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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 pointsFind the compound interest on Rs. 7500 at 4% per annum for 2 years compunded anually
CorrectExplanation – A = 7500 × 26/25*26/25 = 8112
So, compound interest = (81127500) => 612
IncorrectExplanation – A = 7500 × 26/25*26/25 = 8112
So, compound interest = (81127500) => 612
UnattemptedExplanation – A = 7500 × 26/25*26/25 = 8112
So, compound interest = (81127500) => 612
 Question 2 of 15
2. Question
1 pointsAlbert 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?
CorrectExplanation – 8000 × 21/10*21/10 => 8820
IncorrectExplanation – 8000 × 21/10*21/10 => 8820
UnattemptedExplanation – 8000 × 21/10*21/10 => 8820
 Question 3 of 15
3. Question
1 pointswhat will be the compound interest on Rs. 25000 after 3 years at the rate of 12% per annum?
CorrectExplanation – 25000 × 28/25*28/25*28/25
=> 35123.20
=> So, compound interest will be (35123.2025000) = 10123.20
IncorrectExplanation – 25000 × 28/25*28/25*28/25
=> 35123.20
=> So, compound interest will be (35123.2025000) = 10123.20
UnattemptedExplanation – 25000 × 28/25*28/25*28/25
=> 35123.20
=> So, compound interest will be (35123.2025000) = 10123.20
 Question 4 of 15
4. Question
1 pointsA 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.
CorrectExplanation – [200(21/20*21/20*21/20)+200(21/20*21/20)+200 (21/20) = 662.02
IncorrectExplanation – [200(21/20*21/20*21/20)+200(21/20*21/20)+200 (21/20) = 662.02
UnattemptedExplanation – [200(21/20*21/20*21/20)+200(21/20*21/20)+200 (21/20) = 662.02
 Question 5 of 15
5. Question
1 pointsFind compound interest on Rs. 9000 at 5% per annum for 2 years, compounded anually
CorrectExplanation – Please apply the formula –
A = P (1+r/100)n
C.I = AP
IncorrectExplanation – Please apply the formula –
A = P (1+r/100)n
C.I = AP
UnattemptedExplanation – Please apply the formula –
A = P (1+r/100)n
C.I = AP
 Question 6 of 15
6. Question
1 pointsThe present worth of Rs. 169 due in 2 years at 4% per annum compound interest is –
CorrectExplanation – Here we apply formula :
A = P/(1+r/100) n
So, we will get 156.25
IncorrectExplanation – Here we apply formula :
A = P/(1+r/100) n
So, we will get 156.25
UnattemptedExplanation – Here we apply formula :
A = P/(1+r/100) n
So, we will get 156.25
 Question 7 of 15
7. Question
1 pointsThe least no. Of complete years in which a sum of money put out at 20% compound interest will be more than doubled is
CorrectExplanation – P (1+r/100)n > 2P
= (1+20/100)n > 2
= (6/5) n > 2
= (6/5*6/5*6/5*6/5) > 2
IncorrectExplanation – P (1+r/100)n > 2P
= (1+20/100)n > 2
= (6/5) n > 2
= (6/5*6/5*6/5*6/5) > 2
UnattemptedExplanation – 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 pointsIn what time will Rs. 1000 becomes Rs. 1331 at 10% per annum compounded anually
CorrectExplanation – 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
IncorrectExplanation – 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
UnattemptedExplanation – 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 pointsIf 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?
CorrectExplanation – 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
IncorrectExplanation – 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
UnattemptedExplanation – 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
 Question 10 of 15
10. Question
1 pointsWhat will be the difference between simple and compound interest at 10% per annum on a sum of Rs. 1000 after 4 years?
CorrectExplanation – S.I = 1000*100*4/100 => 400
C.I = 1000 (1+10/100) 4(power) 1000
=> 464.10
hence the difference is 464.10400 = 64.10
IncorrectExplanation – S.I = 1000*100*4/100 => 400
C.I = 1000 (1+10/100) 4(power) 1000
=> 464.10
hence the difference is 464.10400 = 64.10
UnattemptedExplanation – S.I = 1000*100*4/100 => 400
C.I = 1000 (1+10/100) 4(power) 1000
=> 464.10
hence the difference is 464.10400 = 64.10
 Question 11 of 15
11. Question
1 pointsA person borrowed Rs. 500 at the rate of 5% per annum. What amount will he pay to clear the debt after 4 years?
CorrectExplanation – 500+(500*5*4)/100 => 600
IncorrectExplanation – 500+(500*5*4)/100 => 600
UnattemptedExplanation – 500+(500*5*4)/100 => 600
 Question 12 of 15
12. Question
1 pointsAt 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?
CorrectExplanation – 2500 (3*5/100) = 750
IncorrectExplanation – 2500 (3*5/100) = 750
UnattemptedExplanation – 2500 (3*5/100) = 750
 Question 13 of 15
13. Question
1 pointsA 800 amounts to Rs. 920 in years at S.I. if the interest rate is increased by 3% it would amount to how much?
CorrectExplanation – 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
IncorrectExplanation – 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
UnattemptedExplanation – 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 pointsRohan 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 –
CorrectExplanation – 1230*100/6*5 => 4100
IncorrectExplanation – 1230*100/6*5 => 4100
UnattemptedExplanation – 1230*100/6*5 => 4100
 Question 15 of 15
15. Question
1 pointsA certain sum of money lent out at S.I. amounts to Rs. 690 in 3 years and Rs. 750 in 5 years
CorrectExplanation – S.I for 2 years = 750690 => 60
S.I for 3 years = (60/2)*3 => 90
Principal = 69090 = 600.
IncorrectExplanation – S.I for 2 years = 750690 => 60
S.I for 3 years = (60/2)*3 => 90
Principal = 69090 = 600.
UnattemptedExplanation – S.I for 2 years = 750690 => 60
S.I for 3 years = (60/2)*3 => 90
Principal = 69090 = 600.