The simple interest on a sum for 2 years at 6% is Rs. 360. The compound interest for the same period and rate is: MCQ with Answer and Explanation

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The simple interest on a sum for 2 years at 6% is Rs. 360. The compound interest for the same period and rate is:

A. Rs. 370.80

B. Rs. 375.00

C. Rs. 372.00

D. Rs. 378.00

Answer: Option A

Solution (By JKSSB Mock Tests)

P = 36000/(6×2) = 3000. CI = 3000[(1.06)² − 1] = 3000 × 0.1236 = Rs. 370.80.

This question belongs to: Maths Compound Interest

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Question #1

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

A. Rs. 9000

B. Rs. 10000

C. Rs. 11000

D. Rs. 12000

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Correct Answer: Option B

Explanation:
D = P × (0.07)² = P × 0.0049 = 49 ⇒ P = 10000.

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. 840. Find the principal sum.

A. Rs. 3800

B. Rs. 4000

C. Rs. 4400

D. Rs. 4200

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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 = 840 => P = 840 / 0.21 = Rs. 4000.

This question belongs to: Maths Compound Interest

Question #3

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The compound interest on a sum for 3 years at 10% is Rs. 993. The sum is:

A. Rs. 3300

B. Rs. 3000

C. Rs. 3600

D. Rs. 2700

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Correct Answer: Option B

Explanation:
CI = P[(1.1)³ − 1] = P × 0.331 = 993 ⇒ P = 993 / 0.331 = 3000.

This question belongs to: Maths Compound Interest

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