The difference between CI and SI on Rs. 7500 for 2 years at 8% is: MCQ with Answer and Explanation

Question
The difference between CI and SI on Rs. 7500 for 2 years at 8% is:
A. Rs. 48
B. Rs. 45
C. Rs. 50
D. Rs. 42
Answer: Option A
Solution (By JKExamLibrary)
D = 7500 × (0.08)² = 7500 × 0.0064 = Rs. 48.
This question belongs to: Maths Compound Interest

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Practice More Compound Interest Questions

Question #1
In how many years will Rs. 800 amount to Rs. 968 at 10% per annum compound interest?
A. 1.5 years
B. 2 years
C. 3 years
D. 2.5 years
Discuss

Correct Answer: Option B

Explanation:
800(1.1)^t = 968 ⇒ (1.1)^t = 1.21 = (1.1)² ⇒ t = 2.
This question belongs to: Maths Compound Interest
Question #2
The compound interest on Rs. 2700 at 10% per annum for 2 years is:
A. Rs. 567
B. Rs. 600
C. Rs. 594
D. Rs. 612
Discuss

Correct Answer: Option A

Explanation:
A = 2700 × 1.21 = 3267, CI = 3267 − 2700 = Rs. 567.
This question belongs to: Maths Compound Interest
Question #3
What is the compound interest on Rs. 40000 for 1 year at 8% per annum, compounded half-yearly?
A. Rs. 3300
B. Rs. 3400
C. Rs. 3264
D. Rs. 3200
Discuss

Correct Answer: Option C

Explanation:
Half-yearly rate = 8/2 = 4%. Time = 2 half-years. Amount = 40000 * (1 + 4/100)^2 = 40000 * 1.0816 = Rs. 43264. Compound Interest = 43264 - 40000 = Rs. 3264.
This question belongs to: Maths Compound Interest
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