The difference between CI and SI on a certain sum for 2 years at 6% is Rs. 36. The sum is: MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Compound Interest Questions
Question #1
Report Error
The compound interest on a certain sum of money for 2 years at 8% per annum is Rs. 416. What would be the simple interest on the same sum at the same rate for the same time?
Correct Answer: Option D
Explanation:
Effective rate of compound interest for 2 years at 8% = 8 + 8 + (88)/100 = 16.64%. Simple interest rate = 8 * 2 = 16%. Given 16.64% of sum = 416 => 1% of sum = 25. Simple Interest = 16% of sum = 16 * 25 = Rs. 400.
Effective rate of compound interest for 2 years at 8% = 8 + 8 + (88)/100 = 16.64%. Simple interest rate = 8 * 2 = 16%. Given 16.64% of sum = 416 => 1% of sum = 25. Simple Interest = 16% of sum = 16 * 25 = Rs. 400.
This question belongs to:
Maths
Compound Interest
Question #2
Report Error
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 A
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 #3
Report Error
The difference between compound interest (compounded annually) and simple interest on a certain sum of money for 3 years at 5% per annum is Rs. 122. Find the sum.
Correct Answer: Option B
Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 122 = P * (5/100)^2 * (3 + 5/100) => 122 = P * (1/400) * (3.05) => 122 = P * (3.05 / 400) => P = (122 * 400) / 3.05 = 48800 / 3.05 = Rs. 16000.
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 122 = P * (5/100)^2 * (3 + 5/100) => 122 = P * (1/400) * (3.05) => 122 = P * (3.05 / 400) => P = (122 * 400) / 3.05 = 48800 / 3.05 = Rs. 16000.
This question belongs to:
Maths
Compound Interest
No comments yet. Be the first to start the discussion!