The compound interest on Rs. 2200 at 10% per annum for 2 years 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 2 years at 10% per annum is Rs. 100. Find the sum.
Correct Answer: Option A
Explanation:
Difference for 2 years = P * (R/100)^2 => 100 = P * (10/100)^2 => 100 = P * 0.01 => P = Rs. 10000.
Difference for 2 years = P * (R/100)^2 => 100 = P * (10/100)^2 => 100 = P * 0.01 => P = Rs. 10000.
This question belongs to:
Maths
Compound Interest
Question #2
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The difference between CI and SI on a sum for 2 years at 12% is Rs. 72. The sum is:
Correct Answer: Option C
Explanation:
D = P × (0.12)² = P × 0.0144 = 72 ⇒ P = 5000.
D = P × (0.12)² = P × 0.0144 = 72 ⇒ P = 5000.
This question belongs to:
Maths
Compound Interest
Question #3
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The compound interest on a certain sum of money for 2 years at 5% per annum is Rs. 164. What would be the simple interest on the same sum at the same rate for the same time?
Correct Answer: Option B
Explanation:
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Simple interest rate = 5 * 2 = 10%. Given 10.25% of sum = 164 => 1% of sum = 16. Simple Interest = 10% of sum = 10 * 16 = Rs. 160.
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Simple interest rate = 5 * 2 = 10%. Given 10.25% of sum = 164 => 1% of sum = 16. Simple Interest = 10% of sum = 10 * 16 = Rs. 160.
This question belongs to:
Maths
Compound Interest
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