The simple interest on a sum for 2 years at 8% is Rs. 640. The compound interest on the same sum for 2 years at 8% is: MCQ with Answer and Explanation

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The simple interest on a sum for 2 years at 8% is Rs. 640. The compound interest on the same sum for 2 years at 8% is:

A. Rs. 678.40

B. Rs. 672.00

C. Rs. 665.60

D. Rs. 684.00

Answer: Option C

Solution (By JKSSB Mock Tests)

P = 64000/(8×2) = 4000. CI = 4000[(1.08)² − 1] = 4000 × 0.1664 = Rs. 665.60.

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. 1000 for 2 years at 10% is:

A. Rs. 9

B. Rs. 8

C. Rs. 10

D. Rs. 11

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Correct Answer: Option C

Explanation:
D = 1000 × 0.01 = Rs. 10.

This question belongs to: Maths Compound Interest

Question #2

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At what rate percent compound interest will Rs. 3200 amount to Rs. 3872 in 2 years?

A. 8%

B. 12%

C. 10%

D. 15%

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Correct Answer: Option C

Explanation:
3200(1+r)² = 3872 ⇒ (1+r)² = 1.21 ⇒ r = 10%.

This question belongs to: Maths Compound Interest

Question #3

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The difference between CI and SI on a certain sum for 2 years at 6% is Rs. 36. The sum is:

A. Rs. 11000

B. Rs. 9000

C. Rs. 10000

D. Rs. 8000

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Correct Answer: Option C

Explanation:
D = P × (0.06)² = P × 0.0036 = 36 ⇒ P = 10000.

This question belongs to: Maths Compound Interest

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