Compound Interest - MCQ 3 - Banking Exams MCQ

# Compound Interest - MCQ 3 - Banking Exams MCQ

Test Description

## 20 Questions MCQ Test Quantitative Aptitude for Competitive Examinations - Compound Interest - MCQ 3

Compound Interest - MCQ 3 for Banking Exams 2024 is part of Quantitative Aptitude for Competitive Examinations preparation. The Compound Interest - MCQ 3 questions and answers have been prepared according to the Banking Exams exam syllabus.The Compound Interest - MCQ 3 MCQs are made for Banking Exams 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Compound Interest - MCQ 3 below.
Solutions of Compound Interest - MCQ 3 questions in English are available as part of our Quantitative Aptitude for Competitive Examinations for Banking Exams & Compound Interest - MCQ 3 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 3 | 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 3 - Question 1

### On a certain sum of money, after 2 years the simple interest and compound interest obtained are Rs 800 and Rs 960 respectively. What is the sum of money invested?

Detailed Solution for Compound Interest - MCQ 3 - Question 1

Diff = 960-800 = 160
r = 2*Diff*100/SI
So r = 2*160*100/800 = 40%
Now 160 = Pr2 /1002

Compound Interest - MCQ 3 - Question 2

### Rs 6000 becomes Rs 7200 in 3 years at a certain rate of compound interest. What will be the amount received after 9 years?

Detailed Solution for Compound Interest - MCQ 3 - Question 2

6000[1 + r/100]3 = 7200
So [1 + r/100]3 = 6/5
So 6000[1 + r/100]9 = 6000*(6/5)*(6/5)*(6/5)

 1 Crore+ students have signed up on EduRev. Have you?
Compound Interest - MCQ 3 - Question 3

### A man borrows Rs 4000 at 8% compound interest for 3 years. At the end of each year he paid Rs 500. How much amount should he pay at the end of 3rd year to clear the debt?

Detailed Solution for Compound Interest - MCQ 3 - Question 3

Amount after 1 yr = 4000[1 + 8/100] = 4320
Paid 500, so P = 4320 – 500 = 3820
Amount after 2nd yr = 3820[1 + 8/100] = 4125.6
So P= 4125.6-500 = 3625.6
Amount after 3rd yr = 3625.6[1 + 8/100] = 3915.6

Compound Interest - MCQ 3 - Question 4

A sum of money is lent for 2 years at 20% p.a. compound interest. It yields Rs 482 more when compounded semi-annually than compounded annually. What is the sum lent?

Detailed Solution for Compound Interest - MCQ 3 - Question 4

P[1 + (r/2)/100]4 – P[1 + r/100]2 = 482
P[1 + 10/100]4 – P[1 + 20/100]2 = 482
Solve, P = 20,000

Compound Interest - MCQ 3 - Question 5

The compound interest obtained after 1st and 2nd year is Rs 160 and Rs 172.8 respectively on a certain sum of money invested for 2 years. What is the rate of interest?

Detailed Solution for Compound Interest - MCQ 3 - Question 5

Difference in interest for both yrs = 172.8 – 160 = 12.8
So (r/100)*160 = 12.8

Compound Interest - MCQ 3 - Question 6

A sum of money becomes Rs 35,280 after 2 years and Rs 37,044 after 3 years when lent on compound interest. Find the principal amount.

Detailed Solution for Compound Interest - MCQ 3 - Question 6

P[1 + r/100]3 = 37,044, and P[1 + r/100]2 = 35,280
Divide both equations, [1 + r/100] = 37044/35280 = 21/20
So P[21/20]2 = 35280

Compound Interest - MCQ 3 - Question 7

The difference between compound interest earned after 3 years at 5% p.a. and simple interest earned after 4 years at 4% p.a. is Rs 76. Find the principal amount.

Detailed Solution for Compound Interest - MCQ 3 - Question 7

[P[1 + 5/100]3 – P] – P*4*4/100 = 76
P [9261/8000 – 1 – 16/100] = 76

Compound Interest - MCQ 3 - Question 8

A sum of money is lent at simple interest and compound interest. The ratio between the difference of compound interest and simple interest of 3 years and 2 years is 35 : 11. What is the rate of interest per annum?

Detailed Solution for Compound Interest - MCQ 3 - Question 8

Difference in 3 yrs = Pr2 (300+r)/1003
Difference in 2 yrs = Pr2 /1002
So Pr2 (300+r)/1003 / Pr2 /1002 = 35/11 (300+r)/100 = 35/11

Compound Interest - MCQ 3 - Question 9

A sum of money borrowed at 5% compound interest is to paid in two annual installments of Rs 882 each. What is the sum borrowed?

Detailed Solution for Compound Interest - MCQ 3 - Question 9

P = 882/[1 + 5/100] + 882/[1 + 5/100]2

Compound Interest - MCQ 3 - Question 10

Rs 3903 is to be divided in a way that A’s share at the end of 7 years is equal to the B’s share at the end of 9 years. If the rate of interest is 4% compounded annually, find A’s share.

Detailed Solution for Compound Interest - MCQ 3 - Question 10

A’s share = (1 + 4/100)7
B’s share = (1 + 4/100)9
Divide both, B/A = (1 + 4/100)2 = 676/625
So A’s share = 625/(676+625) * 3903

Compound Interest - MCQ 3 - Question 11

The difference between the total simple interest and the total compound interest compounded annually at the same rate of interest on a sum of money at the end of two years is Rs. 350. What is definitely the rate of interest per cent per annum?

Detailed Solution for Compound Interest - MCQ 3 - Question 11

Difference = Pr2 /(100)2
= (350×100×100)/(P×r2)
P is not given

Compound Interest - MCQ 3 - Question 12

Aswin invested an amount of Rs.9000 in a fixed deposit scheme for 2 years at CI rate 6% pa. How much amount will Aswin get on maturity of the fixed amount ?

Detailed Solution for Compound Interest - MCQ 3 - Question 12

Amount = 9000*106/100*106/100
= 9000*53/50*53/50
= 10,112

Compound Interest - MCQ 3 - Question 13

A sum of money invested for 7years in Scheme 1 which offers SI at a rate of 8% pa. The amount received from Scheme 1 after 7 years invested for 2 years in Scheme 2 which offers CI rate of 10% pa. If the interest received from Scheme B was Rs.1638. What was the sum invested in Scheme 1 ?

Detailed Solution for Compound Interest - MCQ 3 - Question 13

SI ⇒ Amount = x*8*7/100 + x = 56x+100x/100 = 156x/100 = 39x/25
CI⇒ 39x/25[(1+10/100)2 – 1] 1638 = 39x/25[121/100 – 1] = 39x/100[21/100] X
= 1638*100*25/21*39 = 5000

Compound Interest - MCQ 3 - Question 14

Rs.5200 was partly invested in Scheme A at 10% pa CI for 2 years and Partly invested in Scheme B at 10% pa SI for 4 years. Both the schemes earn equal interests. How much was invested in Scheme A ?

Detailed Solution for Compound Interest - MCQ 3 - Question 14

Amount invested in Scheme B = X
Amount invested in Scheme A = 5200 – x
X*10*4/100 = (5200-x)*21/100……………………[(1-10/100)2 -1] = 21/100
40x/100 = (5200-x)*21/100
2x/5 = (5200-x)*21/100
200x = 5200*21*5 – x*5*21
200x = 546000 – 105x
305x = 546000
X = 1790
Scheme A = 5200 – 1790 = 3410

Compound Interest - MCQ 3 - Question 15

The CI on Rs.7000 for 3 years at 5% for first year, 7% for second year, 10% for the third year will be

Detailed Solution for Compound Interest - MCQ 3 - Question 15

A = 7000*105/100*107/100*110/100
= 7000*1.05*1.07*1.1
= 8650.95 = 8651
CI = 8651-7000 = 1651

Compound Interest - MCQ 3 - Question 16

Poorni and Priyanka have to clear their respective loans by paying 2 equal annual instalments of Rs.20000 each. Poorni pays at 10% pa of SI and Priyanka pays at 10% CI pa. What is the difference in their payments ?

Detailed Solution for Compound Interest - MCQ 3 - Question 16

D =[(20,000 *110/100*110/100) – 20,000] – 20,000 *10*2/100
=[ 24200-20000]-4000
=4200 – 4000
D = 200

Compound Interest - MCQ 3 - Question 17

A sum of Rs.3,50,500 is to be paid back in 2 equal annual instalments. How much is each instalment, if the rate of interest charged 4% per annum compound annually ?

Detailed Solution for Compound Interest - MCQ 3 - Question 17

Total value of all the 3 instalments
[X*100/104] + [X*100*100/104] = 3,50,500
X*25/26 + x*625/676 = 3,50,500
X*25/26[1+25/26] = 3,50,500
X*25/26[51/26] = 3,50,500
X = 3,50,500*676/25*51 = 1,85,833.72 = 1,85,834

Compound Interest - MCQ 3 - Question 18

At CI, if a certain sum of money is doubled in 4 years, then the amount will be four fold in how many years ?

Detailed Solution for Compound Interest - MCQ 3 - Question 18

2n = 2*4 = 8 years

Compound Interest - MCQ 3 - Question 19

X has lent some money to A at 5% pa and B at 8% pa. At the end of the year he has gain the overall interest at 7% pa.In what ratio has he lent the money to A and B ?

Detailed Solution for Compound Interest - MCQ 3 - Question 19

5………………………….8
……………7…………….
1………………………….2
Ratio A : B = 1:2

Compound Interest - MCQ 3 - Question 20

The difference between interest received by X and Y is Rs.315 on Rs.3500 for 3 years. What is the difference in rate of interest ?

Detailed Solution for Compound Interest - MCQ 3 - Question 20

3500*3/100(R1-R2) = 315
R1-R2 = 315*100/10500 = 3%

## Quantitative Aptitude for Competitive Examinations

37 videos|53 docs|148 tests
Information about Compound Interest - MCQ 3 Page
In this test you can find the Exam questions for Compound Interest - MCQ 3 solved & explained in the simplest way possible. Besides giving Questions and answers for Compound Interest - MCQ 3, EduRev gives you an ample number of Online tests for practice

## Quantitative Aptitude for Competitive Examinations

37 videos|53 docs|148 tests