The simple interest on a sum for 2 years at 7% is Rs. 280. The compound interest on the same sum for 2 years at 7% is: MCQ with Answer and Explanation

Question
The simple interest on a sum for 2 years at 7% is Rs. 280. The compound interest on the same sum for 2 years at 7% is:
A. Rs. 300.00
B. Rs. 294.00
C. Rs. 297.20
D. Rs. 289.80
Answer: Option D
Solution (By JKExamLibrary)
P = 28000/(7×2) = 2000. CI = 2000[(1.07)² − 1] = 2000 × 0.1449 = 289.80.
This question belongs to: Maths Compound Interest

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Practice More Compound Interest Questions

Question #1
The difference between CI and SI on Rs. 5600 for 2 years at 5% is:
A. Rs. 12
B. Rs. 16
C. Rs. 18
D. Rs. 14
Discuss

Correct Answer: Option D

Explanation:
D = 5600 × 0.0025 = Rs. 14.
This question belongs to: Maths Compound Interest
Question #2
A sum of money placed at compound interest becomes double of itself in 10 years. In how many years will it become 8 times of itself?
A. 30 years
B. 50 years
C. 20 years
D. 40 years
Discuss

Correct Answer: Option A

Explanation:
The sum becomes 2^1 times in 10 years. It will become 8 (2^3) times in 3 * 10 = 30 years.
This question belongs to: Maths Compound Interest
Question #3
What is the principal if the compound interest on it for 2 years at 10% is Rs. 1050?
A. Rs. 5000
B. Rs. 4500
C. Rs. 6000
D. Rs. 5500
Discuss

Correct Answer: Option A

Explanation:
CI = P × 0.21 = 1050 ⇒ P = 1050 / 0.21 = 5000.
This question belongs to: Maths Compound Interest
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