Curioustab

Home » Aptitude » Compound Interest

The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years is Rs. 96. What is the rate of interest per annum?

8
10
12
Cannot be determined
None of these

Correct Answer: 8

Explanation:

[

15000 x

❨

1 +

R

❩

2

- 15000

]

-

❨

15000 x R x 2

❩

= 96

100

100

⟹ 15000	[	❨	1 +	R	❩	2	- 1 -	2R	]	= 96
				100				100

⟹ 15000	[	(100 + R)² - 10000 - (200 x R)	]	= 96
		10000

⟹ R² =	❨	96 x 2	❩	= 64
		3

⟹ R = 8.

∴ Rate = 8%.

← Previous Question Next Question→

More Questions from Compound Interest

Simple interest on a certain sum of money for 3 years at 8% per annum is half the compound interest on Rs. 4000 for 2 years at 10% per annum. The sum placed on simple interest is:
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:
The difference between the compound interest and the simple interest on a certain sum at 5% per annum for 2 years is Rs. 1.50. The sum is?
If the compound interest on a certain sum for 2 years at 12.5% per annum is 170, the simple interest is?
A sum amounts to Rs. 1352 in 2 years at 4% compound interest.The sum is?
Rs. 800 at 5% per annum compound interest will amount to Rs. 882 in?
The compound interest on Rs. 2800 for 1 1/ 2 years at 10% per annum is?
If Rs. 7500 are borrowed at compound interest at the rate of 4% per annum, then after 2 years the amount to be paid is?
A sum amounts to Rs. 3149.29 in 3 years at compound interest. The sum is?
A sum of money placed at compound interest doubles itself in 5 years. It will amount to eight times itself in?

Discussion & Comments

No comments yet. Be the first to comment!

Join Discussion