The compound interest on a certain sum of money for 2 years at 8% per annum is Rs. 1248. 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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The difference between the simple interest and compound interest on a certain sum of money for 2 years at 12% per annum is Rs. 72. Find the sum.
Correct Answer: Option D
Explanation:
Difference for 2 years = P * (R/100)^2 => 72 = P * (12/100)^2 => 72 = P * (144 / 10000) => P = (72 * 10000) / 144 = 5000.
Difference for 2 years = P * (R/100)^2 => 72 = P * (12/100)^2 => 72 = P * (144 / 10000) => P = (72 * 10000) / 144 = 5000.
This question belongs to:
Maths
Compound Interest
Question #2
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The simple interest on a sum for 3 years at 8% is Rs. 960. The compound interest on the same sum for 2 years at 8% is:
Correct Answer: Option C
Explanation:
P = 96000/(8×3) = 4000. CI = 4000[(1.08)² − 1] = 4000 × 0.1664 = Rs. 665.60.
P = 96000/(8×3) = 4000. CI = 4000[(1.08)² − 1] = 4000 × 0.1664 = Rs. 665.60.
This question belongs to:
Maths
Compound Interest
Question #3
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The difference between CI and SI on Rs. 8800 for 2 years at 5% is:
Correct Answer: Option D
Explanation:
D = 8800 × 0.0025 = Rs. 22.
D = 8800 × 0.0025 = Rs. 22.
This question belongs to:
Maths
Compound Interest
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