The compound interest on a sum for 2 years at 8% per annum is Rs. 332.80. Find the sum. MCQ with Answer and Explanation

The compound interest on a sum for 2 years at 8% per annum is Rs. 332.80. Find the sum.

A. Rs. 2100

B. Rs. 2000

C. Rs. 2200

D. Rs. 1900

Answer: Option B

CI = P[(1.08)² − 1] = P × 0.1664 = 332.80 ⇒ P = 332.80 / 0.1664 = 2000.

This question belongs to: Maths Compound Interest

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Question #1 Report Error

The simple interest on a sum for 3 years at 5% is Rs. 375. The compound interest on the same sum for 2 years at 5% is:

A. Rs. 262.50

B. Rs. 250

C. Rs. 256.25

D. Rs. 260

Correct Answer: Option C

Explanation:
P = 37500/(5×3) = 2500. CI = 2500[(1.05)² − 1] = 2500 × 0.1025 = Rs. 256.25.

This question belongs to: Maths Compound Interest

Question #2 Report Error

The difference between compound interest and simple interest on Rs. 2000 for 3 years at 5% per annum is:

A. Rs. 15.50

B. Rs. 15.25

C. Rs. 16.00

D. Rs. 16.50

Correct Answer: Option B

Explanation:
CI − SI = P × (R/100)² × (3 + R/100) = 2000 × 0.0025 × 3.05 = 2000 × 0.007625 = Rs. 15.25.

This question belongs to: Maths Compound Interest

Question #3 Report Error

The difference between simple interest and compound interest on a certain sum of money for 2 years at 4% per annum is Rs. 64. Find the sum.

A. Rs. 36000

B. Rs. 40000

C. Rs. 44000

D. Rs. 48000

Correct Answer: Option B

Explanation:
Difference for 2 years = P * (R/100)^2 => 64 = P * (4/100)^2 => 64 = P * (16 / 10000) => P = (64 * 10000) / 16 = Rs. 40000.

This question belongs to: Maths Compound Interest