Aptitude practices on Compound Interest

Aptitude questions and answers for Compound Interest

 

1) What is the compound interest on Rs. 2500 for 2 years at a rate of interest of 4% per annum?

  1. Rs. 180
  2. Rs. 204
  3. Rs. 210
  4. Rs. 220

The Correct answer is B

Explanation:

Principal (P) = Rs. 2500

Rate of interest(r) = 4%

Time (t) = 2 years

Compound Interest = Amount - Principal
Apti Compound Interest


2) What is the amount for a sum of money Rs.7500 at a 6% rate of interest C.I. for 2 years?

  1. Rs. 8427
  2. Rs. 8417
  3. Rs. 8400
  4. Rs. 8390

The Correct answer is A

Explanation:

Principal = Rs. 7500

r = 6%

t = 2 years
Apti Compound Interest


3) Ramesh borrowed Rs. 3600 at a certain rate of interest C.I. and the sum grows to Rs. 4624 in 2 years. What is the rate of interest?

  1. 12.3%
  2. 13.3%
  3. 14.3%
  4. 15.3%

The Correct answer is (B)

Explanation:

Principal = Rs. 3600

Amount = Rs. 4624

t = 2 years

We have;

Apti Compound interest35


4) On a certain sum of money the compound interest Rs. 318 is earned in 2 years. If the rate of interest is 12%, what is the principal amount?

  1. Rs. 1250
  2. Rs.1300
  3. Rs. 1200
  4. Rs. 1150

The Correct answer is A

Explanation:

We have;

C.I. = Rs. 318

r = 12%

t = 2 years

Apti Compound interest36


5) The simple interest on a certain sum of money at the rate of interest of 5% per annum for 2 years is Rs. 500. What is the compound interest on the same sum for the same period and at the same rate of interest?

  1. Rs.412.5
  2. Rs.400
  3. Rs.500
  4. Rs.512.5

The Correct answer is D

Explanation:

S.I. = 500

r = 5%

t = 2 years

Before finding C.I. we have to find the sum or principal;

Apply formula; Principal = Apti Compound interest37
Principal = Apti Compound interest38= Rs. 5000

Now we have to find the Amount;

Apply formula; Amount =Apti Compound interest39

Amount = 5000 Apti Compound interest

Apti Compound interest

= 5000 * 1.05 * 1.05 = Rs. 5512.5

C.I. = Amount - Principal

C.I. = 5512.5 - 5000 = Rs. 512.5


6) In how many years the compound interest on Rs. 10000 at the rate of 10% will be Rs. 2100?

  1. 1.5 years
  2. 2 years
  3. 2.5 years
  4. 3 years

The Correct answer is B

Explanation:

Principal = Rs. 10000

r = 10%

C.I. = Rs. 2100

Apti Compound interest


7) The difference between Simple Interest and Compound Interest on a certain sum of money for 2 years is Rs.200. If the rate of interest is 12 Apti Compound interest43%, what is the sum?

  1. Rs. 11800
  2. Rs. 12000
  3. Rs. 12800
  4. Rs. 13000

The Correct answer is C

Explanation:

If the difference between the C.I. and S.I. on a certain sum of money for 2 years at a rate of interest r % is Rs. X, then the sum is given by;

Sum = XApti Compound interest

We have;

X = Rs. 200

t = 2 years

r = 12 Apti Compound interest
Therefore, Sum = 200 Apti Compound interest

= 200 * Apti Compound interest

= 200 * Apti Compound interest * Apti Compound interest

= 200 * 64

= Rs. 12800 (Option C)


8) If the difference between Simple Interest and Compound Interest on a sum of money for 3 years is Rs. 200 and the rate of interest is 10%, what is the sum?

  1. Rs. 6451.6
  2. Rs. 6351.6
  3. Rs. 6251.6
  4. Rs. 6151.6

The Correct answer is A

Explanation:

If the difference between C.I. and S.I. on a certain sum for 3 years at a rate of interest r% is Rs. X, then the sum is given by;

Sum = Apti Compound interest

We have;

X = Rs. 200

r = 10%
Therefore, sum = Apti Compound interest

Apti Compound interest


9) The difference between simple interest and compound interest on a sum of money for 1 year at 4% per 6 months is 4, what is the sum?

  1. Rs. 2100
  2. Rs. 2300
  3. Rs. 2500
  4. Rs. 3000

The Correct answer is C

Explanation:

Let the sum = Rs. X

t = 1 year = 2 half years (6 months)

r = 4% for 6 months

Apti Compound interest48


10) On lending a certain sum of money on C.I. one gets Rs.9050 in 2 years and Rs.9500 in 3 years. What is the rate of interest?

  1. 5%
  2. 4.5%
  3. 5.5 %
  4. 6%

The Correct answer is A

Explanation:

Amount after 3 years = Rs. 9500

Amount after 2 years = Rs. 9050

Interest of one year= 9500 - 9050 = 450

t = 1 year

Apti Compound interest30

Solution 2: Quicker Method

Apply formula: Rate of interest(r): Apti Compound interest32

Y= Rs. 9500

X = 9050

Apti Compound interest33

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