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

A. Rs. 10000

B. Rs. 9000

C. Rs. 11000

D. Rs. 12000

Answer: Option A

Solution (By JKSSB Mock Tests)

Difference for 2 years = P * (R/100)^2 => 49 = P * (7/100)^2 => 49 = P * (49 / 10000) => P = Rs. 10000.

This question belongs to: Maths Compound Interest

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Compound Interest Questions

Question #1

Share Report

At compound interest, a sum becomes 1.21 times in 2 years. The rate of interest per annum is:

A. 9%

B. 10%

C. 12%

D. 11%

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option B

Explanation:
(1 + r)² = 1.21 ⇒ 1 + r = 1.1 ⇒ r = 10%.

This question belongs to: Maths Compound Interest

Question #2

Share Report

What is the compound interest on Rs. 64000 for 1 year at 5% per annum, compounded half-yearly?

A. Rs. 3240

B. Rs. 3280

C. Rs. 3200

D. Rs. 3320

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option A

Explanation:
Half-yearly rate = 5/2 = 2.5%. Time = 2 half-years. Amount = 64000 * (1 + 2.5/100)^2 = 64000 * (41/40)^2 = 64000 * (1681 / 1600) = 40 * 1681 = Rs. 67240. Compound Interest = 67240 - 64000 = Rs. 3240.

This question belongs to: Maths Compound Interest

Question #3

Share Report

What sum will amount to Rs. 10584 in 2 years at 5% compound interest?

A. Rs. 9600

B. Rs. 9400

C. Rs. 9200

D. Rs. 9800

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option A

Explanation:
P = 10584 / 1.1025 = 9600.

This question belongs to: Maths Compound Interest

Explore All Compound Interest MCQs