The difference between simple interest and compound interest on a certain sum of money for 2 years at 5% per annum is Rs. 144. Find the sum. MCQ with Answer and Explanation

Question

The difference between simple interest and compound interest on a certain sum of money for 2 years at 5% per annum is Rs. 144. Find the sum.

A. Rs. 60000

B. Rs. 64000

C. Rs. 57600

D. Rs. 55000

Answer: Option C

Solution (By JKSSB Mock Tests)

Difference for 2 years = P * (R/100)^2 => 144 = P * (5/100)^2 => 144 = P * (25 / 10000) => P = (144 * 10000) / 25 = Rs. 57600.

This question belongs to: Maths Compound Interest

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Question #1

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A machine depreciates at 10% per annum. Its present value is Rs. 7290. What was its value 3 years ago?

A. Rs. 12000

B. Rs. 10000

C. Rs. 11000

D. Rs. 13000

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Correct Answer: Option B

Explanation:
Value 3 years ago = 7290 / (0.9)³ = 7290 / 0.729 = 10000.

This question belongs to: Maths Compound Interest

Question #2

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What sum of money will amount to Rs. 5290 in 2 years at 15% per annum compound interest compounded annually?

A. Rs. 4200

B. Rs. 4400

C. Rs. 3800

D. Rs. 4000

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Correct Answer: Option D

Explanation:
Amount = P * (1 + 15/100)^2 => 5290 = P * (1.15)^2 => 5290 = P * 1.3225 => P = 5290 / 1.3225 = Rs. 4000.

This question belongs to: Maths Compound Interest

Question #3

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The simple interest on a sum for 2 years at 6% is Rs. 480. The compound interest on the same sum for 2 years at 6% is:

A. Rs. 499.20

B. Rs. 504.00

C. Rs. 494.40

D. Rs. 508.80

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Correct Answer: Option C

Explanation:
P = 48000/(6×2) = 4000. CI = 4000[(1.06)² − 1] = 4000 × 0.1236 = Rs. 494.40.

This question belongs to: Maths Compound Interest

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