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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The compound interest on a certain sum of money for 2 years at 5% per annum is Rs. 246. What is the sum?

A. Rs. 2600

B. Rs. 2200

C. Rs. 2500

D. Rs. 2400

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Correct Answer: Option D

Explanation:
Effective compound interest rate for 2 years at 5% = 5 + 5 + (55)/100 = 10.25%. Given 10.25% of P = 246 => P = 246 / 0.1025 = Rs. 2400.

This question belongs to: Maths Compound Interest

Question #2

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The compound interest on a certain sum for 2 years at 10% per annum is Rs. 630. Find the principal sum.

A. Rs. 2800

B. Rs. 3000

C. Rs. 3400

D. Rs. 3200

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Correct Answer: Option B

Explanation:
Effective rate of compound interest for 2 years at 10% = 10 + 10 + (1010)/100 = 21%. Given 21% of P = 630 => P = 630 / 0.21 = Rs. 3000.

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Question #3

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Find the compound interest on Rs. 20000 for 1 year at 16% per annum, compounded half-yearly.

A. Rs. 3328

B. Rs. 3500

C. Rs. 3200

D. Rs. 3400

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Correct Answer: Option A

Explanation:
Half-yearly rate = 16/2 = 8%. Time = 2 half-years. Amount = 20000 * (1 + 8/100)^2 = 20000 * 1.1664 = Rs. 23328. Compound Interest = 23328 - 20000 = Rs. 3328.

This question belongs to: Maths Compound Interest

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