Question : On a certain sum, simple interest at the annual rate of 12% for 6 years is Rs. 28800. What will be the compound interest on the same sum at the annual rate of 20% (compounding annually) for 2 years?
Option 1: Rs. 17600
Option 2: Rs. 19200
Option 3: Rs. 12000
Option 4: Rs. 14400
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Correct Answer: Rs. 17600
Solution : $I = \frac{PRT}{100}$ where $I$ = simple interest, $P$ = principal amount (the sum), $R$ = rate of interest, and $T$ is the time period. Given that the simple interest $I$ is Rs. 28800, the rate of interest $R$ is 12% per annum, and the period $T$ is 6 years. ⇒ $28800 = \frac{P × 12 × 6} { 100}$ ⇒ $P$ = Rs. 40000 ⇒ $CI = P(1 + \frac{r}{100})^n - P$ where $CI$ = compound interest, $P$ = principal amount (the sum), $r$ = rate of interest, and $n$ = time period. Given that the principal sum $P$ is Rs. 40000, the rate of interest $r$ is 20% per annum, and the time $n$ is 2 years. ⇒ $CI = 40000(1 + \frac{20}{100})^2 - 40000$ = $40000×(\frac{36}{25}) - 40000$ = 57600 – 40000 = Rs. 17600 Hence, the correct answer is Rs. 17600.
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Question : The compound interest (compounding annually) on a certain sum for 2 years at the rate of 20 percent per annum is Rs. 2420. What will be the simple interest on the same sum for 3 years at the same rate of interest?
Option 1: Rs. 3300
Option 2: Rs. 3000
Option 3: Rs. 3800
Option 4: Rs. 4200
Question : The difference between simple interest and compound interest (compounding of interest is done annually) on a certain sum of money for 3 years at the rate of 20 percent per annum is Rs. 192. What is the sum?
Option 1: Rs 1500
Option 2: Rs 1400
Option 3: Rs 1000
Option 4: Rs 1200
Question : On a certain sum, the simple interest for 2 years is INR 12000. If the sum is INR 12000, then what will be the compound interest (compounding annually) on the same sum at the same rate of interest for the first 3 years?
Option 1: INR 29250
Option 2: INR 29300
Option 3: INR 28500
Option 4: INR 22750
Question : The compound interest (compounding annually) on a certain sum for 2 years at the rate of 60% per annum is INR 6240. What will be the simple interest on the same sum for 3 years at the same rate of interest?
Option 1: INR 6800
Option 2: INR 7200
Option 3: INR 7100
Option 4: INR 6500
Question : A sum of Rs. 3000 becomes Rs, 4320 in 2 years at a certain rate of compound interest (compounding annually). How much this sum will become after 4 years?
Option 1: Rs. 7568.50
Option 2: Rs. 6220.80
Option 3: Rs. 6516.80
Option 4: Rs. 5128.50
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