The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 930. Find the sum. MCQ with Answer and Explanation
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Question #1
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What sum will amount to Rs. 8820 in 2 years at 5% compound interest?
Correct Answer: Option C
Explanation:
P = 8820 / 1.1025 = 8000.
P = 8820 / 1.1025 = 8000.
This question belongs to:
Maths
Compound Interest
Question #2
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Find the difference between compound interest and simple interest on Rs. 5000 for 2 years at 8% per annum.
Correct Answer: Option C
Explanation:
Difference for 2 years = P * (R/100)^2 = 5000 * (8/100)^2 = 5000 * (64 / 10000) = Rs. 32.
Difference for 2 years = P * (R/100)^2 = 5000 * (8/100)^2 = 5000 * (64 / 10000) = Rs. 32.
This question belongs to:
Maths
Compound Interest
Question #3
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The compound interest on a sum for 2 years at 10% compounded half-yearly is Rs. 215.50. The sum is:
Correct Answer: Option C
Explanation:
Half-yearly rate 5%, n=4. CI = P[(1.05)⁴ − 1] = P × 0.21550625 = 215.50 ⇒ P = 215.50 / 0.21550625 = 1000.
Half-yearly rate 5%, n=4. CI = P[(1.05)⁴ − 1] = P × 0.21550625 = 215.50 ⇒ P = 215.50 / 0.21550625 = 1000.
This question belongs to:
Maths
Compound Interest
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