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Test: Simple Interest & Compound Interest- 2 - Bank Exams MCQ


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20 Questions MCQ Test - Test: Simple Interest & Compound Interest- 2

Test: Simple Interest & Compound Interest- 2 for Bank Exams 2025 is part of Bank Exams preparation. The Test: Simple Interest & Compound Interest- 2 questions and answers have been prepared according to the Bank Exams exam syllabus.The Test: Simple Interest & Compound Interest- 2 MCQs are made for Bank Exams 2025 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Simple Interest & Compound Interest- 2 below.
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Test: Simple Interest & Compound Interest- 2 - Question 1
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The simple interest accrued on a sum of certain principal is Rs. 6500/- in eight years at the rate of 13 p.c.p.a. What would be the compound interest accrued on that principal at the rate of 8 p.c.p.a. in 2 years?

Detailed Solution for Test: Simple Interest & Compound Interest- 2 - Question 1

The corect option is A by using compound formulae  the amount comes to be 1040. 

Test: Simple Interest & Compound Interest- 2 - Question 2
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The compound interest accrued on an amount of the end of two years @ 12 p.c.p.a. is Rs. 2862/- What is the amount?

Detailed Solution for Test: Simple Interest & Compound Interest- 2 - Question 2

The correct answer is A as
CI = P((1+R/100)^n - 1)
2862 = P(( 1+12/100)^2-1)
2862 = P((1+144/10000 + 24/100) -1)
2862 = P (144/10000+24/100)
2862 = P (2544/10000)
P = 11,250

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Test: Simple Interest & Compound Interest- 2 - Question 3
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The simple interest accrued on a sum of certain principal is Rs. 7,200/- in six years at the rate of 12 p.c.p.awhat would be the compound interest accrued on that principal at the rate of 5 p.c.p.a. in 2 years.

Detailed Solution for Test: Simple Interest & Compound Interest- 2 - Question 3

Test: Simple Interest & Compound Interest- 2 - Question 4
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The simple interest accrued on a sum of certain capital principal is Rs. 6400/- in four years at the rate of 8 p.c.p.a. what would be the compound interest accrued on that principal at the rate of 2 p.c.p.a. in 2 years?
Detailed Solution for Test: Simple Interest & Compound Interest- 2 - Question 4

Given Data:
Simple Interest (SI): ₹6400
Time (T): 4 years
Rate of Interest (R): 8% p.a.
Step 1: Formula for Simple Interest:
SI = (P × R × T) / 100
Substitute the values:
6400 = (P × 8 × 4) / 100
Solve for P:
P = (6400 × 100) / 32 = ₹20,000

Step 2: Formula for Compound Interest:
CI = P × (1 + R/100)T - P
Given:
P: ₹20,000
R: 2% p.a.
T: 2 years
Substitute the values:
CI = 20,000 × (1 + 2/100)2 - 20,000

CI = 20,000 × (1.02)2 - 20,000

CI = 20,000 × 1.0404 - 20,000

CI = ₹20,808 - ₹20,000 = ₹808

The compound interest accrued is ₹808.

Test: Simple Interest & Compound Interest- 2 - Question 5
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The simple interest accrued on an amount of Rs. 22,500/- at the end of four years is Rs. 10,800/-. What would be the compound interest accrued on the same amount at the same rate at the end of two years?
Detailed Solution for Test: Simple Interest & Compound Interest- 2 - Question 5
First, calculate the rate of interest using the simple interest formula: SI = (P × R × T) / 100. Given: Principal (P) = Rs. 22,500, Simple Interest (SI) = Rs. 10,800, Time (T) = 4 years. Plugging in the values: 10,800 = (22,500 × R × 4) / 100. Solving for R: R = (10,800 × 100) / (22,500 × 4) = 12%. Now, calculate the compound interest for two years using the compound interest formula: A = P (1 + R / 100)T. CI = A - P. Plugging in the values: A = 22,500 (1 + 12 / 100)2. A = 22,500 × (1.12)2. A = 22,500 × 1.2544 = 28,224. Thus, CI = 28,224 - 22,500 = 5,724. Therefore, the compound interest accrued after two years is Rs. 5724/-.
Test: Simple Interest & Compound Interest- 2 - Question 6
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The simple interest accrued on an amount of Rs. 45000/- after 2 years at a certain rate of interest is 13500/-. What will be the compound interest accrued on the same amount in the same number years at the same rate of interest?
Detailed Solution for Test: Simple Interest & Compound Interest- 2 - Question 6
The solution is accurate in determining the rate and applying it to find compound interest. 1. Calculate Rate (R): Given SI = Rs. 13,500; P = Rs. 45,000; T = 2 years. Using SI formula: R = SI / (P × T) = 13,500 / (45,000 × 2) = 0.15 or 15%. 2. Compute Compound Interest (CI): Amount after 2 years: A = P(1 + R)T = 45,000 × (1.15)2 = 59,512.50. CI = A - P = 59,512.50 - 45,000 = Rs. 14,512.50.
Test: Simple Interest & Compound Interest- 2 - Question 7
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The simple interest accrued on a sum of certain principal is Rs. 2000/- in five years at the rate of 4 p.c.p.a. what would be the compound interest accrued on same principal at same rate in two years?
Detailed Solution for Test: Simple Interest & Compound Interest- 2 - Question 7
1. Calculate the Principal (P): Using the simple interest formula: SI = P × R × T Given SI = 2000, R = 4% = 0.04, and T = 5 years, 2000 = P × 0.04 × 5 Solving for P: P = 2000 / 0.2 = 10,000 2. Calculate Compound Interest (CI): Using the compound interest formula: A = P × (1 + R/100)T Here, P = 10,000, R = 4%, and T = 2 years, A = 10,000 × (1.04)2 Calculating (1.04)2: (1.04)2 = 1.0816 Thus, A = 10,000 × 1.0816 = 10,816 Therefore, the compound interest is: CI = A - P = 10,816 - 10,000 = 816 Hence, the correct answer is D) 816.
Test: Simple Interest & Compound Interest- 2 - Question 8
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Ravi borrowed some money at the rate of 4 pcpa for the first three years, at the rate of 8 pcpa for the next two years and at the rate of 9 pcpa for the period beyond 5 years. If he pays a total simple interest of Rs. 19550 at the end of 7 years, how much money did he borrow?
Detailed Solution for Test: Simple Interest & Compound Interest- 2 - Question 8

The correct answer is B .as f the amount borrowed be Rs.x, then
x×4×6
100
+
x×8×2
100
+
x×9×2
100
x×4×6100+x×8×2100+x×9×2100 = Rs.19550Th
=>
12x100+16x100+18x10012x100+16x100+18x100 = 19550
=> 12x+16x+18x
= 1955000
=> 46x = 1955000
=> x = 19550000
46
1955000046
= Rs.42500

Test: Simple Interest & Compound Interest- 2 - Question 9
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A sum was put at simple interest at a certain rate for 5 years. had it been put at 5% higher rate, it would have fetched Rs. 500 more. What is the sum?
Detailed Solution for Test: Simple Interest & Compound Interest- 2 - Question 9

The correct answer is A
 let principle be p , rate be r , si be x . Also t = 5 yrs.
so , x = (p*r*5)/100
x = 5pr/100 _____(1)
If rate = r+5 , si = x+500 then
x+500 = (p*(r+5)*5)/100
x+500 = 5p(r+5)/100
5pr/100+500 = (5pr+25p)/100 (using eq(1))
(5pr+50000)/100 = (5pr+25p)/100
5pr+50000 = 5pr+25p
50000 = 25p
p = 2000

Test: Simple Interest & Compound Interest- 2 - Question 10
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What is the difference between the compound interest and the simple interest for the sum Rs. 16000 at 5% p.a. for 2 years?
Detailed Solution for Test: Simple Interest & Compound Interest- 2 - Question 10

Option ( A) 40 is the correct  answer. 

 

Explanation:- Given,  P  = 16000₹

R = 5%  ,  T = 2 years

A = P (1 + R /100) ^n

=  16000 * ( 1+5/100) ^2

=  16000 *  ( 105 / 100) ^2 

 A =    17,640₹ 

 

C. I =  A- P 

       =  17,640 - 16,000

       =   1,640 

S. I  =  PTR / 100 

       =  16000 * 2 * 5/ 100

       =  1,600

Difference CI - SI ; 

=   1640 - 1600

=     40 ₹ 

Test: Simple Interest & Compound Interest- 2 - Question 11
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A sum of money doubles  itself in 2 years at a simple interest. In how many years will it multiply four times?
Detailed Solution for Test: Simple Interest & Compound Interest- 2 - Question 11

Test: Simple Interest & Compound Interest- 2 - Question 12
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A sum of money triples itself in 3 years at a simple interest. In how many years will it multiply five times?
Detailed Solution for Test: Simple Interest & Compound Interest- 2 - Question 12

The correct option is Option B.

For 3 yrs

SI = P*R*T/100

3P-P = P*R*3/100

2P = 3P*R/100

R = 200/3

Money will become 5 times

5P - P = (P*200/3*T)/100

4P = (2/3P)T

T = 6

Money will become five times in 6 years

Test: Simple Interest & Compound Interest- 2 - Question 13
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An amount of money grows upto Rs. 4000 in 2 years and up to Rs. 8000 in 3 years on compound interest. What is the sum?
Detailed Solution for Test: Simple Interest & Compound Interest- 2 - Question 13
1. Calculate the Interest Rate (r): - Amount after 2 years (A2) = Rs. 4000 - Amount after 3 years (A3) = Rs. 8000 - From year 2 to 3, the amount grows by a factor of (1 + r/100). - Therefore, A3 = A2 * (1 + r/100) - Plugging in values: 8000 = 4000 * (1 + r/100) - Solving for r: - 2 = 1 + r/100 ⇒ r/100 = 1 ⇒ r = 100% 2. Determine the Principal (P): - Using A2 = P(1 + r/100)2 - Plugging in values: 4000 = P*(1 + 100/100)2 = P*4 - Solving for P: - P = 4000 / 4 = Rs. 1000
Test: Simple Interest & Compound Interest- 2 - Question 14
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A man borrows Rs. 4000 and pays back after 5 years at 15% simple interest. The amount paid by the man is: 
Detailed Solution for Test: Simple Interest & Compound Interest- 2 - Question 14

 

Test: Simple Interest & Compound Interest- 2 - Question 15
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What is the time period for which Rs. 8000 amounts to Rs. 12000 at 20% p.a. of simple interest?
Detailed Solution for Test: Simple Interest & Compound Interest- 2 - Question 15
To determine the time period for which Rs. 8000 amounts to Rs. 12000 at 20% p.a. simple interest, we use the formula for simple interest: A = P(1 + RT) Where: A = Final amount (Rs. 12000) P = Principal amount (Rs. 8000) R = Rate of interest (20% or 0.2) T = Time in years Plugging in the values: 12000 = 8000(1 + 0.2T) Divide both sides by 8000: 1.5 = 1 + 0.2T Subtract 1 from both sides: 0.5 = 0.2T Solve for T: T = 0.5 / 0.2 = 2.5 years Thus, the time period is 2.5 years, corresponding to option B.
Test: Simple Interest & Compound Interest- 2 - Question 16
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What is the rate of simple interest at which Rs. 14,000 gives interest of Rs. 1960 in two years?
Detailed Solution for Test: Simple Interest & Compound Interest- 2 - Question 16
To find the rate of simple interest (R), we use the formula: I = P × R × T Where: - I = 1960 Rs. - P = 14000 Rs. - T = 2 years Plugging in the values: 1960 = 14000 × R × 2 R = 1960 / (14000 × 2) R = 1960 / 28000 R = 49 / 7000 (dividing numerator and denominator by 40) R = 7 / 1000 R = 0.07 Converting to percentage: R = 0.07 × 100 = 7% Thus, the rate of simple interest is 7%, which corresponds to option C.
Test: Simple Interest & Compound Interest- 2 - Question 17
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What is the sum of amount which gives Rs. 6300 as interest @ 7% per annum of simple interest in 7*1/2years?
Detailed Solution for Test: Simple Interest & Compound Interest- 2 - Question 17
Using the simple interest formula I = PRT, we solve for the principal (P). Given I = Rs. 6300, R = 7% or 0.07, and T = 7.5 years. Rearranging the formula: P = I / (R * T) P = 6300 / (0.07 * 7.5) Calculating the denominator: 0.07 * 7.5 = 0.525 Thus, P = 6300 / 0.525 = Rs. 12,000. Therefore, the principal amount is Rs. 12,000.
Test: Simple Interest & Compound Interest- 2 - Question 18
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If the rate of simple interest is 12% per annum, the amount that would fetch interest of Rs. 6000 per annum is:
Detailed Solution for Test: Simple Interest & Compound Interest- 2 - Question 18
Using the simple interest formula, Interest = (Principal × Rate × Time) / 100. Given I = Rs. 6000 and R = 12% per annum, with T = 1 year: 6000 = (P × 12 × 1) / 100. Thus, P = (600000) / 12. Thus, the principal is Rs. 50,000.
Test: Simple Interest & Compound Interest- 2 - Question 19
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A sum was put at simple interest at a certain rate for 2 years. Had it been put at 4% higher rate, it would have fetched Rs. 112 more. The sum is:
Detailed Solution for Test: Simple Interest & Compound Interest- 2 - Question 19

The correct answer is C as let principle be p , rate be r , si be x . Also t = 2yrs.
so , x = (p*r*2)/100
x = 2pr/100 _____(1)
If rate = r+4 , si = x+112 then
x+112 = (p*(r+4)*2)/100
x+112 = 2p(r+4)/100
2pr/100+112 = (2pr+8p)/100 (using eq(1))
(2pr+11200)/100 = (2pr+8p)/100
2pr+11200 = 2pr+8p
11200 = 8p
p = 1400
Correct ans is b) 1400

Test: Simple Interest & Compound Interest- 2 - Question 20
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In what time will a sum of money double itself @ 20% per annum (p.a.) simple interest?
Detailed Solution for Test: Simple Interest & Compound Interest- 2 - Question 20
To determine when a sum doubles at 20% simple interest, we use the formula I = P × R × T. Setting I = P, we find T = 5 years. Thus, the correct answer is B. 5 years.
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