Simple and Compound Interest Questions For SSC CGL 2024

Simple Interest And Comount Interest In SSC CGL

The Questions related to Simple Interest and Compound Interest are most commonly asked in most competitive exams conducted by the Staff Selection Commission. It is a scoring topic if you can grasp the basic concepts. In this blog, we will be providing simple and compound interest questions that will be beneficial for the SSC CGL Exam 2024 preparation.

SSC CGL Exam 2024 – Overview

The SSC CGL 2024 Notification will be released on 11th June 2024 and the SSC CGL Exam 2024 has been scheduled to be held from September to October 2024. Further details regarding the SSC CGK Exam have been provided in the table below:

Particulars	SSC CGL 2024 Notification Details
Name	Staff Selection Commission Combined Graduate Level (SSC CGL)
Conducted by	Staff Selection Commission (SSC)
Exam Level	National
Frequency	Yearly
Vacancies	To be announced
Exam Mode	Online
Exam Duration	Tier-I: 60 minutes, Tier-II: 2 hours 15 minutes ( Paper – I)
Purpose of Exam	To select candidates for Group B and C posts in various departments of the Government of India
Language	Multilingual
Exam Helpdesk No.	011-69999845
Official Website	ssc.gov.in

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What is Simple Interest?

Simple Interest is calculated only on the principal amount or the initial sum of money. The formula to calculate Simple Interest is:

Simple Interest= P*R*T/100 where,

P = Principal amount
R = Rate of interest per year
T = Time period in years

What is Compound Interest?

Compound Interest is calculated on the principal amount and also on the accumulated interest of previous periods. The formula to calculate Compound Interest is:

Compound Interest= P(1+R/100)^T-P where,

P = Principal amount
R = Annual interest rate
T = Time period in years

SSC CGL Simple Interest and Compound Interest Questions

1. A sum of Rs. 12,000, at compound interest becomes double after 5 years. How much will it be after 20 years?

a) Rs. 1,20,000

b) Rs. 1,44,000

c) Rs. 1,92,000

d) Rs. 1, 50,000

2. At what rate of compound interest per annum will a sum of Rs 20000 become Rs 23328 in 2 years?

a) 8 per cent

b) 12 per cent

c) 24 per cent

d) 16 per cent

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3. A sum of money at compound interest doubles itself in 15 years. It will become eight times of itself in

a) 48 years

b) 45 years

c) 60 years

d) 54 years

4. What will the compound interest for a period of 6 months be calculated quarterly at the rate of 20% on a principal amount of Rs. 32,000 be?

a) Rs. 4160

b) Rs. 4360

c) Rs. 4080

d) Rs. 4280

5. Ram lends Rs. 2500 to Rahul at the rate of 2% compound interest. How much extra money will he have earned at the end of 2 years?

a) Rs. 110

b) Rs. 101

c) Rs. 108

d) Rs. 103

6. In how many years will a principal amount of Rs. 1000 become Rs. 1728 when compounded annually at the rate of 20% per annum.

a) 3

b) 5

c) 7

d) 9

7. At what rate of compound interest per annum will a sum of Rs 10000 become Rs 12321 in 2 years?

a) 7 per cent

b) 11 per cent

c) 15 per cent

d) 22 per cent

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8. If the compound interest on a certain sum for 2 years at 4% p.a. is Rs. 102, the simple interest at the same rate of interest for two years would be?

(a) Rs. 50

(b) Rs. 100

(d) Rs. 200

9. A sum of Rs. 2668 amounts to Rs. 4669 in 5yr at the rate of simple interest. Find the rate of interest.

a) 14.90%

b) 15%

c) 15.20%

d) 16%

10. Raj deposits an amount of Rs. 65800 at the rate of 14% per annum for 4 yr. What total amount will Raj get at the end of 4 yrs.?

a) Rs.115246

b) Rs. 110324

c) Rs.102648

d) Rs.125578

The following was a sneak peek into the contents of the e-book, for the complete e-book containing the full set of questions with solutions the candidates/aspirants can download using the link provided below.

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That was all about the SSC CGL Simple and Compound Interest Questions. We hope that it will prove beneficial for exam preparation. For more updates, stay connected with Oliveboard.

SSC CGL Simple and Compound Interest – FAQs

What is the difference between Simple Interest and Compound Interest?

The main difference is that Simple Interest is calculated only on the principal amount, while Compound Interest is calculated on the principal amount plus any interest that has been added to it.

How does the time period affect interest calculations?

For Simple Interest, the interest increases linearly with time. For Compound Interest, the interest grows exponentially with time due to the effect of compounding.

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