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 Compound Interest Questions

Popular Latest Rated Important Formulae

FACTS  AND  FORMULAE  FOR  COMPOUND  INTEREST  QUESTIONS

 

 

Let Principal = P, Rate = R% per annum, Time = n years.

I.

1.  When interest is compound Annually:

Amount =P1+R100n

2.  When interest is compounded Half-yearly:

Amount = P1+(R2)1002n

3.  When interest is compounded Quarterly:

Amount = P1+R41004n

 

II.

1.  When interest is compounded Annually but time is in fraction, say 325 years.

Amount = P1+R1003×1+25R100

2.  When Rates are different for different years, say R1%, R2%, R3% for 1st, 2nd and 3rd year respectively.

Then, Amount = P1+R11001+R21001+R3100

 

III.  Present worth of Rs. x due n years hence is given by:

Present Worth = x1+R100n

Q:

What is the difference (in Rs) between compound interest (compounded annually) and simple interest for 3 years on a principal of Rs 3000 at the annual rate of 20%?

A) 464 B) 384
C) 356 D) 424
 
Answer & Explanation Answer: B) 384

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Q:

What is the difference (in Rs) between the compound interests on Rs. 1000 for 1 year at 10% per annum compounded yearly and half-yearly?

A) 1.5 B) 0.5
C) 2.5 D) 3.5
 
Answer & Explanation Answer: C) 2.5

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Q:

Mr. Ibrahim borrowed Rs. 7500 at 5% per annum compound interest. The compound interest compounded annually for 2 years is

A) 768.75 B) 8268.75
C) 8286.75 D) 786.75
 
Answer & Explanation Answer: B) 8268.75

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Q:

The difference between compound interest and simple interest on a certain sum of money for 2 years at 5% per annum is Rs. 41. What is the sum of money?

A) Rs.7200 B) Rs.9600
C) Rs.16400 D) Rs.8400
 
Answer & Explanation Answer: C) Rs.16400

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Q:

Gitesh took a loan for 4 years at 5% Compound Interest. If the total interest paid was Rs. 431.01, Calculate the principal.

A) Rs. 2000 B) Rs. 2050
C) Rs. 2100 D) Rs. 2150
 
Answer & Explanation Answer: A) Rs. 2000

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Q:

There is 40% increase in an amount in 8 years at simple interest. What will be the compound interest (in rupees) of Rs 30000 after 2 years at the same rate?

A) 6150 B) 7687.5
C) 4612.5 D) 3075
 
Answer & Explanation Answer: D) 3075

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Q:

If the amount received at the end of 2nd and 3rd year at Compound Interest on a certain Principal is Rs 33708, and Rs 35730.48 respectively, what is the rate of interest?

A) 6 percent B) 3 percent
C) 12 percent D) 10 percent
 
Answer & Explanation Answer: A) 6 percent

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Q:

If the amount received at 10% per annum Compound interest after 3 yrs is Rs 19965, then what will have been the principal (in Rs) amount?

A) 16000 B) 15000
C) 17000 D) 18000
 
Answer & Explanation Answer: B) 15000

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