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Compound Interest - MCQ 4 - Banking Exams MCQ


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20 Questions MCQ Test Quantitative Aptitude for Competitive Examinations - Compound Interest - MCQ 4

Compound Interest - MCQ 4 for Banking Exams 2024 is part of Quantitative Aptitude for Competitive Examinations preparation. The Compound Interest - MCQ 4 questions and answers have been prepared according to the Banking Exams exam syllabus.The Compound Interest - MCQ 4 MCQs are made for Banking Exams 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Compound Interest - MCQ 4 below.
Solutions of Compound Interest - MCQ 4 questions in English are available as part of our Quantitative Aptitude for Competitive Examinations for Banking Exams & Compound Interest - MCQ 4 solutions in Hindi for Quantitative Aptitude for Competitive Examinations course. Download more important topics, notes, lectures and mock test series for Banking Exams Exam by signing up for free. Attempt Compound Interest - MCQ 4 | 20 questions in 15 minutes | Mock test for Banking Exams preparation | Free important questions MCQ to study Quantitative Aptitude for Competitive Examinations for Banking Exams Exam | Download free PDF with solutions
Compound Interest - MCQ 4 - Question 1
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What is the difference between the CI and SI on Rs.6500 at the rate of 4 pcpa in 2 yrs ?

Detailed Solution for Compound Interest - MCQ 4 - Question 1

SI = 6500*4*2/100 = 520
CI = 6500*(104/100)*(104/100) = 7030.4 = 530.4
530.4 – 520 = 10.4

Compound Interest - MCQ 4 - Question 2
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The CI on a certain sum at 10% pa for 2yrs is Rs.6548. What is SI on the sum of money at 7%pa for 4 yrs(approx) ?

Detailed Solution for Compound Interest - MCQ 4 - Question 2

CI = p [{1 + (10/100)}2 – 1] 6548 = p [(110/100)2 – 1] 6548 =p (121 – 100)/100
P = 654800/21 =31,181
SI = 31181*7*4/100 = 8731

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Compound Interest - MCQ 4 - Question 3
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A sum of money amount to Rs.900 in 3 yrs and Rs.1080 in 4yrs at CI. What is the rate of CI pa ?

Detailed Solution for Compound Interest - MCQ 4 - Question 3

(1080-900/900)*100
180*100/900 = 20%

Compound Interest - MCQ 4 - Question 4
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Find the CI on Rs.4500 at 4% pa for 2 yrs compounded half yearly(approx) ?
Detailed Solution for Compound Interest - MCQ 4 - Question 4

CI = P [(1+(r/100) – 1] = 4500[(1+2/100)4 – 1
= 4500[(102*102*102*102/100*100*100*100) – 1] = 4500[1.082 – 1] = 4500*0.082 = 369

Compound Interest - MCQ 4 - Question 5
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In how many years will a sum of Rs.15625 at 8% pa compounded semi annually become Rs.17,576?
Detailed Solution for Compound Interest - MCQ 4 - Question 5

15625*(1+(4/100))2n = 17576
15625*(104/100)2n = 17576
(26/25)2n = 17576/15625 = (26/27)3
2n = 3 N =3/2 = 1(1/2) yrs

Compound Interest - MCQ 4 - Question 6
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If 40% increase in an amount in 4 years at SI. What will be the CI of Rs.10,000 after 2 yrs at the same rate ?
Detailed Solution for Compound Interest - MCQ 4 - Question 6

P = 100, SI = 40, T = 4
R = 100*40 / 100*4 = 10%pa
CI = 10,000(110/100)2 = 10000*11*11/100 = 12100
12100 – 10000 = 2100

Compound Interest - MCQ 4 - Question 7
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A sum of money is borrowed and paid in 2 annual instalments of Rs.642 each allowing 4% CI. The sum borrowed was
Detailed Solution for Compound Interest - MCQ 4 - Question 7

P = [642/(104/100)] + [642/(104/100) 2)
= 642*(25/26) + 642 (25/26)2
= 617.3 + 593.6 = 1210.9 = 1211

Compound Interest - MCQ 4 - Question 8
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The least number of complete years in which a sum of money put out at 10% CI will be more than doubled is
Detailed Solution for Compound Interest - MCQ 4 - Question 8

P(110/100)n > 2P
(11/10)n > 2P
1.1*1.1*1.1*1.1*1.1*1.1*1.1*1.1 = 2.14 > 2
N = 8

Compound Interest - MCQ 4 - Question 9
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A sum of money doubles itself at CI in 10yrs. In how many yrs will it become 4 times ?
Detailed Solution for Compound Interest - MCQ 4 - Question 9

P(1+(R/100))10 = 2P
1+(R/100)10 = 2
(1+(R/100))n = 4 = 22
2*10 = 20yrs

Compound Interest - MCQ 4 - Question 10
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At what rate of CI pa will a sum of Rs.1000 becomes Rs.1040.4 in 2yrs ?
Detailed Solution for Compound Interest - MCQ 4 - Question 10

1000*(1+(R/100))2 = 1040.4
(1+(R/100))2 = 1040.4/1000
(1+(R/100))2 = 10404/10000 = (102/100)2
R = 2%

Compound Interest - MCQ 4 - Question 11
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What annual payment will discharge a debt of 1025 due in 2 years at the rate of 5% compound interest?
Detailed Solution for Compound Interest - MCQ 4 - Question 11

Compound Interest - MCQ 4 - Question 12
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In what time will Rs. 64,000 amount to Rs.68921 at 5% per annum interest being compounded half yearly?
Detailed Solution for Compound Interest - MCQ 4 - Question 12

R = 2.5%, A = 68921 , P = 64000 and t= 2n
A/P = [1+(R/100)]2n
68921/64000 = [1+(2.5/100)]2n
(41/40)3 = (41/40)2n
2n = 3
n=3/2 =1(1/2) years

Compound Interest - MCQ 4 - Question 13
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If the difference between the CI and SI on a sum of money at 5% per annum for 2years is Rs.16.Find the Simple Interest ?
Detailed Solution for Compound Interest - MCQ 4 - Question 13

16 =P*(5/100)2
P = 6400
SI =(6400*5*2)/100 =640

Compound Interest - MCQ 4 - Question 14
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The difference between the SI and CI on Rs.5000 at 10%per annum for 2 year is
Detailed Solution for Compound Interest - MCQ 4 - Question 14

d = p (r/100)2
= 5000 (10/100)2
d = 50

Compound Interest - MCQ 4 - Question 15
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The difference SI and CI on Rs.1000 for 1 year at 10%per annum reckoned Half yearly is
Detailed Solution for Compound Interest - MCQ 4 - Question 15

SI = (1000/100 =100
CI = [1000(1+(5/100))2] – 1000 = 102.5
D = 102.5 – 100 = 2.5

Compound Interest - MCQ 4 - Question 16
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Compound interest on a certain sum of money at 20% per annum for 2 years is Rs.5984.What is the SI on the same money at 9% per annum for 6 years ?
Detailed Solution for Compound Interest - MCQ 4 - Question 16

5984 = p [(1+(20/100)2) -1] P = (5984*25)/11 = 13600
SI = (13600*9*6)/100 = 7344

Compound Interest - MCQ 4 - Question 17
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The difference between CI and SI on an amount Rs. 15000 for 2 year is Rs.96.What is the rate of interest per annum ?
Compound Interest - MCQ 4 - Question 18
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The effective annual rate of interest corresponding to the nominal rate of 4% per annum payable half yearly is
Detailed Solution for Compound Interest - MCQ 4 - Question 18

Let p = 100
CI = [100+(1+[2/100]2)] = 100 × (102/100)× (102/100)
= 104.04
Effective rate = 104.04 – 100 = 4.04%

Compound Interest - MCQ 4 - Question 19
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Rohit borrowed Rs. 1200 at 12% PA .He repaid Rs. 500 at the end of 1 year. What is the amount required to pay at the end of 2nd year to discharge his loan which was calculated in CI
Detailed Solution for Compound Interest - MCQ 4 - Question 19

CI at the end of 1st year = 1200 *(1+(12 /100)) = 1344
CI = 1344-1200 = 144
500 paid then remaining amount = 1344 – 500 = 844
At the end of 2nd year
844*[(1+(12/100)] =945.28

Compound Interest - MCQ 4 - Question 20
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A sum of money invested at CI to Rs.800 in 3 years and to Rs.840 in 4 years.Find rate of interest PA ?
Detailed Solution for Compound Interest - MCQ 4 - Question 20

CI for 3 yr = 800
CI for 4 yr = 840
CI for 1 yr = 40
R = (100 × 40)/(800×1) = 10/2 = 5%

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