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Simple Interest & Compound Interest Test - 2

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Simple Interest & Compound Interest Test - 2
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  • Question 1
    2 / -0.83

    The simple interest accrued on a sum of certain principal is Rs. 6500/- in eight years at the rate of 13 p.c.p.a. What would be the compound interest accrued on that principal at the rate of 8 p.c.p.a. in 2 years?

    Solution

    The corect option is A by using compound formulae  the amount comes to be 1040. 

  • Question 2
    2 / -0.83

    The compound interest accrued on an amount of the end of two years @ 12 p.c.p.a. is Rs. 2862/- What is the amount?

    Solution

    The correct answer is A as
    CI = P((1+R/100)^n - 1)
    2862 = P(( 1+12/100)^2-1)
    2862 = P((1+144/10000 + 24/100) -1)
    2862 = P (144/10000+24/100)
    2862 = P (2544/10000)
    P = 11,250

  • Question 3
    2 / -0.83

    The simple interest accrued on a sum of certain principal is Rs. 7,200/- in six years at the rate of 12 p.c.p.awhat would be the compound interest accrued on that principal at the rate of 5 p.c.p.a. in 2 years.

    Solution

  • Question 4
    2 / -0.83

    The simple interest accrued on a sum of certain capital principal is Rs. 6400/- in four years at the rate of 8 p.c.p.a. what would be the compound interest accrued on that principal at the rate of 2 p.c.p.a. in 2 years?

    Solution

    Given Data:
    Simple Interest (SI): ₹6400
    Time (T): 4 years
    Rate of Interest (R): 8% p.a.
    Step 1: Formula for Simple Interest:
    SI = (P ×R ×T) / 100
    Substitute the values:
    6400 = (P ×8 ×4) / 100
    Solve for P:
    P = (6400 ×100) / 32 = ₹20,000

    Step 2: Formula for Compound Interest :
    CI = P ×(1 + R/100)T - P
    Given:
    P: ₹20,000
    R: 2% p.a.
    T: 2 years
    Substitute the values:
    CI = 20,000 ×(1 + 2/100)2 - 20,000

    CI = 20,000 ×(1.02)2 - 20,000

    CI = 20,000 ×1.0404 - 20,000

    CI = ₹20,808 - ₹20,000 = ₹808

    The compound interest accrued is ₹808.

  • Question 5
    2 / -0.83

    The simple interest accrued on an amount of Rs. 22,500/- at the end of four years is Rs. 10,800/-. What would be the compound interest accrued on the same amount at the same rate at the end of two years?

  • Question 6
    2 / -0.83

    The simple interest accrued on an amount of Rs. 45000/- after 2 years at a certain rate of interest is 13500/-. What will be the compound interest accrued on the same amount in the same number years at the same rate of interest?

  • Question 7
    2 / -0.83

    The simple interest accrued on a sum of certain principal is Rs. 2000/- in five years at the rate of 4 p.c.p.a. what would be the compound interest accrued on same principal at same rate in two years?

  • Question 8
    2 / -0.83

    Ravi borrowed some money at the rate of 4 pcpa for the first three years, at the rate of 8 pcpa for the next two years and at the rate of 9 pcpa for the period beyond 5 years. If he pays a total simple interest of Rs. 19550 at the end of 7 years, how much money did he borrow?

    Solution

    The correct answer is B .as f the amount borrowed be Rs.x, then
    x ×4 ×6
    100
    +
    x ×8 ×2
    100
    +
    x ×9 ×2
    100
    x ×4 ×6100+x ×8 ×2100+x ×9 ×2100 = Rs.19550Th
    =>
    12x100+16x100+18x10012x100+16x100+18x100 = 19550
    =>12x+16x+18x
    = 1955000
    =>46x = 1955000
    =>x = 19550000
    46
    1955000046
    = Rs.42500

  • Question 9
    2 / -0.83

    A sum was put at simple interest at a certain rate for 5 years. had it been put at 5% higher rate, it would have fetched Rs. 500 more. What is the sum?

    Solution

    The correct answer is A
     let principle be p , rate be r , si be x . Also t = 5 yrs.
    so , x = (p*r*5)/100
    x = 5pr/100 _____(1)
    If rate = r+5 , si = x+500 then
    x+500 = (p*(r+5)*5)/100
    x+500 = 5p(r+5)/100
    5pr/100+500 = (5pr+25p)/100 (using eq(1))
    (5pr+50000)/100 = (5pr+25p)/100
    5pr+50000 = 5pr+25p
    50000 = 25p
    p = 2000

  • Question 10
    2 / -0.83

    What is the difference between the compound interest and the simple interest for the sum Rs. 16000 at 5% p.a. for 2 years?

    Solution

    Option ( A) 40 is the correct   answer. 

     

    Explanation:- Given, P  = 16000 ₹

    R = 5% , T = 2 years

    A = P (1 + R /100) ^n

    = 16000 * ( 1+5/100) ^2

    = 16000 * ( 105 / 100) ^2  

     A =  17,640 ₹ 

     

    C. I = A- P  

           = 17,640 - 16,000

           =  1,640  

    S. I  = PTR / 100  

           = 16000 * 2 * 5/ 100

           = 1,600

    Difference CI - SI ; 

    =  1640 - 1600

    =   40 ₹ 

  • Question 11
    2 / -0.83

    A sum of money doubles  itself in 2 years at a simple interest. In how many years will it multiply four times?

    Solution

  • Question 12
    2 / -0.83

    A sum of money triples itself in 3 years at a simple interest. In how many years will it multiply five times?

    Solution

    The correct option is Option B.

    For 3 yrs

    SI = P*R*T/100

    3P-P = P*R*3/100

    2P = 3P*R/100

    R = 200/3

    Money will become 5 times

    5P - P = (P*200/3*T)/100

    4P = (2/3P)T

    T = 6

    Money will become five times in 6 years

  • Question 13
    2 / -0.83

    An amount of money grows upto Rs. 4000 in 2 years and up to Rs. 8000 in 3 years on compound interest. What is the sum?

  • Question 14
    2 / -0.83

    A man borrows Rs. 4000 and pays back after 5 years at 15% simple interest. The amount paid by the man is: 

    Solution

     

  • Question 15
    2 / -0.83

    What is the time period for which Rs. 8000 amounts to Rs. 12000 at 20% p.a. of simple interest?

  • Question 16
    2 / -0.83

    What is the rate of simple interest at which Rs. 14,000 gives interest of Rs. 1960 in two years?

  • Question 17
    2 / -0.83

    What is the sum of amount which gives Rs. 6300 as interest @ 7% per annum of simple interest in 7*1/2years?

  • Question 18
    2 / -0.83

    If the rate of simple interest is 12% per annum, the amount that would fetch interest of Rs. 6000 per annum is:

  • Question 19
    2 / -0.83

    A sum was put at simple interest at a certain rate for 2 years. Had it been put at 4% higher rate, it would have fetched Rs. 112 more. The sum is:

    Solution

    The correct answer is C as let principle be p , rate be r , si be x . Also t = 2yrs.
    so , x = (p*r*2)/100
    x = 2pr/100 _____(1)
    If rate = r+4 , si = x+112 then
    x+112 = (p*(r+4)*2)/100
    x+112 = 2p(r+4)/100
    2pr/100+112 = (2pr+8p)/100 (using eq(1))
    (2pr+11200)/100 = (2pr+8p)/100
    2pr+11200 = 2pr+8p
    11200 = 8p
    p = 1400
    Correct ans is b) 1400

  • Question 20
    2 / -0.83

    In what time will a sum of money double itself @ 20% per annum (p.a.) simple interest?

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