The difference between compound interest and simple interest on a certain sum for 2 years at 7% is Rs. 49. Find the sum. MCQ with Answer and Explanation

Question

The difference between compound interest and simple interest on a certain sum for 2 years at 7% is Rs. 49. Find the sum.

A. Rs. 11000

B. Rs. 9000

C. Rs. 12000

D. Rs. 10000

Answer: Option D

Solution (By JKSSB Mock Tests)

D = P × (0.07)² = P × 0.0049 = 49 ⇒ P = 10000.

This question belongs to: Maths Compound Interest

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Question #1

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What is the compound interest on Rs. 40000 for 1 year at 20% per annum, compounded half-yearly?

A. Rs. 8600

B. Rs. 8000

C. Rs. 8800

D. Rs. 8400

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Correct Answer: Option D

Explanation:
Half-yearly rate = 20/2 = 10%. Time = 2 half-years. Amount = 40000 * (1 + 10/100)^2 = 40000 * 1.21 = Rs. 48400. Compound Interest = 48400 - 40000 = Rs. 8400.

This question belongs to: Maths Compound Interest

Question #2

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A sum becomes Rs. 2315.25 in 2 years at 5% compound interest. Find the sum.

A. Rs. 2300

B. Rs. 2100

C. Rs. 2000

D. Rs. 2200

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Correct Answer: Option B

Explanation:
P = 2315.25 / (1.05)² = 2315.25 / 1.1025 = 2100.

This question belongs to: Maths Compound Interest

Question #3

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A sum of money becomes 2 times in 4 years at compound interest. In how many years will it become 8 times?

A. 10 years

B. 8 years

C. 12 years

D. 16 years

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Correct Answer: Option C

Explanation:
2 times in 4 years; 8 = 2³, so 4 × 3 = 12 years.

This question belongs to: Maths Compound Interest

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