Question : The difference between the simple and compound interest on a certain sum of money at an $8\%$ rate of interest per annum for two years is INR 56. Find the sum.
Option 1: INR 8750
Option 2: INR 7058
Option 3: INR 7805
Option 4: INR 8057
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Correct Answer: INR 8750
Solution : The difference between compound interest and simple interest for two years $\mathrm{= \frac{P \times R^2}{100^2}}$ where $\mathrm{P}$ is the principal amount (the sum of money) and $\mathrm{R}$ is the rate of interest. Given that the difference is INR 56 and the rate of interest is $8\%$. $56 = \mathrm{\frac{P \times 8^2}{100^2}}$ $⇒\mathrm{P} = \frac{56\times 100^2}{8^2} = \frac{560000}{64} = 8750$ Hence, the correct answer is INR 8750.
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Question : If the difference between the compound interest and simple interest on a certain sum of money for 3 years at the rate of 4% per annum is INR 76, then what is the sum?
Option 1: INR 16,725
Option 2: INR 12,925
Option 3: INR 15,625
Option 4: INR 18,825
Question : The simple interest on a certain sum for 3 years at 8% per annum is INR 9120 less than the simple interest on the same sum for 7 years at 8% per annum. Find the sum.
Option 1: INR 28,500
Option 2: INR 28,250
Option 3: INR 28,750
Option 4: INR 28,000
Question : The simple interest on a certain sum of money at the rate of 5% per annum for 8 years is Rs. 840. The rate of interest for which the same amount of interest can be received on the same sum after 5 years is:
Option 1: 7% per annum
Option 2: 8% per annum
Option 3: 9% per annum
Option 4: 10% per annum
Question : On a sum of money for 2 years compound interest and simple interest are INR 550 and INR 500. Find the rate of interest (per annum).
Option 1: 40%
Option 2: 10%
Option 3: 20%
Option 4: 30%
Question : At a certain sum of money with the interest rate of 6% per annum for 4 years, the simple interest is Rs. 4500. Find the compound interest (compounding annually) of 2 years at the same sum when the rate of interest is 4% per annum.
Option 1: Rs. 1,530
Option 2: Rs. 1,430
Option 3: Rs. 1,830
Option 4: Rs. 1,560
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