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. 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. 930. Find the sum.

A. Rs. 30000

B. Rs. 32000

C. Rs. 34000

D. Rs. 28000

Answer: Option A

Solution (By JKSSB Mock Tests)

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

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Question #1

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The difference between CI and SI on Rs. 6000 for 2 years at 5% is:

A. Rs. 12

B. Rs. 20

C. Rs. 18

D. Rs. 15

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Correct Answer: Option D

Explanation:
D = 6000 × (0.05)² = 6000 × 0.0025 = Rs. 15.

This question belongs to: Maths Compound Interest

Question #2

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A sum of money at compound interest becomes 7 times in 3 years. In how many years will it become 49 times?

A. 4 years

B. 9 years

C. 5 years

D. 6 years

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Correct Answer: Option D

Explanation:
49 = 7², so 3 × 2 = 6 years.

This question belongs to: Maths Compound Interest

Question #3

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The difference between CI and SI on a sum for 2 years at 12% is Rs. 72. The sum is:

A. Rs. 6000

B. Rs. 4500

C. Rs. 5000

D. Rs. 5500

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Correct Answer: Option C

Explanation:
D = P × (0.12)² = P × 0.0144 = 72 ⇒ P = 5000.

This question belongs to: Maths Compound Interest

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