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Simple Interest is a quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.

How to solve simple interest questions in competitive exams?

We are proving you some Important Short Tricks and Shortcut Methods on Simple Interest question which are usually asked in SSC Exams and Bank Exams so that you can quickly solve the questions in minimum amount of time.

I. To find the simple interest you need Principal, Rate of Interest, Term of loan.

Simple Interest = P x I x N

P = Principal (it is the money borrowed or lent out for a certain period)

I = Interest Rate (the rate of interest at which the principal is give for a certain period)

N = Term of loan (Time period which Is denoted by N)

For example, if simple interest is charged at 5% on a Rs. 10,000 loan that is taken out for a three-year period, the total amount of interest payable by the borrower is calculated as: 10,000 x 0.05 x 3 =  Rs. 1,500.

II. To find the Amount (A) you need Simple Interest and Principal,

A = SI + P

Now the total amount will be 10,000 + 1,500 = 11,500.

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