{"id":63999,"date":"2020-10-30T21:20:02","date_gmt":"2020-10-30T15:50:02","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=63999"},"modified":"2020-12-21T15:47:49","modified_gmt":"2020-12-21T10:17:49","slug":"simple-and-compound-interest-questions-for-rrb-ntpc","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/simple-and-compound-interest-questions-for-rrb-ntpc\/","title":{"rendered":"Practice Questions for Simple Interest and Compound Interest for RRB NTPC"},"content":{"rendered":"<p>In this post we will look into the basic concept and solve some questions on Simple and Compound Interest questions for RRB NTPC. This topic needs an aspirant to remember the formulas related to simple interest and compound interest. One of the most important skill needed to solve problems of Simple and Compound Interest questions for <a href=\"https:\/\/www.oliveboard.in\/railway-rrb-ntpc\/?ref=b-30-10-cka2\">RRB NTPC<\/a>\u00a0is simplification technique and placing the given data appropriately.<\/p>\n<h2><strong>Formulas of Simple and Compound Interest:<\/strong><\/h2>\n<p>Let us look at the formulas of Simple Interest and Compound interest:<\/p>\n<p>Simple interest = (Principal * Rate of Interest * Time period)\/100<\/p>\n<p>Compound interest = Principal * (1 + (Rate of interest\/100))<sup>Time period <\/sup>\u2013 Principal<\/p>\n<p>Amount = Principal * (1 + (Rate of interest\/100))<sup>Time period<\/sup><\/p>\n<p>In Compound Interest questions,\u00a0students are generally confused between the amount and the interest earned. You have to subtract the principle from the amount to get the compound interest.<\/p>\n<p><a href=\"https:\/\/www.oliveboard.in\/railway-rrb-ntpc\/?ref=b-30-10-cka2\"><strong>Attempt a FREE RRB NTPC mock tests here!<\/strong><\/a><\/p>\n<h2><strong>Simple and Compound Interest Questions for RRB NTPC:<\/strong><\/h2>\n<p>Here are some questions which will help you to understand the concept and how to approach these questions in less time.<\/p>\n<p>Q1. A sum of money triples itself in 8 years at a certain rate of SI. How long will it take for it to become 5 times at the same rate of interest?<\/p>\n<p>A) 14 years<\/p>\n<p>B) 15 years<\/p>\n<p>C) 16 years<\/p>\n<p>D) 18 years<\/p>\n<p>Answer key: C<\/p>\n<p>Solution:<\/p>\n<p>Let principle be P<\/p>\n<p>Let rate of interest be R%<\/p>\n<p>Sum of money triple in 8 years = 3P<\/p>\n<p>Simple interest = 3P \u2013 P = 2P<\/p>\n<p>2P = (P*R*8)\/100<\/p>\n<p>R = 25%<\/p>\n<p>Sum becomes 5 times means it become 5P<\/p>\n<p>Simple interest = 5P \u2013 P = 4P<\/p>\n<p>Let Time by which it becomes 5P be T<\/p>\n<p>4P = (P*25*T)\/100<\/p>\n<p>T = 16 years<\/p>\n<p><a href=\"https:\/\/www.oliveboard.in\/railway-rrb-ntpc\/?ref=b-30-10-cka2\"><strong>Attempt topic tests on various topics of Mathematics for Railways and SSC.<\/strong><\/a><\/p>\n<p>Q2. At what percentage simple interest per annum a certain sum will double in 10 years?<\/p>\n<p>A) 7%<\/p>\n<p>B) 8%<\/p>\n<p>C) 9%<\/p>\n<p>D) 10%<\/p>\n<p>Answer key: D<\/p>\n<p>Solution:<\/p>\n<p>Let sum be P and rate of interest be R%<\/p>\n<p>2P \u2013 P = (P*R*10)\/100<\/p>\n<p>R = 10%<\/p>\n<p><a href=\"https:\/\/www.oliveboard.in\/free-ebook-pdf-download\/?ref=b-30-10-cka2\"><strong>Download FREE e-books on various topics from RRB NTPC syllabus.<\/strong><\/a><\/p>\n<p>Q3. An amount of 10,000 lent at compound interest at the rate of 6% per year. What would be the compound interest after 2 years?<\/p>\n<p>A) 1200<\/p>\n<p>B) 1221<\/p>\n<p>C) 1236<\/p>\n<p>D) 1250<\/p>\n<p>Answer key: C<\/p>\n<p>Solution:<\/p>\n<p>Principle= Rs 10000<\/p>\n<p>Rate of interest = 6%<\/p>\n<p>Time = 2 years<\/p>\n<p>Compound interest= Principal * (1 + (Rate of interest\/100))<sup>Time period<\/sup><\/p>\n<p>= 10000(1 + (6\/100))<sup>2<\/sup> \u2013 10000<\/p>\n<p>= 1236<\/p>\n<p>For more such practice questions, click <a href=\"https:\/\/www.oliveboard.in\/railway-rrb-ntpc\/?ref=b-30-10-cka2\">here<\/a>. For more such useful content, stay tuned with Oliveboard.<\/p>\n<p><a href=\"https:\/\/www.oliveboard.in\/ssc-cgl\/?ref=b-30-10-cka2\"><strong>Register with Oliveboard to crack any SSC and Railways exam.<\/strong><\/a><\/p>\n<p><a href=\"https:\/\/www.oliveboard.in\/blog\/gk-bolt-monthly-current-affairs\/\"><strong>Download BOLT \u2013 FREE\u00a0monthly general awareness Ebook<\/strong><\/a><\/p>\n<p><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=in.oliveboard.prep\"><strong>Study at your own convenience anywhere. Download the Oliveboard app now!<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this post we will look into the basic concept and solve some questions on Simple and Compound Interest questions<\/p>\n","protected":false},"author":2,"featured_media":64003,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,555,10234,10231],"tags":[],"class_list":["post-63999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-railways-rrb","category-rrb-ntpc","category-ssc-railways","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Practice Questions of Simple and Compound Interest for RRB NTPC<\/title>\n<meta name=\"description\" content=\"In this post we will look into the basic concept and solve some questions on Simple and Compound Interest questions for RRB NTPC.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oliveboard.in\/blog\/simple-and-compound-interest-questions-for-rrb-ntpc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Practice Questions for Simple Interest and Compound Interest for RRB NTPC\" \/>\n<meta property=\"og:description\" content=\"In this post we will look into the basic concept and solve some questions on Simple and Compound Interest questions for RRB NTPC. 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