Compound Interest problems
- 1. Compound interest earned on a sum for the second and the third years are Rs.1200 and Rs.1440 respectively. Find the rate of interest ?
Options- A. 20% p.a
- B. 15% p.a
- C. 18% p.a
- D. 24% p.a Also asked in: AIEEE, Bank Exams, CAT, GATE, Bank Clerk, Bank PO
Correct Answer: 20% p.a
Explanation:
Rs.1440 - 1200 = Rs.240 is the interest on Rs.1200 for one year.
Rate of interest = (100 x 240) / (1200) = 20% p.a
- 2. The compound interest on a certain sum for 2 years at 10% per annum is Rs. 1155. The simple interest on the same sum for double the time at half the rate percent per annum is ?
Options- A. Rs. 1100
- B. Rs. 5500
- C. Rs. 1400
- D. Rs. 4120 Also asked in: GRE, GATE, CAT, Bank Exams, AIEEE, Bank PO, Bank Clerk, Analyst
Correct Answer: Rs. 1100
Explanation:
Let the sum be Rs.x. Then,
=> x =5500
sum = Rs. 5500.
So, S.I = Rs. = 1100
- 3. In what time will Rs. 3300 becomes Rs. 3399 at 6% per annum interest compounded half-yearly ?
Options- A. Quarter months
- B. Half year
- C. 2 years
- D. 1 year Also asked in: AIEEE, Bank Exams, CAT, GATE, Bank Clerk, Bank PO
Correct Answer: Half year
Explanation:
3300 ----- 3% ? (1st time interval, 99) ? 3399.
Here, time interval is given as half-yearly i.e. 6 months.
- 4. What is the Compound interest on Rs. 5000 in 3 years, if the rate of interest is 4% for the first year, 3% for the second year and 2% for the third year?
Options- A. Rs. 435.21
- B. Rs. 453.12
- C. Rs. 436.12
- D. Rs. 463.12 Also asked in: CAT, Bank Exams, AIEEE
Correct Answer: Rs. 463.12
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