Find the principal if the compound interest at 10% per annum for 2 years is Rs. 630. MCQ with Answer and Explanation

Question
Find the principal if the compound interest at 10% per annum for 2 years is Rs. 630.
A. Rs. 3200
B. Rs. 3000
C. Rs. 2800
D. Rs. 3500
Answer: Option B
Solution (By JKExamLibrary)
CI = P × 0.21 = 630 ⇒ P = 630 / 0.21 = 3000.
This question belongs to: Maths Compound Interest

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Practice More Compound Interest Questions

Question #1
What is the compound interest on Rs. 64000 for 1 year at 5% per annum, compounded half-yearly?
A. Rs. 3240
B. Rs. 3320
C. Rs. 3280
D. Rs. 3200
Discuss

Correct Answer: Option A

Explanation:
Half-yearly rate = 5/2 = 2.5%. Time = 2 half-years. Amount = 64000 * (1 + 2.5/100)^2 = 64000 * (41/40)^2 = 64000 * (1681 / 1600) = 40 * 1681 = Rs. 67240. Compound Interest = 67240 - 64000 = Rs. 3240.
This question belongs to: Maths Compound Interest
Question #2
The compound interest on a sum for 2 years at 10% is Rs. 1260. The sum is:
A. Rs. 7000
B. Rs. 5500
C. Rs. 6000
D. Rs. 6500
Discuss

Correct Answer: Option C

Explanation:
CI = P × 0.21 = 1260 ⇒ P = 1260 / 0.21 = 6000.
This question belongs to: Maths Compound Interest
Question #3
At what rate percent per annum will Rs. 20000 amount to Rs. 24200 in 2 years, compound interest compounded annually?
A. 12%
B. 10%
C. 14%
D. 8%
Discuss

Correct Answer: Option B

Explanation:
Amount/Principal = 24200 / 20000 = 121 / 100 = (11 / 10)^2. Therefore, 1 + R/100 = 11/10 => R/100 = 1/10 => R = 10%.
This question belongs to: Maths Compound Interest
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