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Q:

The difference between the compound interest and the simple interest accrued on an amount of Rs. 18,000 in 2 years was Rs. 405. What was the rate of interest p.c.p.a. ?

A) 12%	B) 13%
C) 14%	D) 15%

Answer & Explanation Answer: D) 15%

Explanation:

Let the rate be R% p.a. Then,

$[1800 {(1 + \frac{R}{100})}^{2} - 1800] - (\frac{1800 * R * 2}{100}) = 405$

$1800 [\frac{{(100 + R)}^{2}}{10000} - 1 - \frac{2 R}{100}] = 405$

$1800 [\frac{{(100 + R)}^{2} - 10000 - 200 R}{10000}] = 405$

$\Leftrightarrow$

$\frac{9}{5} * R^{2} = 405 \Leftrightarrow R^{2} = (\frac{405 * 5}{9}) = 225 \Leftrightarrow R = 15$
Rate = 15%.

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Q:

The difference between the compound interest and simple interest on a certain sum at 10% per annum for 2 years is Rs. 631. Find the sum.

A) 60100	B) 61100
C) 62100	D) 63100

Answer & Explanation Answer: D) 63100

Explanation:

Let the sum be Rs. x. Then,
C.I. = x ( 1 + ( 10 /100 ))^2 - x = 21x / 100 ,
S.I. = (( x * 10 * 2) / 100) = x / 5
(C.I) - (S.I) = ((21x / 100 ) - (x / 5 )) = x / 100
( x / 100 ) = 632 * x = 63100.
Hence, the sum is Rs.63,100.

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Q:

If the compound interest on a certain sum at $16 \frac{2}{3}$ % to 3 years is Rs.1270, find the simple interest on the same sum at the same rate and f or the same period.

A) 1080	B) 1090
C) 1180	D) 1109

Answer & Explanation Answer: A) 1080

Explanation:

Let the sum be Rs. x. Then,

$C . I = [x * {(\frac{50}{300 * 100})}^{3} - x] = (\frac{343 x}{216} - x) = \frac{127 x}{216}$

$\Leftrightarrow \frac{127 x}{216} = 1270$

$x = 2160$

Thus, the sum is Rs. 2160

$S . I = R s . [2160 * \frac{50}{3} * 3 * \frac{1}{100}] = R s 1080$

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Q:

If a cellphone is purchased for Rs.490 and sold for Rs.465.50 find the loss percentage?

A) 10	B) 5
C) 20	D) 15

Answer & Explanation Answer: B) 5

Explanation:

loss = C.P - S.P = 490 - 465.50 =24.50

loss % = (loss x 100)/C.P = (24.50 x 100)/490 = 5%

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Q:

A loan is made for $4800 with an APR of 12% and payments made monthly for 24 months. What is the payment amount? What is the finance charge?

A) 622.80	B) 522.80
C) 322.80	D) 632.80

Answer & Explanation Answer: A) 622.80

Explanation:

${\color{Blue} A=R\left [(1+i)^{n-1} \right ]/i ( 1+i )^{n}}$

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Q:

A loan is made for $3500 with an interest rate of 9% and payments made annually for 4 years. What is the payment amount?

A) 8906	B) 1089
C) 1070	D) 1080.34

Answer & Explanation Answer: D) 1080.34

Explanation:

A=R[(1+i)^n-1]/i(1+i)^n

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Q:

What is the difference between the compound interests on Rs. 5000 for 1 1/2 years at 4% per annum compounded yearly and half-yearly?

A) 2.04	B) 3.04
C) 4.04	D) 5.04

Answer & Explanation Answer: A) 2.04

Explanation:

C.I. when interest
compounded yearly=rs.[5000*(1+4/100)(1+1/2*4/100)]

= Rs. 5304.

C.I. when interest is
compounded half-yearly=rs.5000(1+2/100)^3

= Rs. 5306.04
Difference = Rs. (5306.04 - 5304) = Rs. 2.04

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Q:

The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 4% per annum is Re. 1. The sum (in Rs.) is:

A) 625	B) 635
C) 645	D) 655

Answer & Explanation Answer: A) 625

Explanation:

Let the sum be Rs. x. Then

C.I=x[1+4/100)^2-x]=[626/675x-x]

S.I=x^2/25

C.I-S.I=1

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