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Exercise : Compound Interest - General Questions
- Compound Interest - Formulas
- Compound Interest - General Questions
- Compound Interest - Data Sufficiency 1
- Compound Interest - Data Sufficiency 2
- Compound Interest - Data Sufficiency 3.1
1.
A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits Rs. 1600 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by way of interest is:
Rs. 120
Rs. 121
Rs. 122
Rs. 123
Answer: Option
Explanation:
| Amount |
| ||||||||||||||||
| |||||||||||||||||
| |||||||||||||||||
| |||||||||||||||||
| = Rs. 3321. |
C.I. = Rs. (3321 - 3200) = Rs. 121
2.
The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 4% per annum is Re. 1. The sum (in Rs.) is:
625
630
640
650
Answer: Option
Explanation:
Let the sum be Rs. x. Then,
| C.I. = |  | x |  | 1 + | 4 |  | 2 | - x |  | = | | 676 | x | - x | | = | 51 | x. |
| 100 | 625 | 625 |
| S.I. = | | x x 4 x 2 | | = | 2x | . |
| 100 | 25 |
| 51x | - | 2x | = 1 |
| 625 | 25 |
x = 625.
3.
There is 60% increase in an amount in 6 years at simple interest. What will be the compound interest of Rs. 12,000 after 3 years at the same rate?
Rs. 2160
Rs. 3120
Rs. 3972
Rs. 6240
None of these
Answer: Option
Explanation:
Let P = Rs. 100. Then, S.I. Rs. 60 and T = 6 years.
| R = | | 100 x 60 | | = 10% p.a. |
| 100 x 6 |
Now, P = Rs. 12000. T = 3 years and R = 10% p.a.
| C.I. |
| |||||||||||||
| ||||||||||||||
| = 3972. |
4.
What is the difference between the compound interests on Rs. 5000 for 1
years at 4% per annum compounded yearly and half-yearly?
Rs. 2.04
Rs. 3.06
Rs. 4.80
Rs. 8.30
Answer: Option
Explanation:
| C.I. when interest compounded yearly |
| |||||||||||||||
| ||||||||||||||||
| = Rs. 5304. |
| C.I. when interest is compounded half-yearly |
| ||||||||||||
| |||||||||||||
| = Rs. 5306.04 |
Difference = Rs. (5306.04 - 5304) = Rs. 2.04
5.
The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:
2
| 2 | 1 |
| 2 |
3
4
Answer: Option
Explanation:
Amount = Rs. (30000 + 4347) = Rs. 34347.
Let the time be n years.
| Then, 30000 | | 1 + | 7 | | n | = 34347 |
| 100 |
| | | 107 | | n | = | 34347 | = | 11449 | = | | 107 | | 2 |
| 100 | 30000 | 10000 | 100 |
n = 2 years.
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