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- Question
- 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?
Options- A. Rs. 1312. 50
- B. Rs. 1284
- C. Rs. 1315
- D. Rs. 1324.05
- Correct Answer
- Rs. 1324.05
ExplanationAmount after 3 years = 400(1 + 5/100)3 + 400(1 + 5/100)2 + 400(1 + 5/100)
= 400(1+ 5/100) {1+ 5/100)2 + (1 + 5/100) + 1 }
= 400(105/100) {(105/100)2 + (105/100) + 1}
= 400(21/20) {(21/20)2 + 21/20 + 1}
= 400(441/400 + 21/20 + 1)
= 400(441 + 420 + 400/400)
= 420(1261/400)
= Rs.1324.05 - 1. 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?
Options- A. Rs. 70
- B. Rs. 90
- C. Rs. 85
- D. Rs. 80 Discuss
- 2. 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?
Options- A. Rs. 421
- B. Rs. 396
- C. Rs. 360
- D. Rs. 350 Discuss
- 3. 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?
Options- A. Rs. 123.25
- B. Rs. 125
- C. Rs. 400
- D. Rs. 469.18 Discuss
- 4. 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?
Options- A. Rs .48
- B. Rs. 66.56
- C. Rs. 98.56
- D. None of these Discuss
- 5. 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?
Options- A. 55/9%
- B. 121/2%
- C. 111/9%
- D. 9% Discuss
- 6. 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?
Options- A. 6 years
- B. 9 years
- C. 12 years
- D. 5 years Discuss
- 7. 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?
Options- A. Rs. 38.13
- B. Rs. 25.33
- C. Rs. 55.08
- D. Rs. 35.30 Discuss
- 8. 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?
Options- A. Rs. 10000
- B. Rs. 6000
- C. Rs. 12000
- D. Rs. 8000 Discuss
- 9. 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?
Options- A. Rs. 1865
- B. Rs. 1868.28
- C. Rs. 1752
- D. Rs. 1852.20 Discuss
- 10. 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?
Options- A. Rs. 4921
- B. Rs. 5020
- C. Rs. 4821
- D. Rs. 4920 Discuss
Compound Interest problems
Search Results
Correct Answer: Rs. 80
Explanation:
S.I. for 2 year = Rs. 40
S.I. for 1 year = Rs. 20
Rate = {(C.I. for 2 year - S.I. for 2 year) / (S.I. for 1 year)} x 100
= {(45 - 40) / 20} x 100 = 25%
? Principal = (S.I. x 100)/(Rate x Time)
= (40 x 100)/(25 x 2)
= Rs. 80
Correct Answer: Rs. 360
Explanation:
Let the value of each instalment be Rs. x
Then, {x/(1 + 20/100) + x/(1 + 20/100)2} = 550
? 5x / 6 + 25x / 36 =550
? 55x / 36 = 550
? x = 360
Correct Answer: Rs. 123.25
Explanation:
Balance = Rs.[{4000 x (1 x 15/2 x 100)3} - {1500 x (1 + 15/2 x 100)2 + 1500 x (1 + 15/2 x 100) + 1500}]
= Rs. 123.25
Correct Answer: Rs. 98.56
Explanation:
S.I. for first year = Rs. 400
S.I. on Rs .400 for 1 year =Rs. 32
? Rate = (interest x 100)/(principle x time) = (100 x 32)/(400 x 1) = 8%
Hence, the difference for 3rd year is S.I.on Rs. 832
= Rs.(832 x 8/100)
= Rs. 66.56
? Total difference = Rs.(32 + 66.56)
= Rs. 98.56
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%
Correct Answer: 6 years
Explanation:
Let the principle be P then amount be 3P
? 3P =P(1 + r/100)3
? 3 = (1 + r/100)3
On squaring on both the sides,
? (3)2 = {(1 + r/100)3}2
? 9 = (1 + r/100)6
Hence,it will become 9 times in 6 years.
Correct Answer: Rs. 55.08
Explanation:
Certain sum for the person = (900 x 100)/(6 x 3) =Rs. 5000
? Interest on Rs. 5000 by C.I. = 5000(1 +6/100)3 - 5000 = Rs. 955.08
? More interest =Rs. (955.08 - 900) = Rs. 55.08
Correct Answer: Rs. 8000
Explanation:
Let the sum be Rs. P, then
? [ P(1 +5/100)4 - P] - [(P x 10 x 2)/100 ] = 124.05
Solving the above equation,we get P = Rs. 8000.
Correct Answer: Rs. 1852.20
Explanation:
Remaining money = 7044 - 2000 = Rs. 5044
If each installment is of Rs. P
When the amount is Rs. P at the end of first, second and third year at the rate of 5% then principal will be - P/(1 + 5/100), P/(1 +5/100)2 and P/(1 +5/100)3
? P/(1 +5/100) + P/(1 + 5/100)2 + P/(1 +5/100)3 = 5044
? P(20/21) + P(20/21)2 + P(20/21)3 = 5044
? P(20/21) { 1 +(20/21) + (20/21)2} = 5044
? P(20/21) {1 +20/21 +400/441} = 5044
? P(20/21) {441 + 420 + 400/441} =5044
? P(20/21) (1261/441) =5044
? P = (5044 x 21 x 441)/ (20 x 1261) = Rs. 1852.20
Correct Answer: Rs. 4921
Explanation:
P = Rs. 64000
r = 2.5 paise per rupee per annum (given)
= 0.025 rupee per rupee per annum
= 0.025 x 100 rupee per hundred rupee per annum
= 0.025 x 100 per cent per annum
= 2.5 per cent per annum
t = 3 years
C.I. = 6400[(1 + 2.5/100)3 - 1]
= 64000[(1.025)3 - 1]
= 64000[1.0769 - 1]
= 64000 x 0.0769
= 4921.6
= Rs. 4921
? The compound interest payable is Rs. 4921.
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