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. 10000

D. Rs. 12000

Answer: Option C

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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The difference between simple interest and compound interest on a certain sum of money for 2 years at 9% per annum is Rs. 81. Find the sum.

A. Rs. 10000

B. Rs. 12000

C. Rs. 9000

D. Rs. 11000

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Correct Answer: Option A

Explanation:
Difference for 2 years = P * (R/100)^2 => 81 = P * (9/100)^2 => 81 = P * (81 / 10000) => P = Rs. 10000.

This question belongs to: Maths Compound Interest

Question #2

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At what rate percent per annum will Rs. 8000 amount to Rs. 9261 in 3 years, compound interest compounded annually?

A. 4%

B. 5%

C. 8%

D. 6%

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Correct Answer: Option B

Explanation:
Amount/Principal = 9261 / 8000 = (21 / 20)^3. Therefore, 1 + R/100 = 21/20 => R/100 = 1/20 => R = 5%.

This question belongs to: Maths Compound Interest

Question #3

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What is the compound interest on Rs. 60000 for 1 year at 12% per annum, compounded half-yearly?

A. Rs. 7500

B. Rs. 7600

C. Rs. 7416

D. Rs. 7200

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Correct Answer: Option C

Explanation:
Half-yearly rate = 12/2 = 6%. Time = 2 half-years. Amount = 60000 * (1 + 6/100)^2 = 60000 * 1.1236 = Rs. 67416. Compound Interest = 67416 - 60000 = Rs. 7416.

This question belongs to: Maths Compound Interest

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