1. The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years is Rs. 96. What is the rate of interest per annum?
1. 9%
2. 12%
3. 8%
4. 6%
Answer & Explanation Answer:- 3 Explanation :- Let the Rate of Interest be R% 2. If the simple interest on a sum of money for 2 years at 5% per annum is Rs. 60, what is the compound interest on the same at the same rate and for the same time? Answer & Explanation Answer:- 3 Explanation :- P = (100×SI)/(RT) = 100 × 605 × 2 = Rs. 600 3. The difference between simple interest and compound on Rs. 900 for one year at 10% per annum reckoned half-yearly is: Answer & Explanation Answer:- 2 Explanation :- Simple Interest = (PRT/100) = (900×10×1)/100 = Rs. 90 4. What will be the compound interest on a sum of Rs. 40,000 after 3 years at the rate of 11 p.c.p.a.? Answer & Explanation Answer:- 1 Explanation :- Amount after 3 years = P (1+R/100)^T=40000 (1+11/100) ^3 5. At what rate of compound interest per annum will a sum of Rs. 1400 become Rs. 1573.04 in 2 years? Answer & Explanation Answer:- 3 Explanation :- Let the rate be R% p.a.
Compound Interest (CI) = [15000(1+R/100)^2]−15000 = 15000[(1+R/100)^2−1]
Simple Interest (SI) = PRT/100=(15000×R×2)/100 = 300R
Difference between CI & SI = {15000[(1+R/100)^2−1] } − 300R = 96
15000[1+(2R/100) + (R/100)^2−1] − 300R = 96
15000 [(2R/100) + (R/100)^2] − 300R = 96
300R + [15000(R/100)^2] − 300R = 96
[15000(R/100)^2 ] = 96
15000[ (R^2)/10000] = 96
3[(R^2)/2] = 96
R^2 = 64
R = 8
1. Rs. 63.5
2. Rs. 62
3. Rs. 61.5
4. Rs. 64
CI = P(1+R/100)^T = 600(1+5/100)^2 = 600[ (105/100) ] ^ 2
CI = (600×105×105)/(100×100) = Rs. 661.5
Compound Interest = 661.5 – 600 = Rs. 61.5
1. Rs. 3
2. Rs. 2.25
3. Rs. 4.5
4. Rs. 4
P(1+(R/200)^2T = 900(1+[10/200)^(2×1)]
=> 900(1+5/100)^2 = 900(105/100)^2
=> (900×105×105) / (100×100) = Rs. 992.25
Compound Interest = 992.25 – 900 = 92.25
Difference between SI and CI = 92.25 – 90 = Rs.2.25
1. Rs. 14705.24
2. Rs. 14602.25
3. Rs. 14822.26
4. Rs. 14322.10
Amount = 40000(111/100)^3 = (40000×111×111×111)/(100×100×100) = 54705.24
Compound Interest = 54705.24 – 40000 = Rs. 14705.24
1. 4%
2. 5%
3. 6%
4. 8%
P(1+R/100)^T = 1573.04
1400(1+R/100)62 = 1573.04
(1+R/100)^2 = 1573.04/1400 = 157304/140000 = 11236/10000
(1+R/100) = Square root (11236/10000) =106/100
R/100 = (106/100) − 1 = 6/100
R = 6%