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  • Question

  • An amount of money was lent for 3 years. What will be the difference between the simple and the compound interest earned on it at the same rate? I. The rate of interest was 8 p.c.p.a. II. The total amount of simple interest was Rs. 1200


  • Options
  • A. I alone sufficient while II alone not sufficient to answer
  • B. alone sufficient while I alone not sufficient to answer
  • C. Both I and II are not sufficient to answer
  • D. Both I and II are necessary to answer

  • Correct Answer
  • Both I and II are necessary to answer 

    Explanation

    Given: T = 3 years.
    I. gives: R = 8% p.a.
    II. gives: S.I. = Rs. 1200.
    Thus, P = Rs. 5000, R = 8% p.a. and T = 3 years.
    Difference between C.I. and S.I. may be obtained.
    So, the correct answer is (D).

    • Compound Interest problems

    Search Results

    • 1. The difference between compound interest and simple interest on a certain sum of money for 2 years at 5% per annum is Rs. 41. What is the sum of money?

    • Options
    • A. Rs.7200
    • B. Rs.9600
    • C. Rs.16400
    • D. Rs.8400
      • Discuss
    • 2. The difference between simple interest and compound on Rs. 1200 for one year at 10% per annum reckoned half-yearly is

    • Options
    • A. Rs.2
    • B. Rs.3
    • C. Rs.4
    • D. Rs.5
      • Discuss
    • 3. 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 at the same rate and for the same time

    • Options
    • A. Rs.51.25
    • B. Rs.61.25
    • C. Rs.51
    • D. Rs.42
      • Discuss
    • 4. What is the rate of compound interest? I. The principal was invested for 4 years. II. The earned interest was Rs. 1491.

    • Options
    • A. I alone sufficient while II alone not sufficient to answer
    • B. II alone sufficient while I alone not sufficient to answer
    • C. Either I or II alone sufficient to answer
    • D. Either I or II alone sufficient to answer
      • Discuss
    • 5. The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:

    • Options
    • A. 3years
    • B. 2years
    • C. 4years
    • D. 6years
      • Discuss
    • 6. If you deposit $6500 into an account paying 8% annual interest compounded monthly, how much money will be in the account after 7 years?

    • Options
    • A. 11358.24
    • B. 12334
    • C. 15789
    • D. 12386
      • Discuss
    • 7. How much money would you need to deposit today at 9% annual interest compounded monthly to have $12000 in the account after 6 years?

    • Options
    • A. 9007
    • B. 4007
    • C. 7007.08
    • D. 8oo7
      • Discuss
    • 8. You deposit $300 in a savings account that pays 4% simple annual interest. Find your account balance after 9 months.

    • Options
    • A. 309
    • B. 409
    • C. 609
    • D. 509
      • Discuss
    • 9. Simon deposits $400 in an account that pays 3% interest compounded annually. What is the balance of Simon?s account at the end of 2 years?

    • Options
    • A. 424.36
    • B. 524.56
    • C. 545.36
    • D. 456.36
      • Discuss
    • 10. Jackie deposits $325 in an account that pays 4.1% interest compounded annually. How much money will Jackie have in her account after 3 years?

    • Options
    • A. 346.64
    • B. 356.64
    • C. 366.64
    • D. 376.64
      • Discuss

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