CRE 3 - Simple and Compound Interest | Arithmetic - Simple & Compound Interest
The difference between S.I. and C.I. on a certain sum of money at 5% p.a. for 2 years is Rs. 30. Find the sum.
- A.
Rs. 11,200
- B.
Rs. 11,800
- C.
Rs. 12,000
- D.
Rs. 12,400
Answer: Option C
Explanation :
CI for 2 years =
SI for 2 years =
Difference =
=
⇒ (1.1025P – P) – 0.1P = 30
⇒ 0.0025P = 30
⇒ P = 12000
Hence, option (c).
Workspace:
I invested Rs. 30,000 at S.I. for 2 years @ 12% p.a. How much more or less would have been my return, if I had invested it at C.I. @ 11% p.a.
- A.
Loss Rs. 237
- B.
Loss Rs. 362.8
- C.
Gain Rs. 300
- D.
Gain Rs.321.2
Answer: Option A
Explanation :
S.I. =
C.I. =
∴ Loss = 7200 – 6963 = Rs. 237.
Hence, option (a).
Workspace:
A man borrowed Rs. 8000 for years at 14% p.a. simple interest and lent the whole amount for the same time and at the same rate C.I. How much did he gain?
- A.
Rs. 320.4
- B.
Rs. 351
- C.
Rs. 324.58
- D.
Rs. 342.54
Answer: Option C
Explanation :
S.I. =
C.I =
∴ gain = 3124.576 – 2800 = 324.58
Hence, option (c).
Workspace:
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.
630
- C.
640
- D.
650
Answer: Option A
Explanation :
Let the sum be Rs. x. Then,
C.I. =
S.I. =
∴ x = 625.
Hence, option (a).
Workspace:
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. 52
- C.
Rs. 54.25
- D.
Rs. 60
Answer: Option A
Explanation :
Sum = Rs. Rs. 500
Amount = Rs.
C.I. = Rs. (551.25 - 500) = Rs. 51.25
Hence, option (a).
Workspace:
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.
Cannot be determined
- E.
None of these
Answer: Option A
Explanation :
⇒ R = 8.
∴ Rate = 8%.
Hence, option (a).
Workspace:
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.
Cannot be determined
- E.
None of these
Answer: Option A
Explanation :
⇒ R = 8.
∴ Rate = 8%.
Hence, option (a).
Workspace:
The difference between simple interest and compound on Rs. 1200 for one year at 10% per annum reckoned half-yearly is:
- A.
Rs. 2.50
- B.
Rs. 3
- C.
Rs. 3.75
- D.
Rs. 4
- E.
none of these
Answer: Option B
Explanation :
S.I. = Rs. Rs. 120
C.I. = Rs. 123
∴ Difference = Rs. (123 - 120) = Rs. 3.
Hence, option (b).
Workspace:
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