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Q:

The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years is Rs. 96. What is the rate of interest per annum?

A) 8 B) 10
C) 12 D) 14
 
Answer & Explanation Answer: A) 8

Explanation:

[15000*(1+r/100)2-15000]-(15000*r*2)/100=96

Rate=8%

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Q:

The present worth of Rs.1404 due in two equal half-yearly instalments at 8% per annum. Simple interest is:

A) 1320 B) 1300
C) 1325 D) 1200
 
Answer & Explanation Answer: C) 1325

Explanation:

Required Sum = PW of Rs.702 due 6 months hence + PW of Rs.702 due 1 year hence 

= Rs.[ (100 x 702) / (100+(8 x 1/2)) ] + [ (100 x 702) / (100+(8 x 1)) ]  

= Rs.1325

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Q:

A man wants to sell his scooter .There are two offers one at Rs12000 cash and other at a credit of Rs12880 to be paid after 8 months ,money being at 18% per annum which is better offer?

A) Rs.12880 B) Rs.12000
C) Both are equally good D) None of the above
 
Answer & Explanation Answer: B) Rs.12000

Explanation:

PW of Rs.12,880 due 8 months hence  

= Rs. [12880 x 100] / [100+(18 x 8/12)] =Rs.11500 

Clearly 12000 in cash is a better offer.

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Q:

The difference between simple interest and compound on Rs. 1200 for one year at 10% per annum reckoned half-yearly is

A) Rs.2 B) Rs.3
C) Rs.4 D) Rs.5
 
Answer & Explanation Answer: B) Rs.3

Explanation:

S.I. = Rs.(1200*10*1)/100=rs.120

C.I. =rs[1200*(1+5/100)2-1200]=rs.123

Difference = Rs.(123-120) =Rs.3

 

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Q:

If the simple interest on a sum of money for 2 years at 5% per annum is Rs. 50, what is the compound interest on the same at the same rate and for the same time

A) Rs.51.25 B) Rs.61.25
C) Rs.51 D) Rs.42
 
Answer & Explanation Answer: A) Rs.51.25

Explanation:

Sum = Rs.(50*100)/2*5=Rs.500

Amount=Rs.[500*(1+5/100)2]

= Rs. 551.25

 

 C.I = Rs.(551.25-500)= Rs.51.25

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Q:

A has to pay Rs.220 to B after 1yr. B asks A to pay Rs.110 in cash and defer the payment of Rs.110 for 2 yrs. A agrees to it. If the rate of interest be 10% per annum in this mode of payment:

A) A gains Rs.11 B) There is No gain or loss
C) A losses 7.43 D) A gains Rs. 7.34
 
Answer & Explanation Answer: D) A gains Rs. 7.34

Explanation:

A has to pay = Present worth of Rs220 due 1yr hence  

= Rs.[(220 x 100)/100+(10 x 1)] = Rs.200 

 

A actually pays = Rs.110+PW  of Rs.110 due 2 yrs hence 

= [110+(110 x 100)] / [100+(10 x 2)] = Rs.192.66  

 

So, A gains Rs. (200-192.66) = Rs.7.34

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Q:

Simple interest on a certain sum of money for 3 years at 8% per annum is half the compound interest on Rs. 4000 for 2 years at 10% per annum. The sum placed on simple interest is:

A) Rs.1550 B) Rs.1650
C) Rs,1750 D) Rs.1850
 
Answer & Explanation Answer: C) Rs,1750

Explanation:

C.I.= Rs.[4000*(1+10/100)^2-4000]

 =Rs.840

sum=Rs.(420 * 100)/3*8=Rs.1750

 

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Q:

The effective annual rate of interest corresponding to a nominal rate of 6% per annum payable half-yearly is

A) 6.06% B) 6.07%
C) 6.08% D) 6.09%
 
Answer & Explanation Answer: D) 6.09%

Explanation:

Amount of Rs. 100 for 1 year

when compounded half-yearly = Rs.[100*(1+3/100)^2]=Rs.106.09

Effective rate=(106.09-100)%=6.09%

 

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