Simple and compound Interest are mostly used in banking. You must have seen statements like “one year interest for a fixed deposit in the bank @7% per annum”. Do you understand the meaning of this? Well, it means if a person does the fixed deposit of some amount of money for 1 year then he/she will get 7% interest on it. Now, you must be wondering what this interest is? The Interest is the extra money paid by banks or post offices on the money that the user had deposited earlier. Chapter 9 of ICSE class 8 completely deals with the topics of Simple and Compound Interest. Here, you will learn how to calculate the difference between simple and compound interest, the formula for compound interest through patterns and questions related to them.
You must solve all the exercise problems in this chapter. In annual exams, you will definitely find some of the questions based on this topic. Moreover, this chapter will also improve your quantitative aptitude questions solving skills. Now, in most of the competitive examination quantitative aptitude is asked. So, this chapter will benefit you there also. To download the Simple and Compound Interest Selina solutions pdf click on the link below;
Download ICSE Class 8 Maths Selina Solutions PDF for Chapter 9:-Download Here
ICSE Class 8 Maths Chapter 9 Simple and Compound Interest contains only 10 questions. The solutions of which are provided below. Also, you can access the solutions for Maths, Physics, Chemistry and Biology subjects at one place by visiting ICSE Class 8 Selina Solutions.
ICSE Class 8 Maths Selina Solutions Chapter 9 Simple and Compound Interest – Exercise 9 Simple and Compound Interest (A)
Find the interest and the amount on:
(i) ₹ 750 in 3 years 4 months at 10% per annum.
Given P = ₹ 750
(ii) ₹ 5000 at 8% per year from 23rd December 2011 to 29th July 2012.
Principal (P) = ₹ 5000
Rate (R) = 8% p.a
Time (T) = 23 December 2011 to 29 July 2012
Dec. Jan. Feb. March April May June July
8 31 29 31 30 31 30 29
Total 219 days
∴Amount = P + I = ₹ 5000 + 240 = ₹ 5240
(iii) ₹ 2,600 in 2 years 3months at 1% per month.
Here p = ₹ 2600
Time (T) = 2 Years 3 month = 27 months
Rate (R) = 1 per month
Amount = (2600+702) = Rs.3302
(iv) ₹ 4,000 in
Here P=Rs.4.000, Time (T) =1
= 1 year +
Rate (R) = 2 paise per rupee per month = 2% per month
Amount (A) =P+1=Rs.4000+Rs.1280 = Rs. 5280
Rohit borrowed Rs. 24,000 at 7.5percent per year. How much money will he pay at the end of 4th years to clear his debt?
Principal (P) = Rs.24000
Rate (R) = 7.5% P.A.
Time (T) = 4 Years
S .I .
Amount needed to clear the debt at the end of 4th year
= Rs.24000 + Rs.7200 = Rs.3,1200
The interest on a certain sum of money is Rs. 1,480 in 2 years and at 10 per cent per year. Find the sum of money.
Consider P = Rs. X
Time (T) = 2 Years
Rate (R) = 0%
Therefore, the money Rs.7400
On what principal will the simple interest be Rs. 7,008 in 6 years 3 months at 5% per year?
Consider principal = Rs.P
Time (T) = 6 Years 3 month
Simple interest =Rs.7,008
Find the principal which will amount to Rs. 4,000 in 4 years at 6.25% per annum.
Consider Principal = Rs P, Time (T) = 4 Years
Therefore, Principal = Rs.3200
(i) At what rate per cent per annum will Rs. 630 produce an interest of Rs. 126 in 4 years?
(ii) At what rate per cent per year will a sum double itself in
Let P = Rs.100
Amount = 2 × Rs.100 = Rs.200
Interest = A-P
= Rs.200 – Rs.100 = Rs.100
(i) In how many years will Rs. 950 produce Rs. 399 as simple interest at 7%?
P = Rs.950
S.I = Rs.399
R = 7%
(ii) Find the time in which Rs. 1200 will amount to Rs. 1536 at 3.5% per year.
A = Rs.1536
P = Rs.1200
I = A – P
= Rs.1536 – Rs.1200 = Rs.336
The simple interest on a certain sum of money is
Consider P = RS.8
S.I = Rs.
What sum of money borrowed on 24th May will amount to Rs.10210.20 on 17th October of the same year at 5 percent per annum simple interest?
A = Rs.10210.20
R = 5% P.A
T = May + June+ July + August + Sept +Oct
= 7 + 30 + 31 + 31 + 30 + 17
P + I = A
(Formula for finding principal)
Money to be borrowed = Rs.10010
In what time will the interest on a certain sum of money at 6% be 5/8 of itself?
Consider P = Rs.8
R = 6%
= 10 Years 5 months
Time =10 years 5 months
To get the Selina Solutions for the chapters of class 8 Maths, visit the ICSE Class 8 Maths Selina Solutions page.
ICSE Class 8 Maths Selina Solutions Chapter 9 – Simple and Compound Interest
In the earlier classes, you have learned about the simple interest. In this chapter, you will get introduced with the concept of compound interest. Also, you will know how the formula of Compound Interest is deduced. The difference between CI and SI is beautifully explained with the examples and also some of the problems provided in the exercises are based on it. So go through them and in case you get stuck solving any problem them refer to the solution pdf.
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