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What will be the compound interest on Rs. 25000 after 3 years at the rate of 12 % per annum
A. Rs 10123.20
B. Rs 10123.30
C. Rs 10123.40
D. Rs 10123.50
Ans - a
Explanation:
(25000×(1+12100)3)=>25000×2825×2825×2825=>35123.20
So Compound interest will be 35123.20 - 25000
= Rs 10123.20
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Find the compound interest on Rs. 7500 at 4% per annum for 2 years, compounded annually.
A. Rs. 610
B. Rs. 612
C. Rs. 614
D. Rs. 616
Ans - B
Explanation:
Amount=[7500×(1+4100)2]=(7500×2625×2625)=8112
So compound interest = (8112 - 7500) = 612
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Albert invested amount of 8000 in a fixed deposit for 2 years at compound interest rate of 5 % per annum. How much Albert will get on the maturity of the fixed deposit.
A. Rs. 8510
B. Rs. 8620
C. Rs. 8730
D. Rs. 8820
Ans - D
Explanation:
=>(8000×(1+5100)2)
=>8000×2120×2120
=>8820
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Effective annual rate of interest corresponding to nominal rate of 10% per annum compounded half yearly will be
a. 10.20 %
b. 10.25 %
c. 10.30 %
d. 10.35 %
Ans - b
Explanation:
Let the amount Rs 100 for 1 year when compounded half yearly, n = 2, Rate = 10/2 = 5%
Amount=100(1+5/100)^2=110.25
Effective rate = (110.25 - 100)% = 10.25%
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A sum of money invested at compound interest AMOUNS to Rs. 10000 in 3 years and to Rs 10600 in 4 years. The rate on interest per annum is.
A. 4%
B. 5%
C. 6%
D. 7%
Ans - C
Explanation:
S.I. on Rs 10000 for 1 year = 600
Rate = (100*600)/(10000*1) = 6 %
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Find the compound interest on Rs.48,000 at 16 % per annum for 6 months, compounded quarterly.
a. Rs. 1179
b. Rs. 1289
c. Rs. 1379
d. Rs. 1489
Ans - b
Explanation:
Please remember, when we have to calculate C.I. quarterly then we apply following formula if n is the number of years
Amount=P(1+R/100)^n
Principal = Rs.48,000;
Time=6 months = 2 quarters;
Rate = 16%, it will be 16/4 = 4%
So lets solve this question now,
Amount = 48000(1+0.013333)^2 = 49289
C.I = 49289−48000 = 1289
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Find the compound interest on Rs. 7500 at 4% per annum for 2 years, compounded annually.
a. Rs. 610
b. Rs. 612
c. Rs. 614
d. Rs. 616
Ans - b
Explanation:
Amount=[7500×(1+4100)2]=(7500×2625×2625)=8112
So compound interest = (8112 - 7500) = 612
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Find the compound interest on Rs.16,000 at 20% per annum for 9 months, compounded quarterly
a. Rs 2520
b. Rs 2521
c. Rs 2522
d. Rs 2523
Ans - c
Explanation:
Please remember, when we have to calculate C.I. quarterly then we apply following formula if n is the number of years
Amount=P(1+R4100)4n
Principal = Rs.16,000;
Time=9 months = 3 quarters;
Rate = 20%, it will be 20/4 = 5%
So lets solve this question now,
Amount=16000(1+5100)3=18522C.I=18522-16000=2522
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What will be the difference between simple and compound interest @ 10% per annum on the sum of Rs 1000 after 4 years ?
A. Rs 62.10
B. Rs 63.10
C. Rs 64.10
D. Rs 65.10
Ans - C
Explanation:
S.I.= 1000*10/100*4 = 400
C.I.=[1000(1+10/100)4-1000] = 464.10
So difference between simple interest and compound interest will be
464.10 - 400 = 64.10
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Mr. A borrowed Rs. 10,400. He wants to pay this in two annual equal installments. The rate of compound interest is 8% per annum. Find the amount of each installment.
a. Rs. 2,916
b. Rs. 5,832
c. Rs. 5,200
d. Rs. 5,000
Ans - b
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A person wants to pay his loan of Rs. 2,522 payable in three equal annual Installments. If the rate of compound interest is 5% p.a.; find out the amount of each installment.
a. Rs. 600
b. Rs. 650
c. Rs. 700
d. Rs. 800
Ans - d
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