The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 217. Find the sum. MCQ with Answer and Explanation

Question

The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 217. Find the sum.

A. Rs. 8000

B. Rs. 6500

C. Rs. 7500

D. Rs. 7000

Answer: Option D

Solution (By JKSSB Mock Tests)

Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 217 = P * (10/100)^2 * (3 + 10/100) => 217 = P * (1/100) * (3.1) => 217 = P * 0.031 => P = 217 / 0.031 = Rs. 7000.

This question belongs to: Maths Compound Interest

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Question #1

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The simple interest on a sum at 5% for 3 years is Rs. 600. The compound interest on the same sum for 2 years at 5% is:

A. Rs. 400

B. Rs. 415

C. Rs. 405

D. Rs. 410

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Correct Answer: Option D

Explanation:
P = 60000/(5×3) = 4000. CI = 4000[(1.05)² − 1] = 4000 × 0.1025 = Rs. 410.

This question belongs to: Maths Compound Interest

Question #2

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The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 930. Find the sum.

A. Rs. 34000

B. Rs. 30000

C. Rs. 28000

D. Rs. 32000

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Correct Answer: Option B

Explanation:
Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 930 = P * (10/100)^2 * (3 + 10/100) => 930 = P * (1/100) * (3.1) => 930 = P * 0.031 => P = 930 / 0.031 = Rs. 30000.

This question belongs to: Maths Compound Interest