MCQ on Simple and Compound Interest Questions

MCQ on Simple and Compound Interest Questions

1-Calculate the compound interest on Rs. 9,000 in 2 years when the rate of interest for successive years are 10% and 12% respectively.

(A) Rs. 1,288

(B) Rs. 2,088

(C) Rs. 2,588

(D) Rs. 4,256

 

2-A certain sum of money in simple interest scheme amount to Rs. 8,880 in 6 years and Rs. 7,920 in 4 years respectively. Find the principal and rate percent.

(A) Principal = 6,000, rate = 8%

(B) Principal = 6,300, rate = 8%

(C) Principal = 6,000, rate = 7.5%

(D) Principal = 6,300, rate = 7.5%

 

3-In how much time will a sum of Rs. 1600 amount to Rs. 1852.20 at 5% per annum compound interest?

(A) 1 year

(B) 2 years

(C) 3 years

(D) 4 years

 

4-Rs. 800 amounts to Rs. 920 in 3 years at simple interest. If the interest rate is increased by 3%, it would amount to

(A) Rs. 992

(B) Rs. 1056

(C) Rs. 1112

(D) Rs. 1182

 

5-Find the compound interest on Rs. 1000 for 10 years at 4% per annum if the interest is calculated quarterly

(A) 398

(B) 478

(C) 486

(D) 504

 

6- A sum invested under compound interest doubles itself in 10 years. In how many years will it become 8 times of the initial amount?

(A) 15 years

(B) 20 years

(C) 25 years

(D) 30 years

 

7-A sum of Rs. 2,500 deposited in a bank gives an interest of Rs. 100 in 6 months. What will be

the interest on Rs. 3,200 for 9 months at the same rate of interest?

(A) Rs. 178

(B) Rs. 192

(C) Rs. 198

(D) Rs. 208

 

8-A sum of money becomes 1.331 times in 3 years as compound interest. The rate of interest is

(A) 7%

(B) 8.5%

(C) 10%

(D) 12.5%

 

9- The difference between the interest received from two different banks on Rs. 500 for. 2 years, is Rs. 2.50. The difference between their rates is

(A) 0.25%

(B) 0.5%

(C) 1%

(D) 1.5%

 

10-Tharun makes a deposit of Rs. two lakhs in a bank for 5 years. If the rate of interest is 8% per annum. Find .the maturity value at the end of 5 years.

(A) 2,00,000

(B) 2,40,000

(C) 2,60,000

(D) 2,80,000

 

ANSWERS:

1-(B), 2-(A), 3-(C), 4-(A), 5-(C), 6-(D), 7-(B), 8-(C), 9-(A), 10-(D)