The compound interest on Rs. 1500 at 6% per annum for 2 years is: MCQ with Answer and Explanation

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The compound interest on Rs. 1500 at 6% per annum for 2 years is:

A. Rs. 185.40

B. Rs. 190.80

C. Rs. 183.60

D. Rs. 180

Answer: Option A

Solution (By JKSSB Mock Tests)

A = 1500 × (1.06)² = 1500 × 1.1236 = 1685.40, CI = 1685.40 − 1500 = Rs. 185.40.

This question belongs to: Maths Compound Interest

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Practice More Compound Interest Questions

Question #1

At what rate percent compound interest will Rs. 1000 become Rs. 1728 in 3 years?

A. 18%

B. 15%

C. 25%

D. 20%

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Correct Answer: Option D

Explanation:
1000(1+r)³ = 1728 ⇒ (1+r)³ = 1.728 = (1.2)³ ⇒ r = 20%.

This question belongs to: Maths Compound Interest

Question #2

A sum of money at compound interest doubles in 9 years. In how many years will it become 4 times?

A. 18 years

B. 21 years

C. 15 years

D. 12 years

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Correct Answer: Option A

Explanation:
4 = 2², so 9 × 2 = 18 years.

This question belongs to: Maths Compound Interest

Question #3

A sum of money becomes 1.44 times in 2 years at compound interest. The rate of interest is:

A. 18%

B. 24%

C. 22%

D. 20%

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Correct Answer: Option D

Explanation:
(1+r)² = 1.44 ⇒ 1+r = 1.2 ⇒ r = 20%.

This question belongs to: Maths Compound Interest

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