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Quant – Compound Interest – Set 2
Read the following instructions carefully
- The test contains 10 questions.
- Each question has 4 options, of which only one is correct.
- You have to finish the test in 8 minutes.
- You are awarded 1 mark for each correct answer, and 0.25 marks are deducted for each wrong answer.
- There is no negative marking for questions you do not attempt.
- You may pause the test at any time and resume where you left off.
- Your marks, the correct answers and an explanation for every question are shown as soon as you submit.
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Review this set's questions and answers (opens after you submit the test)
This free practice set from AndamanJobs has 10 questions to be solved in 8 minutes. Every question is listed below with four options. Open Show answer and explanation under a question to see the correct option and why it is correct. Try the timed test above first, then use this list to revise the questions you got wrong.
- The principal, which will amount to Rs. 270.40 in 2 years at the rate of 4% per annum compound interest, is :
- A. Rs. 225
- B. Rs. 200
- C. Rs. 220
- D. Rs. 250
Show answer and explanation
Answer: D. Rs. 250
Principal = 270.40 / (1.04)² = 270.40 / 1.0816 = Rs 250.
- At what rate per cent per annum will Rs. 2304 amount to Rs. 2500 in 2 years at compound interest ?
- A. 4 1/5 %
- B. 4 1/6 %
- C. 4 1/3 %
- D. 4 1/2 %
Show answer and explanation
Answer: B. 4 1/6 %
2500/2304 = (25/24)², so the rate = 1/24 = 4 1/6%.
- If the compound interest on a sum for 2 years at 12 1/2 % per annum is Rs 510, the simple interest on the same sum at the same rate for the same period of time is:
- A. Rs. 400
- B. Rs. 460
- C. Rs. 450
- D. Rs. 480
Show answer and explanation
Answer: D. Rs. 480
CI for 2 years at 12 1/2 % = 26.5625% of the sum = 510, so the sum = 1,920. SI = 25% of 1,920 = Rs 480.
- The compound interest on a certain sum of money at a certain rate for 2 years is Rs. 40.80 and the simple interest on the same sum is Rs. 40 at the same rate and for the same time. The rate of interest is :
- A. 3% per annum
- B. 2% per annum
- C. 4% per annum
- D. 5% per annum
Show answer and explanation
Answer: C. 4% per annum
CI - SI = 0.80 = SI × r/200, where SI = 40. So r = 0.80 × 200 / 40 = 4%.
- The difference between the compound interest (compounded annually) and the simple interest on a sum of Rs. 1000 at a certain rate of interest for 2 years is Rs. 10. The rate of interest per annum is :
- A. 6%
- B. 12%
- C. 5%
- D. 10%
Show answer and explanation
Answer: D. 10%
Difference = 1000 × (r/100)² = 10, so r² = 100 and r = 10%.
- The difference between simple and compound interest on a sum of money at 4% per annum for 2 years is Rs. 8. The sum is :
- A. Rs. 400
- B. Rs. 4,000
- C. Rs. 5,000
- D. Rs. 800
Show answer and explanation
Answer: C. Rs. 5,000
Difference = P × (4/100)² = P × 0.0016 = 8, so P = Rs 5,000.
- A sum of money on compound interest amounts to Rs. 10648 in 3 years and Rs. 9680 in 2 years. The rate of interest per annum is :
- A. 15%
- B. 20%
- C. 5%
- D. 10%
Show answer and explanation
Answer: D. 10%
Interest earned in the third year = 10,648 - 9,680 = 968 on Rs 9,680, which is 10%.
- The difference between the simple and compound interest on a certain sum of the money for 2 years at 4% per annum is Rs. 4. The sum is :
- A. Rs. 2,600
- B. Rs. 2,000
- C. Rs. 2,500
- D. Rs. 2,400
Show answer and explanation
Answer: C. Rs. 2,500
Difference = P × 0.0016 = 4, so P = Rs 2,500.
- If the rate of interest be 4% per annum for first year, 5% per annum for second year and 6% per annum for third year, then the compound interest of Rs. 10,000 for 3 years will be :
- A. Rs. 1,600
- B. Rs. 2,000
- C. Rs. 1,625.80
- D. Rs. 1,575.20
Show answer and explanation
Answer: D. Rs. 1,575.20
Amount = 10,000 × 1.04 × 1.05 × 1.06 = 11,575.20. Compound interest = Rs 1,575.20.
- Compound interest on a sum of money for 2 years at 4 percent per annum is Rs. 2,448. Simple interest on the same sum of money at the same rate of interest for 2 years will be:
- A. Rs. 2,500
- B. Rs. 2,250
- C. Rs. 2,400
- D. Rs. 2,360
Show answer and explanation
Answer: C. Rs. 2,400
CI for 2 years at 4% = 8.16% of the sum = 2,448, so the sum = 30,000. SI = 8% of 30,000 = Rs 2,400.