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Simple Interest & Compound Interest_ Answer key
SRM University
1. Simple interest on an amount after 36 months at the rate of 3% per quarter is 720. The amount is 1) 4000
2) 2000
3) 6000
4) 4800
2. An amount becomes 8,800 in four years at 15% p.a. What is that amount? 1) 5,500
2)7,500
3) 5,800
4) 6,400
3. Amir took a loan of 900 at the rate of 12% per year for 8 months. How much does he need to pay at the end of 8 months? 1) 952
2) 852
3) 872
4) 972
4. The simple interest on a sum of money will be 900 after 3 years. In the next 3 years if principal is doubled, then what will be the total interest at the end of the 6th year? 1) 900
2) 1800
3) 2700
4) 3600
5. If 40000 is given as loan for a period of 3 years with interest rates 5%, 7% and 9% for the 1st, 2nd and 3rd years respectively, what is the total amount that needs to be paid in the end? 1) 23500
2) 24200
3) 18000
4) 24000
6. Ganesh borrowed some money at the rate of 5% p.a. for the first three years, 7% p.a. for the next ne xt 5 years and 9% p.a. for the period beyond eight years. If the total intere st paid by him at the end of 14 years is 6240, how much money did he borrow? 1) 6300
2) 6180
3) 6200
4) 6000
7. A sum of money becomes 1120 in 4 years and 1360 in 7 years at SI. How much money is deposited? 1) 900
2) 700
3) 800
4) 1200
8. Arun borrows 1500 from two money lenders. le nders. He pays interest at the rate of 12% per annum for one loan and at the rate of 14% pa for the other. How much does he borrow at 12% pa if the total interest paid at the end of the year is 186? 1) 1200
2) 1125
3) 1250
4) 1800
9. A sum amounts to 3 times itself at SI in 5 years. In what time will it become 5 times itself? 1) 5 years
2) 15 years
3) 10 years
4) 7.5 years
10. What will be the compound interest on 15000 for 2 years at 12% per annum? 1) 3604
2) 3816
3) 3836
4) 3800
CDC Department
Simple Interest & Compound Interest_ Answer key
SRM University
11. Compound interest on a certain amount for 2 years at the rate of 5% is 102.5. Find the amount. 1) 500
2) 725
3) 850
4) 1000
12. An amount of 10000 is taken as loan by Ajmal at compound interest charging 8% p.a. for 1st year and 9% p.a. for the 2nd year. How much is the total to be paid by Ajmal after 2 years? 1) 16000
2) 14772
3) 12000
4) 11772
13. A sum of 40000 is invested for 18 months at 20% p.a. on compound interest. If the interest is compounded half yearly, what will be the interest t o be paid? 1) 13240
2) 13080
3) 13530
4) 13540
14. Rohit has given a loan to Sohit an amount of 20000 at an interest rate 8 % p.a. for a period of 30 months. If interest charged is at compound interest, how much does Sohit need to pay in the end? 1) 23000
2) 24000.36
3) 24261.12
4) 25020.54
15. A sum of money invested i nvested at CI amounts to 800 in 3 years, 882 in 5 years. Find the rate of interest? 1) 2.5%
2) 5%
3) 4%
4) 6.66%
16. On a given amount the compound interest i nterest at the end of first year was 81 and the second year was 88.29. How much money was invested? 1) 900
2) 996
3) 880
4) Cannot be determined
17. A sum of 5000 is invested for 3 years at 5% p.a. on compound interest. Income Tax at the rate of 20% on the interest earned was deducted d educted at the end of each year. The amount at the end of 3rd year? 1) 5624.32
2) 5630.50
3) 5620.54
4) 5608.30
18. A sum of money doubles itself at CI in 9 years. y ears. In how many years will it become 16 times itself? 1) 18 years
2) 36 years
3) 27 years
4) 45 years
19. What is the difference between compound interest and simple interest for the sum of 20000 over a 2 year period, if i f CI is calculated at 20% p.a. and SI is calculated at 23% p.a.? 1) 200
2) 125
3) 250
4) 400
20. If the difference between the simple s imple interest and compound interest on some amount at 10% pa for 3 years is 372, then what must be the principal amount? 1) 12400
