The compound interest on a certain sum of money for 2 years at 6% per annum is Rs. 370.80. What would be the simple interest on the same sum at the same rate for the same time? MCQ with Answer and Explanation
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Question #1
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At what rate per annum compound interest will Rs. 1000 become Rs. 1102.50 in 2 years?
Correct Answer: Option C
Explanation:
1000(1+r)² = 1102.50 ⇒ (1+r)² = 1.1025 ⇒ 1+r = 1.05 ⇒ r = 5%.
1000(1+r)² = 1102.50 ⇒ (1+r)² = 1.1025 ⇒ 1+r = 1.05 ⇒ r = 5%.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money amounts to Rs. 12960 in 2 years and Rs. 15552 in 3 years at compound interest. Find the sum.
Correct Answer: Option C
Explanation:
Rate = (15552/12960 − 1) × 100 = 20%. P = 12960 / 1.44 = 9000.
Rate = (15552/12960 − 1) × 100 = 20%. P = 12960 / 1.44 = 9000.
This question belongs to:
Maths
Compound Interest
Question #3
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At what rate of compound interest per annum will a sum of Rs. 800 become Rs. 882 in 2 years?
Correct Answer: Option B
Explanation:
800 × (1 + r)² = 882 ⇒ (1+r)² = 1.1025 ⇒ 1+r = 1.05 ⇒ r = 5%.
800 × (1 + r)² = 882 ⇒ (1+r)² = 1.1025 ⇒ 1+r = 1.05 ⇒ r = 5%.
This question belongs to:
Maths
Compound Interest
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