The difference between CI and SI on Rs. 3000 for 2 years at 6% is: MCQ with Answer and Explanation

Question
The difference between CI and SI on Rs. 3000 for 2 years at 6% is:
A. Rs. 10.00
B. Rs. 9.60
C. Rs. 11.20
D. Rs. 10.80
Answer: Option D
Solution (By JKExamLibrary)
D = 3000 × (0.06)² = 3000 × 0.0036 = Rs. 10.80.
This question belongs to: Maths Compound Interest

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Practice More Compound Interest Questions

Question #1
A sum of money invested at compound interest doubles itself in 19 years. In how many years will it become 4 times of itself?
A. 38 years
B. 28 years
C. 48 years
D. 58 years
Discuss

Correct Answer: Option A

Explanation:
The sum doubles (2^1) in 19 years. It will become 4 (2^2) times in 2 * 19 = 38 years.
This question belongs to: Maths Compound Interest
Question #2
In how many years will Rs. 1500 amount to Rs. 1815 at 10% per annum compound interest?
A. 2 years
B. 3 years
C. 2.5 years
D. 1.5 years
Discuss

Correct Answer: Option A

Explanation:
1500(1.1)^t = 1815 ⇒ (1.1)^t = 1.21 ⇒ t = 2.
This question belongs to: Maths Compound Interest
Question #3
The compound interest on Rs. 9600 at 10% per annum for 1 year compounded half-yearly is:
A. Rs. 1008
B. Rs. 1020
C. Rs. 984
D. Rs. 960
Discuss

Correct Answer: Option C

Explanation:
Half-yearly rate 5%, n=2. A = 9600 × 1.1025 = 10584, CI = 10584 − 9600 = Rs. 984.
This question belongs to: Maths Compound Interest
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