Find the principal if the compound interest at 10% per annum for 2 years is Rs. 630. MCQ with Answer and Explanation

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Find the principal if the compound interest at 10% per annum for 2 years is Rs. 630.

A. Rs. 3500

B. Rs. 3200

C. Rs. 3000

D. Rs. 2800

Answer: Option C

Solution (By JKSSB Mock Tests)

CI = P × 0.21 = 630 ⇒ P = 630 / 0.21 = 3000.

This question belongs to: Maths Compound Interest

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Question #1

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A sum of money at compound interest amounts to Rs. 6655 in 3 years and to Rs. 7320.50 in 4 years. Find the rate of interest.

A. 11%

B. 10%

C. 9%

D. 8%

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Correct Answer: Option B

Explanation:
Rate = (7320.50/6655 − 1) × 100 = (1.1 − 1) × 100 = 10%.

This question belongs to: Maths Compound Interest

Question #2

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The compound interest on Rs. 2400 for 2 years at 5% per annum is:

A. Rs. 252

B. Rs. 260

C. Rs. 246

D. Rs. 240

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Correct Answer: Option C

Explanation:
A = 2400 × (1.05)² = 2400 × 1.1025 = 2646, CI = 2646 − 2400 = Rs. 246.

This question belongs to: Maths Compound Interest

Question #3

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The compound interest on a certain sum for 2 years at 5% per annum is Rs. 1230. Find the principal sum.

A. Rs. 13000

B. Rs. 12500

C. Rs. 12000

D. Rs. 11500

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Correct Answer: Option C

Explanation:
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Given 10.25% of P = 1230 => P = 1230 / 0.1025 = Rs. 12000.

This question belongs to: Maths Compound Interest

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