2

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 2

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 2 (no login required)

Amount
1. If simple interest is Rs. 300 on principal Rs. 1500, the amount is:
- A. 1600
- B. 1700
- C. 1800 (Correct)
- D. 1900
Explanation: Amount = principal + interest = 1500 + 300 = 1800.
Rate
2. At what rate percent per annum will Rs. 1000 earn Rs. 200 in 2 years as simple interest?
- A. 8%
- B. 10% (Correct)
- C. 12%
- D. 15%
Explanation: R = SI x 100 / (P x T) = 200 x 100 / (1000 x 2) = 10%.
Time
3. In how many years will Rs. 800 amount to Rs. 1000 at 12.5% simple interest?
- A. 1 year
- B. 2 years (Correct)
- C. 3 years
- D. 4 years
Explanation: Interest = 200. Time = SI x 100 / (P x R) = 200 x 100 / (800 x 12.5) = 2 years.
Compound Interest
4. Amount on Rs. 1000 at 10% compound interest for 2 years is:
- A. 1100
- B. 1200
- C. 1210 (Correct)
- D. 1220
Explanation: Amount = 1000 x (1.1)^2 = 1210.
CI vs SI
5. Difference between compound interest and simple interest on Rs. 1000 at 10% for 2 years is:
- A. 5
- B. 10 (Correct)
- C. 15
- D. 20
Explanation: CI = 210, SI = 200, so difference = 10.
Principal
6. A sum becomes Rs. 1320 in 2 years at 10% compound interest. The principal is:
- A. 1000
- B. 1050
- C. 1090.91 (Correct)
- D. 1200
Explanation: This exact value is 1320 / 1.21 = 1090.91 approximately.
Simple Interest
7. Simple interest on Rs. 2500 at 8% per annum for 3 years is:
- A. 500
- B. 600 (Correct)
- C. 700
- D. 800
Explanation: SI = 2500 x 8 x 3 / 100 = 600.
Half-yearly CI
8. At 10% per annum compounded half-yearly, the rate per half-year is:
- A. 2.5%
- B. 5% (Correct)
- C. 10%
- D. 20%
Explanation: The annual rate is split into two half-year periods, so each period has 5%.
Amount
9. A principal of Rs. 5000 earns Rs. 1500 as simple interest in 5 years. The amount is:
- A. 6000
- B. 6200
- C. 6400
- D. 6500 (Correct)
Explanation: Amount = 5000 + 1500 = 6500.
Compound Growth
10. A sum doubles in 2 years under annual compounding. Growth factor per year is:
- A. sqrt(2) (Correct)
- B. 2
- C. 1.5
- D. 1.25
Explanation: If (1+r)^2 = 2, then annual growth factor is sqrt(2).
Rate
11. Simple interest on Rs. 1200 for 1 year is Rs. 96. The rate is:
- A. 6%
- B. 7%
- C. 8% (Correct)
- D. 9%
Explanation: R = 96 x 100 / 1200 = 8%.
CI for 3 Years
12. Amount on Rs. 2000 at 5% compound interest for 3 years is:
- A. 2250
- B. 2315.25 (Correct)
- C. 2320
- D. 2350
Explanation: Amount = 2000 x (1.05)^3 = 2315.25.
Principal
13. If SI at 10% for 4 years is Rs. 480, the principal is:
- A. 1000
- B. 1100
- C. 1200 (Correct)
- D. 1300
Explanation: P = SI x 100 / (R x T) = 480 x 100 / (10 x 4) = 1200.
CI Difference
14. Difference between CI and SI on a sum for 2 years at 20% is Rs. 80. The principal is:
- A. 1000
- B. 1500
- C. 2000 (Correct)
- D. 2500
Explanation: Difference for 2 years = P x (R/100)^2 = P x 0.04 = 80, so P = 2000.
Simple Interest
15. SI on Rs. 3000 at 5% per annum for 4 years is:
- A. 500
- B. 550
- C. 600 (Correct)
- D. 650
Explanation: SI = PRT/100 = 3000 x 5 x 4 / 100 = 600.