SSC CGL Interest — practice questions

Explore 10 free Interest questions in SSC CGL Quantitative Aptitude. Open each question or exercise to read its content, reference answers and available explanation.

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Interest questions and exercises with answers

Showing questions 1–10 of 10.

Worked practice questions

SSC CGL · Simple or Compound Interest

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Items

Item
Interest stays same every year
Answer
left
Item
Interest is calculated on accumulated amount
Answer
right
Item
Formula: P × R × T / 100
Answer
left
Item
Formula: P (1 + R/100)^T − P
Answer
right
Item
Year-on-year interest grows
Answer
right
Item
Linear growth with time
Answer
left

Categories

Left: Simple Interest
Right: Compound Interest

Instructions

Sort each property: simple or compound interest?

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Interest, in the banking sense, is best described as:

The extra money paid on money deposited or borrowed
A fee charged for opening an account
A tax collected by the government on savings
The minimum balance a bank requires

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Correct answer: A. The extra money paid on money deposited or borrowed

1. Statements such as interest at 9 per cent per annum on a fixed deposit are familiar from any bank. 2. Interest is the extra money paid by institutions like banks or post offices on money deposited with them. 3. It also runs the other way: interest is paid by people when they borrow money. 4. So interest attaches to the sum involved, not to the account itself. 5. Account fees, taxes and minimum balances are separate charges and are not interest. _Source: syllabus Maths, Ch 7 'Comparing Quantities', S7.4 Compound Interest_

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A sum of 10,000 is borrowed at 15% per annum simple interest for 2 years. The amount repayable is:

13,000
11,500
12,250
13,225

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Correct answer: A. 13,000

1. Simple interest for one year is 15 per cent of 10000, which is 1500. 2. Under simple interest the yearly amount does not change, so 2 years give 1500 x 2 = 3000. 3. The amount repayable is principal plus interest. 4. That is 10000 + 3000 = 13000. 5. 13225 would be the compound interest answer, which is higher because interest then earns interest. _Source: syllabus Maths, Ch 7 'Comparing Quantities', S7.4 Compound Interest_

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