Interest is defined as the cost of borrowing money as in the case of interest charged on a loan balance. Conversely, interest can also be the rate paid for money on deposit as in the case of a certificate of deposit. Interest can be calculated in two ways, simple interest or compound interest.

**Simple interest **is calculated on the principal, or original, amount of a loan.**Compound interest** is calculated on the principal amount and also on the accumulated interest of previous periods, and can thus be regarded as “interest on interest.”

**SSC Multi Tasking (Non-Technical) Staff 2021 MCQ – Numerical Aptitude – Simple & Compound Interest Set A**

**SSC Multi Tasking (Non-Technical) Staff 2021 MCQ – Numerical Aptitude – Simple & Compound Interest Set **B

**SSC Multi Tasking (Non-Technical) Staff 2021 MCQ – Numerical Aptitude – Simple & Compound Interest Set **C

**SSC Multi Tasking (Non-Technical) Staff 2021 MCQ – Numerical Aptitude – Simple & Compound Interest Set **D