SBI Clerk Mains Simple & Compound Interest Important Practice Questions

SBI Clerk mains 2023 exam date is not out yet, however candidates must be preparing hard for the upcoming SBI Clerk mains exam. We will update the candidates once the exam dates are out, but for now we are here with some SBI Clerk mains simple & compound interest important practice questions which candidates must practice to know the preparation level of the quant section. These simple interest and compound interest questions are important as these will give you an idea as to what kinds of questions can be prepared for the SBI Clerk mains exam. 

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Compound interest and Simple interest:

Compound interest:
Interest = Amount – Principal

If Rs. ‘P’ is invested at a rate of ‘r%’ p.a. compounded annually for ‘t’ years, then the amount received after ‘t’ years will be = P × {1 + (r/100)}^t

If the interest is not compounded annually, then

Effective rate of interest = Actual rate ÷ Number of times the interest is compounded in a year

Effective time period = Actual time period × Number of times the interest is compounded in a year

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Simple interest:

If Rs. ‘P’ is invested at simple interest of ‘r%’ p.a. for ‘t’ years, then the amount received after ‘t’ years will be = P + {(P × r × t)/100}

And, the simple interest received = {(P × r × t)/100}

Relationship between simple interest (SI) and compound interest (CI):

When a principal (P) is invested at the rate of ‘r%’ p.a., then

Difference between SI and CI after two years = P × (r/100)² 

Difference between SI and CI after three years = P × (r/100)² × {(r/100) + 3}

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SBI Clerk Mains Simple & Compound Interest Important Practice Questions

Question 1: Ramesh invested a certain sum of money in a scheme which is offering 12% compound interest for the first 2 years and 10% simple interest for the next 5 years on the accumulated amount. Find the amount invested by Ramesh if the total interest earned by him at the end of 7 years is Rs. 6,612.

A) Rs. 7,500

B) Rs. 7,800

C) Rs. 8,000

D) Rs. 8,200

E) None of these

Question 2: Pooja invested Rs. 10,000 in a scheme offering 20% compound interest compounded annually for three years. Rohit invested Rs. 12000 in another scheme offering 25% compound interest for 2 years. Find the difference between the interests earned by Pooja and Rohit.

A) Rs. 530

B) Rs. 625

C) Rs. 710

D) Rs. 795

E) None of these

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Question 3: Varun invested Rs. ‘x’ in a scheme offering 10% compound interest for three years compounded annually. Karan invested Rs. ‘x + 3000’ in a scheme offering 12% compound interest for two years compounded annually. Find the value of ‘x’ if the interest earned by Varun is Rs. 227 less than the interest earned by Karan.

A) Rs. 7,000

B) Rs. 9,000

C) Rs. 12,000

D) Rs. 15,000

E) None of these

Question 4: Amit invested Rs. 25,000 in a scheme offering 12% compound interest compounded annually, whereas Rajeev invested Rs. 20,000 in a scheme offering 15% compound interest compounded annually. Find the difference between the interests earned by Amit and Rajeev after two years.

A) Rs. 90

B) Rs. 150

C) Rs. 120

D) Rs. 110

E) None of these

Question 5: A man deposited a total amount of Rs. 24000 in two schemes, A and B. Scheme A offers simple interest at the rate of 12% p.a. while scheme B offers compound interest at the rate of 20% p.a. compounded annually. If the interest earned from scheme A after 2 years is Rs. 660 more than the interest earned from scheme B after 2 years, then find the amount deposited in scheme B.

A) Rs. 7200

B) Rs. 7500

C) Rs. 8000

D) Rs. 8400

E) None of these

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Question 6: When Rs. ‘x’ is invested at 24% p.a. simple interest for 4 years, the interest received is Rs. (x – 130). Find the interest received when Rs. (x + 250) is invested at 20% p.a. compound interest, compounded annually for 2 years.

I. Rs. {(x/2) – 85}

II. Rs. {(x/5) + 860}

III. Rs. (2x – 4980)

A) Only I

B) Only II and III

C) Only III

D) Only I and II

E) Only II

Question 7: The sum of the interest received on a sum of Rs. ‘x’ when invested at 20% simple interest for 2 years, and the same sum at the same rate and for same time period at compound interest, compounded annually is Rs. 1260. Find the amount received from the investment at simple interest.

I. Rs. (2x – 900)

II. Rs. {(x/2) + 1350}

III. Rs. (x + 700)

A) Only II

B) Only I and III

C) Only I

D) Only I and II

E) Only II and III

Question 8: Rajneesh Invested Rs. x in a scheme at the rate of 15% for 2 year and received a total simple interest of Rs. 3750. If he had invested Rs. (x + 5500) for same period of time at the rate of 10% for 1^st year and at 15% for 2^nd year on compounded annually, then find the total compound interest earned by Rajneesh after 2 year?

A) Rs. 4520

B) Rs. 4260

C) Rs. 5220

D) Rs. 4770

E) None of these

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Question 9: Amish invested Rs. 14000 at simple interest at the rate of R% p.a. for 2 years and receive an interest of Rs. 2000. If he invested total amount (Principal + Interest) in a scheme, which offered compound interest at the rate of (R + 20/7)%, compounded annually, then find the total compound interest received by Amish after 2 years?

A) Rs. 3630

B) Rs. 3360

C) Rs. 3520

D) Rs. 3410

E) Rs. 3240

Question 10: Abhishek and Aditya invested Rs. 7250 and Rs. 7500 at a rate of R% p.a. simple interest and (R + 12)% p.a. simple interest respectively and total interest obtained by them at the end of 3 years is Rs. 8010. Find the interest obtained if Arjun invested Rs. 8000 at compound interest of (R + 3)% p.a., compounded annually for 2 years.

A) Rs. 2580

B) Rs. 2080

C) Rs. 2880

D) Rs. 2850

E) None of these

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प्रश्न 1: Ramesh ने एक scheme में एक निश्चित राशि निवेश की जो पहले 2 वर्षों के लिए 12% चक्रवृद्धि ब्याज और संचित राशि पर अगले 5 वर्षों के लिए 10% साधारण ब्याज प्रदान करती है | यदि 7 वर्ष के अंत में उसके द्वारा अर्जित कुल ब्याज Rs. 6,612 है, तो Ramesh द्वारा निवेश की गई राशि ज्ञात करें ?

A) Rs. 7,500

B) Rs. 7,800

C) Rs. 8,000

D) Rs. 8,200

E) इनमें से कोई नहीं

प्रश्न 2: Pooja ने तीन वर्ष के लिए एक scheme में Rs. 10,000, सलाना 20% चक्रवृद्धि ब्याज पर निवेश किये | Rohit ने दो वर्ष के लिए एक अन्य scheme में Rs. 12000, 25% चक्रवृद्धि ब्याज पर निवेश किया | Pooja और Rohit के अर्जित ब्याज के बीच का अंतर ज्ञात करें?

A) Rs. 530

B) Rs. 625

C) Rs. 710

D) Rs. 795

E) इनमें से कोई नहीं

प्रश्न 3: Varun ने तीन वर्ष के लिए एक scheme में Rs. ‘x’ 10% सलाना की दर से चक्रवृद्धि ब्याज में निवेश किये | Karan ने दो वर्ष के लिए एक scheme में Rs. ‘x + 3000’ सलाना 12% सलाना की दर से चक्रवृद्धि ब्याज में निवेश किये | ‘x’ का मान ज्ञात करें यदि Varun द्वारा अर्जित की गयी ब्याज, Karan द्वारा अर्जित की गयी ब्याज से Rs. 227 कम है?

A) Rs. 7,000

B) Rs. 9,000

C) Rs. 12,000

D) Rs. 15,000

E) इनमें से कोई नहीं

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प्रश्न 4: Amit में एक scheme में Rs. 25,000 को 12% प्रतिवर्ष चक्रवृद्धि ब्याज पर निवेश किये | वहीं Rajeev ने एक scheme में Rs. 20,000 को 15% प्रतिवर्ष की चक्रवृद्धि ब्याज पर निवेश किये |दो वर्ष बाद, Amit और Rajeev द्वारा अर्जित ब्याज के बीच का अंतर ज्ञात करें?

A) Rs. 90

B) Rs. 150

C) Rs. 120

D) Rs. 110

E) इनमें से कोई नहीं

प्रश्न 5: एक व्यक्ति ने कुल Rs. 24000 की राशि दो schemes, A और B में निवेश किया|Scheme A 12% प्रतिवर्ष की दर से साधारण ब्याज प्रदान करती है जबकि scheme B 20% प्रति वर्ष की दर से वार्षिक देय चक्रवृद्धि ब्याज प्रदान करता है।यदि 2 वर्ष के बाद scheme A से अर्जित ब्याज, 2 वर्ष के बाद scheme B अर्जित ब्याज से Rs. 660 अधिक है|फिर scheme B में जमा राशि ज्ञात करें?

A) Rs. 7200

B) Rs. 7500

C) Rs. 8000

D) Rs. 8400

E) इनमें से कोई नहीं

प्रश्न 6: जब Rs ‘x’ को 4 वर्ष के लिए 24% प्रतिवर्ष साधारण ब्याज पर निवेश किया जाता है, तो प्राप्त ब्याज Rs (x – 130) है|प्राप्त ब्याज ज्ञात करें जब Rs (x + 250) को 2 वर्ष के लिए 20% प्रतिवर्ष वार्षिक देय चक्रवृद्धि ब्याज पर निवेश किया जाता है|

I. Rs. {(x/2) – 85}

II. Rs. {(x/5) + 860}

III. Rs. (2x – 4980)

A) केवल I

B) केवल II और III

C) केवल III

D) केवल I और II

E) केवल II

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प्रश्न 7: 2 वर्ष के लिए 20% साधारण ब्याज पर Rs x पर अर्जित ब्याज और समान राशि पर समान दर और समान अवधि के लिए अर्जित वार्षिक देय चक्रवृद्धि ब्याज का योग Rs 1260 है|साधारण ब्याज पर निवेश से अर्जित राशि ज्ञात करें|

I. Rs. (2x – 900)

II. Rs. {(x/2) + 1350}

III. Rs. (x + 700)

A) केवल II

B) केवल I and III

C) केवल I

D) केवल I and II

E) केवल II and III

प्रश्न 8: Rajneesh 2 वर्ष के लिए Rs x को एक scheme में 15% की दर से निवेश करता है और कुल Rs 3750 प्राप्त करता है|यदि उसने Rs (x + 5500) को समान अवधि के लिए पहले वर्ष के लिए 10% पर और दुसरे वर्ष के लिए 15% वार्षिक देय चक्रवृद्धि ब्याज पर निवेश करता है तो 2 वर्ष बाद Rajeesh द्वारा अर्जित कुल चक्रवृद्धि ब्याज ज्ञात करें|

A) Rs. 4520

B) Rs. 4260

C) Rs. 5220

D) Rs. 4770

E) इनमें से कोई नहीं

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प्रश्न 9: Amish Rs 14000 को 2 वर्ष के लिए R% प्रतिवर्ष की दर से साधारण ब्याज पर निवेश करता है और Rs 2000 ब्याज के रूप में प्राप्त करता है|यदि वह कुल राशि (मूलधन + ब्याज) को एक scheme में निवेश करता है जो (R + 20/7)% प्रतिवर्ष वार्षिक देय की दर से चक्रवृद्धि ब्याज प्रदान करता है, तो 2 वर्ष बाद Amish द्वारा प्राप्त कुल चक्रवृद्धि ब्याज कितना है?

A) Rs. 3630

B) Rs. 3360

C) Rs. 3520

D) Rs. 3410

E) Rs. 3240

प्रश्न 10: Abhishek और Aditya क्रमशः Rs. 7250 और Rs. 7500 को R% प्रतिवर्ष साधारण ब्याज और (R + 12)% प्रतिवर्ष साधारण ब्याज पर निवेश करते हैं और 3 वर्ष के अंत में उनके द्वारा अर्जित कुल ब्याज Rs. 8010 है|प्राप्त ब्याज ज्ञात करें यदि Arjun Rs. 8000 को 2 वर्षों के लिए (R + 3)% प्रतिवर्ष वार्षिक देय चक्रवृद्धि ब्याज पर निवेश करता है|

A) Rs. 2580

B) Rs. 2080

C) Rs. 2880

D) Rs. 2850

E) इनमे से कोई नहीं

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ANSWER KEYS and SOLUTIONS:

Solution 1: A)

Let the amount invested by Ramesh be Rs. ‘x’

Amount received by him after 2 years of CI = x × (1 + 0.12)² = Rs. 1.2544x

Amount received by him after 7 years = 1.2544x + 1.2544x × 5 × 0.10 = 1.2544x + 0.6272x = Rs. 1.8816x

So, interest earned after 7 years = 1.8816x – x = 6612

0.8816x = 6612, x = 7500

So, the amount invested by Ramesh = Rs. 7,500

Hence, option a.

Solution 2: A)

Interest earned by Pooja = 10000 × {(1 + 0.20)³ – 1} = Rs. 7,280

Interest earned by Rohit = 12000 × {(1 + 0.25)² – 1} = Rs. 6,750

So, the desired difference = 7280 – 6750 = Rs. 530

Hence, option a.

Solution 3: A)

Interest earned by Varun = x × {(1 + 0.10)³ – 1} = Rs. 0.331x

Interest earned by Karan = (x + 3000) × {(1 + 0.12)² – 1} = Rs. (0.2544x + 763.20)

According to question: 0.2544x + 763.20 – 0.331x = 227

0.0766x = 536.20

x = 7000

So, the value of x = Rs. 7000

Hence, option a.

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Solution 4: A)

Interest earned by Amit = 25000 × {(1 + 0.12)² – 1} = Rs. 6,360

Interest earned by Rajeev = 20000 × {(1 + 0.15)² – 1} = Rs. 6,450

 So, the desired difference = 6450 – 6360 = Rs. 90

Hence, option a.

Solution 5: B)

Let the amount deposited in scheme B be Rs. ‘x’.

So, amount deposited in scheme A = Rs. (24000 – x)

According to question,

(24000 – x) × 0.24 – x{(1.2)² – 1} = 660

5760 – 0.24x – 0.44x = 660

0.68x = 5100

x = 7500

So, the amount deposited in scheme B = Rs. 7500

Hence, option b.

Solution 6: A)

According to the question,

(x × 24 × 4)/100 = (x – 130)

Or, 24x = 25x – 3250

Or, x = Rs. 3250

Therefore, interest received at compound interest

= (x + 250)(1 + 20/100)² – (x+ 250) = 3500(1.2)² – 3500 = Rs. 1540

For I:

{(x/2) – 85} = {3250/2 – 85} = (1625 – 85) = Rs. 1540

Therefore, I can be the answer.

For II:

{(x /5) + 860} = {(3250/5) + 860} = (650 + 860) = Rs. 1510

Therefore, II cannot be the answer.

For III:

(2x – 4980) = (2 × 3250 – 4980) = Rs. 1520

Therefore, III cannot be the answer.

Hence, option a.

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Solution 7: D)

According to the question,

(x × 20 × 2)/100 + x(1 + 20/100)² – x = 1260

Or, 2x/5 + 0.44x = 1260

Or, 2x + 2.2x = 6300

Or, x = 6300/4.2 = Rs. 1500

Amount received at simple interest = 2x/5 + x = Rs. 2100

For I:

(2x – 900) = (2 × 1500 – 900) = Rs. 2100

Therefore, I can be the answer.

For II:

{(x/2) + 1350} = {(1500/2) + 1350} = Rs. 2100

Therefore, II can be the answer.

For III:

(x + 700) = 1500 + 700 = Rs. 2200

Therefore, III cannot be the answer.

Hence, option d.

Solution 8: D)

3750 = x × 15% × 2

x = Rs. 12500

Sum = Rs. 18000

Amount after two years at compound interest = 18000 × 110% × 115%

= Rs. 22770

Compound interest earned = 22770 – 18000 = Rs. 4770

Hence, option d.

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Solution 9: B)

Simple interest = 14000 × 2 × R%

2000 = 140 × 2 × R

R = 50/7%

Rate of compound interest = 50/7 + 20/7 = 10%

Principal = 14000 + 2000 = Rs. 16000

Compound interest = 16000 × (1 + 10/100)² – 16000

= 16000 × 121/100 – 16000 = Rs. 3360

Hence, option b.

Solution 10: A)

According to question;

7250 × R/100 × 3 + 7500 × (R + 12)/100 × 3 = 8010

72.5R + 75R = 8010/3 – 75 × 12

Or, 147.5R = 1770

Or, R = 12

Desired answer = [(1.15)² – 1] × 8000 = Rs. 2580

Hence, option a.

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This brings us to the end of the simple interest and compound interest questions and answers. It is important for the upcoming SBI Clerk mains examination.

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