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Name : Simple and Compound interest practice test -1 Subject : Aptitude Topic : Interest Questions : 15 Objective type Time Limit : 15 minutes (*) All the best
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Your Final Score is : 0 Now time to Share this Practice test on Facebook, Twitter, Google +, LinkedIn etc. Find the compound interest on Rs. 7500 at 4% per annum for 2 years compunded anually Explanation – A = 7500 × 26/25*26/25 = 8112 So, compound interest = (8112-7500) => 612 Explanation – A = 7500 × 26/25*26/25 = 8112 So, compound interest = (8112-7500) => 612 Explanation – A = 7500 × 26/25*26/25 = 8112 So, compound interest = (8112-7500) => 612 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? Explanation – 8000 × 21/10*21/10 => 8820 Explanation – 8000 × 21/10*21/10 => 8820 Explanation – 8000 × 21/10*21/10 => 8820 what will be the compound interest on Rs. 25000 after 3 years at the rate of 12% per annum? Explanation – 25000 × 28/25*28/25*28/25 => 35123.20 => So, compound interest will be (35123.20-25000) = 10123.20 Explanation – 25000 × 28/25*28/25*28/25 => 35123.20 => So, compound interest will be (35123.20-25000) = 10123.20 Explanation – 25000 × 28/25*28/25*28/25 => 35123.20 => So, compound interest will be (35123.20-25000) = 10123.20 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. Explanation – [200(21/20*21/20*21/20)+200(21/20*21/20)+200 (21/20) = 662.02 Explanation – [200(21/20*21/20*21/20)+200(21/20*21/20)+200 (21/20) = 662.02 Explanation – [200(21/20*21/20*21/20)+200(21/20*21/20)+200 (21/20) = 662.02 Find compound interest on Rs. 9000 at 5% per annum for 2 years, compounded anually Explanation – Please apply the formula – A = P (1+r/100)n C.I = A-P Explanation – Please apply the formula – A = P (1+r/100)n C.I = A-P Explanation – Please apply the formula – A = P (1+r/100)n C.I = A-P The present worth of Rs. 169 due in 2 years at 4% per annum compound interest is – Explanation – Here we apply formula : A = P/(1+r/100) n So, we will get 156.25 Explanation – Here we apply formula : A = P/(1+r/100) n So, we will get 156.25 Explanation – Here we apply formula : A = P/(1+r/100) n So, we will get 156.25 The least no. Of complete years in which a sum of money put out at 20% compound interest will be more than doubled is 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 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 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 In what time will Rs. 1000 becomes Rs. 1331 at 10% per annum compounded anually 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 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 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 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? Explanation – S.I = PTR/100 P = 50*100/50*2 => 500 A = 500(21/20*21/20) => 551.25 C.I = 551.25 – 500 => 51.25 Explanation – S.I = PTR/100 P = 50*100/50*2 => 500 A = 500(21/20*21/20) => 551.25 C.I = 551.25 – 500 => 51.25 Explanation – S.I = PTR/100 P = 50*100/50*2 => 500 A = 500(21/20*21/20) => 551.25 C.I = 551.25 – 500 => 51.25 What will be the difference between simple and compound interest at 10% per annum on a sum of Rs. 1000 after 4 years? Explanation – S.I = 1000*100*4/100 => 400 C.I = 1000 (1+10/100) 4(power) -1000 => 464.10 hence the difference is 464.10-400 = 64.10 Explanation – S.I = 1000*100*4/100 => 400 C.I = 1000 (1+10/100) 4(power) -1000 => 464.10 hence the difference is 464.10-400 = 64.10 Explanation – S.I = 1000*100*4/100 => 400 C.I = 1000 (1+10/100) 4(power) -1000 => 464.10 hence the difference is 464.10-400 = 64.10 A person borrowed Rs. 500 at the rate of 5% per annum. What amount will he pay to clear the debt after 4 years? Explanation – 500+(500*5*4)/100 => 600 Explanation – 500+(500*5*4)/100 => 600 Explanation – 500+(500*5*4)/100 => 600 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? Explanation – 2500 (3*5/100) = 750
Explanation – 2500 (3*5/100) = 750
Explanation – 2500 (3*5/100) = 750
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? 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 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 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 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 – Explanation – 1230*100/6*5 => 4100 Explanation – 1230*100/6*5 => 4100 Explanation – 1230*100/6*5 => 4100 A certain sum of money lent out at S.I. amounts to Rs. 690 in 3 years and Rs. 750 in 5 years
Explanation – S.I for 2 years = 750-690 => 60 S.I for 3 years = (60/2)*3 => 90 Principal = 690-90 = 600. Explanation – S.I for 2 years = 750-690 => 60 S.I for 3 years = (60/2)*3 => 90 Principal = 690-90 = 600. Explanation – S.I for 2 years = 750-690 => 60 S.I for 3 years = (60/2)*3 => 90 Principal = 690-90 = 600.
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