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Quantitative Aptitude > Interest

SIMPLE & COMPOUND INTEREST MCQs

Compound Interest, Simple Interest, Interest (combined)


Total Questions : 1171 | Page 53 of 118 pages
Question 521.

A man saves Rs. 200 at the end of each year and lends the money  at 5%  compound interest . How much will i become a the end of 3 years ?


  1.    Rs. 565.25
  2.    Rs. 635
  3.    Rs. 662.02
  4.    Rs. 666.50
 Discuss Question
Answer: Option C. -> Rs. 662.02

Amount = Rs. `[200(1 + 5/100)^3 + 200(1 + 5/100)^2 + 200(1 + 5/100)]`

             = Rs.` [200 xx 21/20 xx 21/20 xx 21/20 + 200 xx 21/20 xx 21/20 + 200 xx 21/20]`  

             = Rs.` [200 xx 21/20 (21/20 xx 21/20 + 21/20 + 1)]` = Rs. 662.02.



Question 522.

The compound interest on Rs. 20,480 at `6 1/4`% per annum  for 2 years 73 days  is .


  1.    Rs. 2929
  2.    Rs. 3000
  3.    Rs. 3131
  4.    Rs. 3636
 Discuss Question
Answer: Option A. -> Rs. 2929

Time = `2 73/365` years = `2 1/5` years

`:.`      Amount = Rs.` [20480 xx (1 + (25)/(4 xx 100))^2 (1 + (1/8 xx 25/4)/(100))]`

= Rs.` (20480 xx 17/16 xx 17/16 xx 81/80)`

= Rs. 23409.

`:.`       C.I. = Rs. (23409 - 20480)  =  Rs. 2929


Question 523.

What will be the compound interest on a sum of Rs. 25,000 after 3 years at the rate of 12 p.c.p.a.


  1.    Rs. 9000.30
  2.    Rs. 9729
  3.    Rs. 10123.20
  4.    Rs. 10483.20
  5.    None of these
 Discuss Question
Answer: Option C. -> Rs. 10123.20

Amount = Rs.` [25000 xx(1 + 12/100)^3]`

=Rs.`(25000 xx 28/25 xx 28/25 xx 28/25)`

= Rs. 35123.20.

`:.`      C.I. = Rs. (35123.20 - 25000) = 10123.20


Question 524.

Albert invested an amount of Rs. 8000 in a fixed deposit scheme for 2 years at compound interest rate 5 p.c.p.a.

How much amount will  Albert get on maturity of the fixed  deposit  ?



  1.    Rs. 8600
  2.    Rs. 8620
  3.    Rs. 8800
  4.    Rs. 8820
  5.    None of these
 Discuss Question
Answer: Option D. -> Rs. 8820

Amount = Rs.` [8000 xx (1 + 5/100)^2]`

= Rs.`(8000 xx 21/20 xx 21/20)`

= Rs. 8820.


Question 525.

What annual payment will  discharge a debt of Rs. 7620 due to 3 years  at `16 2/3`% per annum compound  interest ?


  1.    Rs. 3400
  2.    Rs. 3410
  3.    Rs. 3420
  4.    Rs. 3430
 Discuss Question
Answer: Option D. -> Rs. 3430

Let each instalment be Rs. `x` Then ,

(P.W. of Rs. `x` due  1 year hence ) + (P.W. of Rs. `x` due 2 years hence ) + (P.W. of Rs. `x` due 3 years hence ) = 7620.

`:.`  `   (x)/((1 + (50)/(3xx 100))` + ` (x)/((1 + (50)/(3xx 100))^2 `+` (x)/((1 + (50)/(3xx 100))^3` = 7620

`hArr    (6x)/(7) + (36x)/(49) + (216x)/(343) =  7620`

`hArr    294x + 252x + 216x = 7620 xx 343`

`hArr    x = ((7620 xx 343)/(762)) =  3430`

`:.`      Amount of each instalment = Rs. 3430.



Question 526.

A sum of money doubles itself at compound interest in 15 years . In how many years will it become eight times ?


  1.    45 years
  2.    46 years
  3.    47 years
  4.    48 years
 Discuss Question
Answer: Option A. -> 45 years

`P(1 + R/100)^15 = 2P           rArr        (1 + R/100)^15 =   (2P)/(P) = 2` ..........................(i)

Let` P(1 + R/100)^n = 8P        rArr       (1 + R/100)^n = 8 = 2^3 = {(1 + R/100)^15}^3      ` [using (i)]

                                               `rArr (1 + R/100)^n =  (1 + R/100)^45`

                                                `rArr      n = 45`

Thus, the required  time = 45 years



Question 527.

A sum of money amount to Rs. 6690 after 3 years and to Rs. 10,035 after 6 years on compound interest . Find the sum .


  1.    Rs. 4460
  2.    Rs. 4475
  3.    Rs. 4490
  4.    Rs. 4500
 Discuss Question
Answer: Option A. -> Rs. 4460

Let the sum be Rs.  P,  Then,

`P(1 + R/100)^3 = 6690`................................(i)

and ` P(1 + R/100)^6   ` ....................................(ii)

On dividing , we get` (1 + r/100)^3 =    10035/6690 =  3/2`

Substituting this value in (i) , we get :

`P xx 3/2 = 6690`

or` P = (6690 xx 2/3) = 4460`

Hence , the sum is Rs. 4460.



Question 528.

A certain sum amount to Rs. 7350 in 2 years and to Rs. 8575 in 3 years . Find the sum and rate percent.


  1.    Rs. 5300
  2.    RS. 5400
  3.    Rs. 5450
  4.    Rs. 5500
 Discuss Question
Answer: Option B. -> RS. 5400

S.I.  on Rs.  7350 for 1 year = (8575 - 7350 = Rs. 1225.

`:.`       Rate  = `((100 xx 1225)/(7350 xx 1))% =    50/3 `% = `16 2/3`%

          Let  the sum be Rs.  `x`  Then ,

         `x (1 + (50)/(3 xx 100))^2 =  7350`

`hArr    x xx 7/6 xx 7/6 =  7350`

`hArr     x = (7350 xx 36/49)`

`hArr      x =  5400`

`:.`        Sum = Rs. 5400.


Question 529.
The difference between the compound interest and the simple interest accrued on an amount of Rs. 18,000 in 2 years was 405 . What was the rate of interest p.c.p.a. ?
  1.    12%
  2.    13%
  3.    14%
  4.    15%
 Discuss Question
Answer: Option D. -> 15%

Let the rate be R% p.a.  Then,

`[18000(1 + R/100)^2 -  18000] - ((18000 xx R xx 2)/(100)) = 405`

`hArr     18000[((100 +R)^2)/(10000) - 1 - (2R)/(100)] = 405`

`hArr      18000[((100 +R)^2 - 10000 - 200R)/(10000)] = 405`

`hArr      9/5 R^2  = 405`

`hArr     R^2   = ((405 xx 5)/(9))`

`hArr     R^2 =  225`

`hArr     R= 15`

`:.`        Rate =  15%


Question 530.

David Rs. 1301 between A and B , so that the amount of A after 7 years is equal to the amount of B after 9 years, the interest being compounded at 4% per annum .


  1.    Rs. 625 and Rs. 676
  2.    Rs. 635 and Rs.675
  3.    Rs. 645 and Rs. 675
  4.    Rs. 675 and Rs. 700
 Discuss Question
Answer: Option A. -> Rs. 625 and Rs. 676

Let the two parts be Rs. `x` and Rs. `(1301 - x)`

` x (1 + 4/100)^7 = (1301  - x ) (1 + 4/100)^9`

`hArr     (x)/((1301 - x)) = (1 + 4/100)^2 =   (26/25 xx 26/25)`

`hArr     625x =  676(1301 - x)`

`hArr      1301x = 676 xx 1301`

`hArr      x = 676`

So, the two parts are Rs. 676 and Rs. (1301 - 676)  i.e.  676 and  Rs. 625


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