The compound interest on Rs. 6000 at 5% per annum for 2 years is: MCQ with Answer and Explanation

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The compound interest on Rs. 6000 at 5% per annum for 2 years is:

A. Rs. 615

B. Rs. 645

C. Rs. 600

D. Rs. 630

Answer: Option A

Solution (By JKSSB Mock Tests)

A = 6000 × 1.1025 = 6615, CI = 6615 − 6000 = Rs. 615.

This question belongs to: Maths Compound Interest

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Question #1

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The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 124. Find the sum.

A. Rs. 5000

B. Rs. 3500

C. Rs. 4500

D. Rs. 4000

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Correct Answer: Option D

Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 124 = P * (10/100)^2 * (3 + 10/100) => 124 = P * (1/100) * (3.1) => 124 = P * 0.031 => P = 124 / 0.031 = Rs. 4000.

This question belongs to: Maths Compound Interest

Question #2

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The difference between simple interest and compound interest on a certain sum of money for 3 years at 5% per annum is Rs. 244. Find the sum.

A. Rs. 32000

B. Rs. 34000

C. Rs. 30000

D. Rs. 36000

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Correct Answer: Option A

Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 244 = P * (5/100)^2 * (3 + 5/100) => 244 = P * (1/400) * (3.05) => P = (244 * 400) / 3.05 = 97600 / 3.05 = Rs. 32000.

This question belongs to: Maths Compound Interest