The difference between CI and SI on Rs. 3600 for 2 years at 5% 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 3 years at 10% per annum is Rs. 248. Find the sum.
Correct Answer: Option C
Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 248 = P * (10/100)^2 * (3 + 10/100) => 248 = P * (1/100) * (3.1) => 248 = P * 0.031 => P = 248 / 0.031 = Rs. 8000.
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 248 = P * (10/100)^2 * (3 + 10/100) => 248 = P * (1/100) * (3.1) => 248 = P * 0.031 => P = 248 / 0.031 = Rs. 8000.
This question belongs to:
Maths
Compound Interest
Question #2
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A sum of money at compound interest becomes 2.25 times in 2 years. In how many years will it become 5.0625 times?
Correct Answer: Option D
Explanation:
2.25 = (1.5)², so rate 50%. 5.0625 = 2.25², so 4 years. Or 2.25 times in 2 years, 5.0625 = (2.25)², so time 2×2=4.
2.25 = (1.5)², so rate 50%. 5.0625 = 2.25², so 4 years. Or 2.25 times in 2 years, 5.0625 = (2.25)², so time 2×2=4.
This question belongs to:
Maths
Compound Interest
Question #3
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The simple interest on a sum for 2 years at 6% is Rs. 360. The compound interest for the same period and rate is:
Correct Answer: Option A
Explanation:
P = 36000/(6×2) = 3000. CI = 3000[(1.06)² − 1] = 3000 × 0.1236 = Rs. 370.80.
P = 36000/(6×2) = 3000. CI = 3000[(1.06)² − 1] = 3000 × 0.1236 = Rs. 370.80.
This question belongs to:
Maths
Compound Interest
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