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### Test Overview :

**Name** : Simple and Compound interest practice test -1

**Subject** : Aptitude

**Topic** : Interest

**Questions** : 15 Objective type

**Time Limit** : 15 minutes

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- Question 1 of 15
##### 1. Question

1 points**Find the compound interest on Rs. 7500 at 4% per annum for 2 years compunded anually**Correct**Explanation –**A = 7500 × 26/25*26/25 = 8112So, compound interest = (8112-7500) => 612

Incorrect**Explanation –**A = 7500 × 26/25*26/25 = 8112So, compound interest = (8112-7500) => 612

- Question 2 of 15
##### 2. Question

1 points**Albert invested amount of Rs. 8000 in a fixed deposit for 2 years at compound interest rate of 5% per annum. How much Albert will get on maturity of the fixed deposit?**Correct**Explanation –**8000 × 21/10*21/10 => 8820Incorrect**Explanation –**8000 × 21/10*21/10 => 8820 - Question 3 of 15
##### 3. Question

1 points**what will be the compound interest on Rs. 25000 after 3 years at the rate of 12% per annum?**Correct**Explanation –**25000 × 28/25*28/25*28/25=> 35123.20

=> So, compound interest will be (35123.20-25000) = 10123.20

Incorrect**Explanation –**25000 × 28/25*28/25*28/25=> 35123.20

=> So, compound interest will be (35123.20-25000) = 10123.20

- Question 4 of 15
##### 4. Question

1 points**A man saves Rs. 200 at the end of each year and lends the money at 5% compound interest. How much will it become at the end of 3 years.**Correct**Explanation –**[200(21/20*21/20*21/20)+200(21/20*21/20)+200 (21/20) = 662.02Incorrect**Explanation –**[200(21/20*21/20*21/20)+200(21/20*21/20)+200 (21/20) = 662.02 - Question 5 of 15
##### 5. Question

1 points**Find compound interest on Rs. 9000 at 5% per annum for 2 years, compounded anually**Correct**Explanation –**Please apply the formula –A = P (1+r/100)n

C.I = A-P

Incorrect**Explanation –**Please apply the formula –A = P (1+r/100)n

C.I = A-P

- Question 6 of 15
##### 6. Question

1 points**The present worth of Rs. 169 due in 2 years at 4% per annum compound interest is –**Correct**Explanation –**Here we apply formula :A = P/(1+r/100) n

So, we will get 156.25

Incorrect**Explanation –**Here we apply formula :A = P/(1+r/100) n

So, we will get 156.25

- Question 7 of 15
##### 7. Question

1 points**The least no. Of complete years in which a sum of money put out at 20% compound interest will be more than doubled is**Correct**Explanation –**P (1+r/100)n > 2P= (1+20/100)n > 2

= (6/5) n > 2

= (6/5*6/5*6/5*6/5) > 2

Incorrect**Explanation –**P (1+r/100)n > 2P= (1+20/100)n > 2

= (6/5) n > 2

= (6/5*6/5*6/5*6/5) > 2

- Question 8 of 15
##### 8. Question

1 points**In what time will Rs. 1000 becomes Rs. 1331 at 10% per annum compounded anually**Correct**Explanation –**Let the time be n years, then-1000(1+10/100)n = 1331

(11/10)n = 1331/1000

(11/10)3= 1331/1000

So answer is 3 years

Incorrect**Explanation –**Let the time be n years, then-1000(1+10/100)n = 1331

(11/10)n = 1331/1000

(11/10)3= 1331/1000

So answer is 3 years

- Question 9 of 15
##### 9. Question

1 points**If the simple interest on a sum of money for 2 years at 5% per annum is Rs. 50, what will be the compound interest on same values?**Correct**Explanation –**S.I = PTR/100P = 50*100/50*2 => 500

A = 500(21/20*21/20) => 551.25

C.I = 551.25 – 500 => 51.25

Incorrect**Explanation –**S.I = PTR/100P = 50*100/50*2 => 500

A = 500(21/20*21/20) => 551.25

C.I = 551.25 – 500 => 51.25

- Question 10 of 15
##### 10. Question

1 points**What will be the difference between simple and compound interest at 10% per annum on a sum of Rs. 1000 after 4 years?**Correct**Explanation –**S.I = 1000*100*4/100 => 400C.I = 1000 (1+10/100) 4(power) -1000

=> 464.10

hence the difference is 464.10-400 = 64.10

Incorrect**Explanation –**S.I = 1000*100*4/100 => 400C.I = 1000 (1+10/100) 4(power) -1000

=> 464.10

hence the difference is 464.10-400 = 64.10

- Question 11 of 15
##### 11. Question

1 points**A person borrowed Rs. 500 at the rate of 5% per annum. What amount will he pay to clear the debt after 4 years?**Correct**Explanation –**500+(500*5*4)/100 => 600Incorrect**Explanation –**500+(500*5*4)/100 => 600 - Question 12 of 15
##### 12. Question

1 points**At the rate of 6% per annum S.I, a sum of Rs. 2500 will earn. How much interest will be charged by the end of 5 years?**Correct**Explanation –**2500 (3*5/100) = 750Incorrect**Explanation –**2500 (3*5/100) = 750 - Question 13 of 15
##### 13. Question

1 points**A 800 amounts to Rs. 920 in years at S.I. if the interest rate is increased by 3% it would amount to how much?**Correct**Explanation –**Rate = (100*120/800*3) = 5%New rate = 8%, P= 800 & T = 3 years

S.I. = (800*8*3/100) = 192

New amount => 800+192 = 992

Incorrect**Explanation –**Rate = (100*120/800*3) = 5%New rate = 8%, P= 800 & T = 3 years

S.I. = (800*8*3/100) = 192

New amount => 800+192 = 992

- Question 14 of 15
##### 14. Question

1 points**Rohan took a loan from bank for 6 years at the rate of 5% per annum. S.I. if the total interest was paid Rs. 1230 then the principal was –**Correct**Explanation –**1230*100/6*5 => 4100Incorrect**Explanation –**1230*100/6*5 => 4100 - Question 15 of 15
##### 15. Question

1 points**A certain sum of money lent out at S.I. amounts to Rs. 690 in 3 years and Rs. 750 in 5 years**Correct**Explanation –**S.I for 2 years = 750-690 => 60S.I for 3 years = (60/2)*3 => 90

Principal = 690-90 = 600.

Incorrect**Explanation –**S.I for 2 years = 750-690 => 60S.I for 3 years = (60/2)*3 => 90

Principal = 690-90 = 600.