How To Solve Simple Interest Problems

How To Solve Simple Interest Problems-27
In this section you can learn and practice Aptitude Questions based on "Simple Interest" and improve your skills in order to face the interview, competitive examination and various entrance test (CAT, GATE, GRE, MAT, Bank Exam, Railway Exam etc.) with full confidence.

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You can easily solve all kind of Aptitude questions based on Simple Interest by practicing the objective type exercises given below, also get shortcut methods to solve Aptitude Simple Interest problems.

Imagine the kind of simple interest problems where different interest rates are given for different time periods.

It may be helpful to organize the information by listing all four variables and filling in the given information. , P = $500, r = 6%, t = 3 years We will use the simple interest formula to find the interest. , r = 4%, t = 2 years We will use the simple interest formula to find the principal. , t = 4 years We will use the simple interest formula to find the rate.

Example 6.33: Find the simple interest earned after 3 years on $500 at an interest rate of 6%. Example 6.34: Find the principal invested if $178 interest was earned in 2 years at an interest rate of 4%. Example 6.35: Find the rate if a principal of $8,200 earned $3,772 interest in 4 years. Applications with simple interest usually involve either investing money or borrowing money.

To solve these applications, we continue to use the same strategy for applications that we have used earlier in this chapter. , P = $12,500, r = 4%, t = 5 years There may be times when you know the amount of interest earned on a given principal over a certain length of time, but you don't know the rate. , P = $900, r = 2.1%, t = 10 months (a) After completing the exercises, use this checklist to evaluate your mastery of the objectives of this section.

The only difference is that in place of translating to get an equation, we can use the simple interest formula. For instance, this might happen when family members lend or borrow money among themselves instead of dealing with a bank. (b) On a scale of 1–10, how would you rate your mastery of this section in light of your responses on the checklist?

Here you can find objective type Aptitude Simple Interest questions and answers for interview and entrance examination. If the total amount of simple interest earned in 2 years be Rs.

Multiple choice and true or false type questions are also provided. 13,900 divided in two different schemes A and B at the simple interest rate of 14% p.a.

In 4 years his brother paid him back the ,000 plus 0 in interest. Solution We are asked to find the rate of interest, r. This might happen, for instance, in making a car purchase when the dealer adds the cost of a warranty to the price of the car.

In the next example, we will solve a simple interest application for the principal.

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