Simple and compound interest Practice Questions

Simple and compound interest Practice Questions

1. The compound interest accrued on an amount at the end of 2 yr at the rate of 12% per annum is Rs.2862. What is the amount?

(a) Rs 11250      (b) Rs 12200     (c) Rs 13500     (d) Rs 10000

(e) None of these

2. At what percent annual compound interest rate, a certain sum amounts to its 27 times in 3 yr?

(a) 75%               (b) 100%             (c) 125%            (d) 150%

(e) 200%

3. The simple interest accrued on an amount of Rs. 22500 at the end of four years is Rs, 10800. What would be the compound interest accrued on the same amount at the same rate at the end of two years?

(1) Rs. 16908    (2) Rs. 5724      (3) Rs. 28224   (4) Rs. 8586

(5) None of these

4. The simple interest accrued on a sum of certain principal is Rs 7200 in 6 yr at the rate of 12% per annum. What would be the compound interest accrued on that principal at the rate of 5% per annum in 2 yr?

(a) Rs 1020       (b) Rs 1055        (c) Rs 1050        (d) Rs 1025

(e) None of these

5. The simple interest accrued on a sum of certain principal in 8 yr at the rate of 13% per year is Rs. 6500. What would be the compound interest accrued on that principal at the rate of 8% per year in 2 yr?

(1) Rs. 1040      (b) Rs.  1020     (c) Rs. 1060      (d) Rs. 1200

(e) None of these

6. The difference between the amount of compound interest and simple interest accrued on an amount of Rs 26000 at the end of 3 yr is Rs.2994.134. What is the rate of interest per cent per annum?

(a) 22                  (b) 17                  (c) 19

(d) Can't be determined

(e) None of these

7. Ravi borrowed some money at the rate of 4% per annum for the first three years, at the rats of 8% per annum for the next two years and at the rate of 9% per annum for the period beyond 5 yr. If he pays a total simple interest of Rs 19550 at the end of 7 yr, how much money did he borrow?

(a) Rs. 39500                                (b) Rs. 42500

(c) Rs. 41900                                 (d) Rs. 43000

(e) None of these

8. Shamita took a loan at simple interest rate of 6% per annum in the first year and it increased by 1.5% per annum every year. If she pays Rs, 8190 as interest at the end of 3 yr, what was her loan amount?

(1) Rs. 36000                                (2) Rs. 35400

(3) Rs. 36800                               (4) Can't be determined

(5) None of these

9. The simple interest accrued on a sum of certain principal is Rs. 2000 in five years at the rate of 4% per annum. What would be the compound interest accrued on same principal at same rate in two years ?

(a) Rs 716           (b) Rs 724         (c) Rs 824         (d) Rs 816

(e) None of these

10. What total amount would Mithilesh get at the end of three years if he invests an amount of Rs 11200 in a scheme, which offers simple interest 8.5% per annum for three years ?

(a) Rs 14056     (b) Rs 14348     (c) Rs 13852     (d) Rs 15064

(e) None of these

Answers:

1. e
2. e
3. b
4. d
5. a
6. c
7. b
8. e
9. d
10. a