The difference between simple interest and compound interest on a certain sum of money for 2 years at 8% per annum is Rs. 128. 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 8% per annum is Rs. 128. Find the sum.

A. Rs. 20000

B. Rs. 22000

C. Rs. 24000

D. Rs. 18000

Answer: Option A

Solution (By JKSSB Mock Tests)

Difference for 2 years = P * (R/100)^2 => 128 = P * (8/100)^2 => 128 = P * (64 / 10000) => P = (128 * 10000) / 64 = Rs. 20000.

This question belongs to: Maths Compound Interest

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Question #1

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A sum amounts to Rs. 1210 in 2 years and Rs. 1331 in 3 years at compound interest. Find the sum.

A. Rs. 900

B. Rs. 950

C. Rs. 1000

D. Rs. 1050

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Correct Answer: Option C

Explanation:
Rate = (1331/1210 − 1) × 100 = 10%. P = 1210 / (1.1)² = 1210 / 1.21 = 1000.

This question belongs to: Maths Compound Interest

Question #2

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A sum of money invested at compound interest doubles itself in 4 years. In how many years will it become 16 times itself?

A. 24 years

B. 16 years

C. 12 years

D. 20 years

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Correct Answer: Option B

Explanation:
The sum doubles (2^1) in 4 years. It will become 16 (2^4) times in 4 * 4 = 16 years.

This question belongs to: Maths Compound Interest

Question #3

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The difference between CI and SI on Rs. 1400 for 2 years at 10% is:

A. Rs. 13

B. Rs. 12

C. Rs. 15

D. Rs. 14

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Correct Answer: Option D

Explanation:
D = 1400 × 0.01 = Rs. 14.

This question belongs to: Maths Compound Interest

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