If the compound interest on a sum for 2 years at 5% is Rs. 307.50, the simple interest on the same sum for 2 years at 5% is: MCQ with Answer and Explanation
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Question #1
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The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 217. Find the sum.
Correct Answer: Option B
Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 217 = P * (10/100)^2 * (3 + 10/100) => 217 = P * (1/100) * (3.1) => 217 = P * 0.031 => P = 217 / 0.031 = Rs. 7000.
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 217 = P * (10/100)^2 * (3 + 10/100) => 217 = P * (1/100) * (3.1) => 217 = P * 0.031 => P = 217 / 0.031 = Rs. 7000.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money at compound interest becomes 6 times in 3 years. In how many years will it become 36 times?
Correct Answer: Option A
Explanation:
36 = 6², so 3 × 2 = 6 years.
36 = 6², so 3 × 2 = 6 years.
This question belongs to:
Maths
Compound Interest
Question #3
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The difference between CI and SI on Rs. 6000 for 2 years at 5% is:
Correct Answer: Option C
Explanation:
D = 6000 × (0.05)² = 6000 × 0.0025 = Rs. 15.
D = 6000 × (0.05)² = 6000 × 0.0025 = Rs. 15.
This question belongs to:
Maths
Compound Interest
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