The difference in compound interest and simple interest for 2 years on a sum of money is Rs. 160. If the simple interest for 2 years be Rs. 2880, the rate per cent is?

55/9%
121/2%
111/9%
9%

Correct Answer: 111/9%

Explanation:

∵ S.I. for 1 year =Rs. 1440
⇒ S.I. on Rs.1440 for 1 year = Rs.160
Hence, ∴ Rate per cent = (100 x 160) / (1440 x 1) %
= 100/9%
= 11¹/₉%

← Previous Question Next Question→

More Questions from Compound Interest

The compound interest on a sum for 2 years is Rs. 832 and the simple interest on the same sum for the same period is Rs. 800. The difference between the compound and simple interest for 3 years will be?
A man borrows Rs. 4000 from a bank at 7 1/ 2% compound interest. At the end of every he pays Rs. 1500 as part repayment of loan and interest. How much does he still owe to the bank after there such installments?
A sum of Rs. 550 was taken as a loan. This is to be repaid in two equal annual instalments. if the rate of interested be 20% compound annually then the value of each instalment is?
If the simple interest on certain sum of money be Rs. 40 for 2 years and the compound interest on the same sum at the same rate and for the same time be Rs. 45. What is the principle?
Neeraj saves Rs. 400 at the end of each year and lends this saving at 5% p.a. compound interest, How much will it worth at the end of 3 years?
If a sum of money placed at compound interest becomes 3 times of itself in 3 years. In how many years will it be 9 times at the same rate of interest?
A person invested a certain amount at simple interest at the rate of 6 percent annum earning Rs. 900 as an interest at the end of three years. Had the interest been compounded every year. How much more interest would he have earned on the same amount with the same interest after three years?
The difference between the simple and the compound interest compounded every six months at the rate of 10 percent per annum at the end of two years is Rs. 124.05. What is the sum?
The cash price of a refrigerator is Rs. 7044. A customer paid Rs. 2000 in case and promised to pay the remaining money in 3 yearly equal instalments at the rate of 5% per annum compound interest. What is the value of each instalment?
Vijay obtains a loan of 64000 against his fixed deposits. If the rate of interest be 2.5 paise per rupee per annum. Calculate the compound interest payable after 3 years?

Discussion & Comments

No comments yet. Be the first to comment!

Join Discussion