The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 310. Find the sum. MCQ with Answer and Explanation

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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. 310. Find the sum.

A. Rs. 15000

B. Rs. 8000

C. Rs. 12000

D. Rs. 10000

Answer: Option D

Solution (By JKExamLibrary)

Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 310 = P * (10/100)^2 * (3 + 10/100) => 310 = P * (1/100) * (3.1) => P = 310 / 0.031 = Rs. 10000.

This question belongs to: Maths Compound Interest

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Question #1 Report Error

The simple interest on a sum for 2 years at 6% is Rs. 480. The compound interest on the same sum for 2 years at 6% is:

A. Rs. 504.00

B. Rs. 499.20

C. Rs. 494.40

D. Rs. 508.80

View Answer & Solution Discuss

Correct Answer: Option C

Explanation:
P = 48000/(6×2) = 4000. CI = 4000[(1.06)² − 1] = 4000 × 0.1236 = Rs. 494.40.

This question belongs to: Maths Compound Interest

Question #2 Report Error

The compound interest on Rs. 3900 at 10% per annum for 2 years is:

A. Rs. 897

B. Rs. 858

C. Rs. 819

D. Rs. 780

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Correct Answer: Option C

Explanation:
A = 3900 × 1.21 = 4719, CI = 4719 − 3900 = Rs. 819.

This question belongs to: Maths Compound Interest

Question #3 Report Error

Find the compound interest on Rs. 2500 at 12% per annum for 2 years.

A. Rs. 636

B. Rs. 630

C. Rs. 650

D. Rs. 640

View Answer & Solution Discuss

Correct Answer: Option A

Explanation:
A = 2500 × (1.12)² = 2500 × 1.2544 = 3136, CI = 3136 − 2500 = Rs. 636.

This question belongs to: Maths Compound Interest

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