The difference between CI and SI on Rs. 8800 for 2 years at 5% is: MCQ with Answer and Explanation

Question

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The difference between CI and SI on Rs. 8800 for 2 years at 5% is:

A. Rs. 24

B. Rs. 18

C. Rs. 20

D. Rs. 22

Answer: Option D

Solution (By JKSSB Mock Tests)

D = 8800 × 0.0025 = Rs. 22.

This question belongs to: Maths Compound Interest

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Question #1

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In how many years will a sum of Rs. 2000 amount to Rs. 2662 at 10% per annum compound interest?

A. 4 years

B. 2 years

C. 5 years

D. 3 years

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Correct Answer: Option D

Explanation:
2000 × (1.1)^t = 2662 ⇒ (1.1)^t = 1.331 = (1.1)³ ⇒ t = 3.

This question belongs to: Maths Compound Interest

Question #2

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The simple interest on a sum for 2 years at 6% is Rs. 360. The compound interest for the same period and rate is:

A. Rs. 375.00

B. Rs. 378.00

C. Rs. 372.00

D. Rs. 370.80

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Correct Answer: Option D

Explanation:
P = 36000/(6×2) = 3000. CI = 3000[(1.06)² − 1] = 3000 × 0.1236 = Rs. 370.80.

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. 820. Find the principal sum.

A. Rs. 7500

B. Rs. 9000

C. Rs. 8500

D. Rs. 8000

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Correct Answer: Option D

Explanation:
Effective rate of compound interest for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Given 10.25% of P = 820 => P = 820 / 0.1025 = Rs. 8000.

This question belongs to: Maths Compound Interest

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