**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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