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 91 of 118 pages

Question 901. Albert invested Rs. 8000 in a scheme for 2 years at compound interest rate 5% p.a. How much amount will Albert get on maturity of the fixed deposit?

Rs. 8600
Rs. 8620
Rs. 8800
Rs. 8840
None of these

Discuss Question

Answer: Option E. -> None of these

Amount = [8000 * (1 + 5/100)²] = 8000 * 21/20 * 21/20 = Rs. 8820

Question 902. What will be the compound interest on a sum of Rs. 25,000 after 3 years at the rate of 12% p.a.?

Rs. 9000.30
Rs. 9720
Rs. 10123.20
Rs. 10483.20

Discuss Question

Answer: Option C. -> Rs. 10123.20

Amount = [25000 * (1 + 12/100)³]= 25000 * 28/25 * 28/25 * 28/25 = Rs. 35123.20C.I. = (35123.20 - 25000) = Rs. 10123.20

Question 903. Sam invested Rs. 15000 @ 10% per annum for one year. If the interest is compounded half-yearly, then the amount received by Sam at the end of the year will be?

Rs. 16,500
Rs. 16,525.50
Rs. 16,537.50
Rs. 18,150

Discuss Question

Answer: Option C. -> Rs. 16,537.50

P = Rs. 15000; R = 10% p.a. = 5% per half-year; T = 1 year = 2 half-year Amount = [15000 * (1 + 5/100)²]= (15000 * 21/20 * 21/20) = Rs. 16537.50

Question 904. A man saves Rs. 200 at the end of each year and lends the money at 5% compound interest. How much will it become at the end of 3 years?

Rs. 565.25
Rs. 635
Rs. 662.02
Rs. 666.50

Discuss Question

Answer: Option C. -> Rs. 662.02

Amount = [200(1 + 5/100)³ + 200(1 + 5/100)² + 200(1 + 5/100)]= [200 * 21/20(21/20 * 21/20 + 21/20 + 1)] = Rs. 662.02

Question 905. A bank offers 5% C.I. calculated on half-yearly basis . A customer deposits Rs. 1600 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by way of interest is?

Rs. 120
Rs. 121
Rs. 122
Rs. 123

Discuss Question

Answer: Option B. -> Rs. 121

Amount = [1600 * (1 + 5/(2 * 100)² + 1600 * (1 + 5/(2 * 100)]= [1600 * 41/40(41/40 + 1) = [(1600 * 41 * 81)/(40 * 40)] = Rs. 3321.C.I. = 3321 - 3200 = Rs. 121.

Question 906. There is 60% increase in an amount in 6 years at S.I. What will be the C.I. of Rs. 12,000 after 3 years at the same rate?

Rs. 2160
Rs. 3120
Rs. 3972
Rs. 6240

Discuss Question

Answer: Option C. -> Rs. 3972

Let P = Rs. 100. Then, S.I. Rs. 60 and T = 6 years. R = (100 * 60)/(100 * 6) = 10% p.a. Now, P = Rs. 12000, T = 3 years and R = 10% p.a. C.I. = [12000 * {(1 + 10/100)³ - 1}] = 12000 * 331/1000 = Rs. 3972

Question 907. On a sum of money, the S.I. for 2 years is Rs. 660, while the C.I. is Rs. 696.30, the rate of interest being the same in both the cases. The rate of interest is?

10%
10.5%
12%
None of these

Discuss Question

Answer: Option D. -> None of these

Difference in C.I. and S.I for 2 years = (696.30 - 660) = Rs. 36.30. S.I for one year = Rs. 330. S.I. on Rs. 330 for 1 year = Rs. 36.30 Rate = (100 * 36.30)/(330 * 1) = 11%

Question 908. The effective annual rate of interest corresponding to a nominal rate of 6% per annum payable half-yearly is?

6.06%
6.07%
6.08%
6.09%

Discuss Question

Answer: Option D. -> 6.09%

Amount of Rs. 100 for 1 year when compounded half-yearly = [100 * (1 + 3/100)²] = Rs. 106.09
Effective rate = (106.09 - 100) = 6.09%

Question 909. The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 4% per annum is Re. 1. The sum (in Rs. ) is?

Discuss Question

Answer: Option A. -> 625

Let the sum be Rs. x. Then, [x (1 + 4/100)² - x] = (676/625 x - x) = 51/625 xS.I. = (x * 4 * 2)/100 = 2x/2551x/625 - 2x/25 = 1 or x = 625.

Question 910. A sum of money invested at C.I. amounts to Rs. 800 in 3 years to Rs. 840 in 4 years. The rate of interest per annum is?