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Simple Interest & Compound Interest Test 66
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Simple Interest & Compound Interest Test 66

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  • Question 1/10
    1 / -0
    At what rate percent per annum compound interest will be 1250 amount to rupees 1682 in 2 years.
    Solutions

    A = P

    1682 = 1250

    1682 = 1250

     =

     =

     =

    r

    r = 16%

  • Question 2/10
    1 / -0
    The compound interest on a sum of money for 2 years is rupees 500 and simple interest on the same sum for same period and at the same rate is rupees 450, find the rate of interest.
    Solutions

    S.I for 2 years = ₹ 450

    S.I for 1 year = ₹

    = ₹ 225

    C.I for first year = ₹ 225

    C.I for 2 year = ₹ 500

    C.I for second year = 500 – 225

    = ₹ 275

    Difference of interest = ₹275 - ₹225

    = ₹ 50

    ₹ 50 is the interest on rupees 225 for one year

    Rate of interest =

    =

    =

  • Question 3/10
    1 / -0
    Mohan borrowed rupees 20000 at 8% per annum simple interest. He immediately invested this money at 5% per annum at the interest compounded half yearly. Calculate Mohan’s gain in 18 months.
    Solutions

    P = ₹ 20,000

    R = 8% p.a.

    T = 18 months =

    S.I paid by Mohan in 18 months

    S.I =

    =

    = 100 × 8 × 3

    = ₹ 2400

    Compound interest earned by Mohan in 18 months.

    R = 8% p.a.

    R = 4% half yearly

    Time =

    = 3 periods

    A = P

    = 20,000

    = 20,000

    =20,000 ×

    =

    = ₹ 22497.28

    C. I = A – P

    = 22497.28 – 20,000

    Mohan gain in 18 months

    = C.I – S.I

    = 2497.28 – 2400

    = ₹ 97.28

  • Question 4/10
    1 / -0
    The present population of a village is 24375. It is increasing at the rate of 4% every year. What is the increase in population in next 2 years?
    Solutions

    Population after 2 years = Present population

    = 24375

    = 24375

    = 24375

    = 24375

    = 39 × 676

    = 26364

    There for increase in population in 2 years = 26364 – 24375

    = 1989

  • Question 5/10
    1 / -0
    The present population of a village is 4410 if it has increased at the rate of 5% every year. What was its population two years ago?
    Solutions

    Present population = Population 2 years ago

    4410 = (Population two years ago)

    4410 = (Population two years ago)

    4410 = population 2 years ago

     = Population two years ago

    400 × 100 = population two years ago

    Therefore, population two years ago = 4000

  • Question 6/10
    1 / -0
    Anil borrows 4,000 from Amit at 6% p.a. simple interest and lends it to Ajay at compound interest of 10% p.a. If Anil collects the money back from Ajay after 2 years and repays Amit, the profit made by Anil in the transaction is:
    Solutions
    Interest got by Amit

    =

    =

    = Rs 480

    C.I. received by Anil

    =

    =

    =

    = 4000

    =

    = Rs 840

    Anil’s profit

    = Rs (840 – 480)

    = Rs 360

  • Question 7/10
    1 / -0
    Find the sum of money, if it is invested at compound interest amounts to 400 at the end of 1st year and 450 at the end of 2nd year.
    Solutions
    Interest on Rs 400 for 1 year

    = 450 – 400 = Rs 50

    So, r =

    r = 12.5 % per annum

    P =

    =

    =

    = Rs 355.55

  • Question 8/10
    1 / -0
    When a sum of money is put on loan for one and half years at a rate of 20%, the difference between the interest is Rs 264 when interest is respectively compounded annually and half yearly. What is the sum?
    Solutions

    Let the sum of money be P.

    The amount after 1  years when interest is compounded annually = P

    The rate when the interest is compounded half yearly =  = 10%

    The amount after 1  years when the interest is compounded half yearly =

    From the questions, P ×

    Or,

    Or,

    Or,

    Or, P = Rs 24,000

  • Question 9/10
    1 / -0
    There is a target of increase in number of students in a University by 10% every year. If in year 2016 this number was 1500, then in year 2018 on completion of target how many students will be there in University?
    Solutions

    T = 2, In 2016 number of students = 1500, Rate pf increase = 10% pa


    Number of students in 2018 be x



    ⇒


  • Question 10/10
    1 / -0
    A principal amount is divided into two parts. A small part is invested at the rate of 20% for 3 years gives Rs. 10800 as simple interest and a large part is invested annually at the rate of 10% for same period gives Rs. 13902 as compound interest. Find the total sum invested.
    Solutions
     Let P = principal, R = rate of interest and N = time period

    Simple Interest =

    Compound interest =– P

    Given,

    ⇒ 10800 =

    ⇒ M = 18000

    Given,

    ⇒ 13902 =  – N

    ⇒ 13902 = 1.331N – N

    ⇒ N = 42000

    ∴ Total sum invested = Rs. (42000 + 18000) = Rs. 60000

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