Simple & Compound Interest(Quantitative Aptitude > Interest ) Questions and answers for exam Preparation

Quantitative Aptitude > Interest

SIMPLE & COMPOUND INTEREST MCQs

Compound Interest, Simple Interest, Interest (combined)

Total Questions : 1171 | Page 102 of 118 pages

Question 1011. Rs.800 amounts to Rs.920 in 3 years at simple interest. If the interest is increased by 3%, it would amount to how much?

Rs.1056
Rs.1112
Rs.1182
Rs.992

Discuss Question

Answer: Option D. -> Rs.992

(800*3*3)/100 = 72

920 + 72 = 992

Question 1012. If Rs.450 amount to Rs.540 in 4 years, what will it amount to in 6 years at the same rate % per annum?

Rs.575
Rs.675
Rs.585
Rs.685

Discuss Question

Answer: Option C. -> Rs.585

90 = (450*4*R)/100

R = 5%

I = (450*6*5)/100 = 135

450 + 135 = 585

Question 1013. What is the difference between the C.I. on Rs. 5000 for 1 1/2 years at 4% per annum compounded yearly and half-yearly?

Rs. 2.04
Rs. 3.06
Rs. 4.80
Rs. 8.30

Discuss Question

Answer: Option A. -> Rs. 2.04

C.I. when interest is compounded yearly = [5000 * (1 + 4/100) * (1 + (1/2 * 4)/100] = 5000 * 26/25 * 51/50 = Rs. 5304 C.I. when interest is compounded half-yearly = [5000 * (1 + 2/100)²] = (5000 * 51/50 * 51/50 * 51/50) = Rs. 5306.04
Difference = (5306.04 - 5304) = Rs. 2.04.

Question 1014. Find the C.I. on Rs. 15,625 for 9 months at 16% per annum compounded quarterly?

Rs. 1851
Rs. 1941
Rs. 1951
Rs. 1961

Discuss Question

Answer: Option C. -> Rs. 1951

P = Rs. 15625, n = 9 months = 3 quarters, R = 16% p.a. per quarter. Amount = [15625 * (1 + 4/100)³] = (15625 * 26/25 * 26/25 * 26/25) = Rs. 17576
C.I. = 17576 - 15625 = Rs. 1951.

Question 1015. The difference between simple and compound interest on Rs. 1200 for one year at 10% per annum reckoned half-yearly is?

Rs. 2.50
Rs. 3
Rs. 3.75
Rs. 4

Discuss Question

Answer: Option B. -> Rs. 3

S.I. = (1200 * 10 * 1)/100 = Rs. 120 C.I. = [1200 * (1 + 5/100)² - 1200] = Rs. 123
Difference = (123 - 120) = Rs. 3.

Question 1016. If the simple interest on a sum of money for 2 years at 5% per annum is Rs. 50, what is the compound interest on the same sum at the rate and for the same time?

Rs. 51.25
Rs. 52
Rs. 54.25
Rs. 60

Discuss Question

Answer: Option A. -> Rs. 51.25

Sum = (50 * 100) / (2 * 5) = Rs. 500 Amount = [500 * (1 + 5/100)²] = Rs. 551.25 C.I. = (551.25 - 500) = Rs. 51.25.

Question 1017. What will be the difference between simple and compound interest at 10% per annum on a sum of Rs. 1000 after 4 years?

Rs. 31
Rs. 32.10
Rs. 40.40
Rs. 64.10

Discuss Question

Answer: Option D. -> Rs. 64.10

S.I. = (1000 * 10 * 4)/100 = Rs. 400 C.I. = [1000 * (1 + 10/100)⁴ - 1000] = Rs. 464.10
Difference = (464.10 - 400) = Rs. 64.10

Question 1018. The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period(in years) is?

2
2 1/2
3
4

Discuss Question

Answer: Option A. -> 2

Amount = (30000 + 4347) = Rs. 34347 Let the time be n years. Then, 30000(1 + 7/100)ⁿ = 34347 = (107/100)ⁿ = 34347/30000 = (107/100)² n = 2 years.

Question 1019. If the C.I. on a sum for 2 years at 12 1/2 % per annum is Rs. 510, the S.I. on the same sum at the same rate for the same period of time is?