The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 93. Find the sum. 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 Rs. 12000 at 5% per annum for 2 years is:
Correct Answer: Option D
Explanation:
A = 12000 × (1.05)² = 12000 × 1.1025 = 13230, CI = 13230 − 12000 = Rs. 1230.
A = 12000 × (1.05)² = 12000 × 1.1025 = 13230, CI = 13230 − 12000 = Rs. 1230.
This question belongs to:
Maths
Compound Interest
Question #2
Report Error
The compound interest on a certain sum for 2 years at 12% per annum is Rs. 508.80. Find the principal sum.
Correct Answer: Option A
Explanation:
Effective rate of compound interest for 2 years at 12% = 12 + 12 + (1212)/100 = 25.44%. Given 25.44% of P = 508.80 => P = 508.80 / 0.2544 = Rs. 2000.
Effective rate of compound interest for 2 years at 12% = 12 + 12 + (1212)/100 = 25.44%. Given 25.44% of P = 508.80 => P = 508.80 / 0.2544 = Rs. 2000.
This question belongs to:
Maths
Compound Interest
Question #3
Report Error
What is the compound interest on Rs. 60000 for 1 year at 12% per annum, compounded half-yearly?
Correct Answer: Option D
Explanation:
Half-yearly rate = 12/2 = 6%. Time = 2 half-years. Amount = 60000 * (1 + 6/100)^2 = 60000 * 1.1236 = Rs. 67416. Compound Interest = 67416 - 60000 = Rs. 7416.
Half-yearly rate = 12/2 = 6%. Time = 2 half-years. Amount = 60000 * (1 + 6/100)^2 = 60000 * 1.1236 = Rs. 67416. Compound Interest = 67416 - 60000 = Rs. 7416.
This question belongs to:
Maths
Compound Interest
No comments yet. Be the first to start the discussion!