Interest

Q. The formula for Simple Interest is $\frac{PTR}{100}$, where
P = Principal
T = Time period in years
R = Rate of interest per annum.

1. False
2. True

Q.

In what time will $Rs.1600$ amount to $Rs.1768$ at $6\%$ per annum simple interest?

Q.

Fixed Deposits are the same as investment in Mutual funds.

1. True

2. False

Q. Sajjanrao takes a loan of ₹ 10, 000 from a bank at the rate of 10 % per annum for a year. How much money including the interest will he have to pay after a year?

1. 11000

Q.

In compound interest, when the interest is compounded half-yearly, the principal changes every __________.

1. every month

2. quarterly

3. every year

4. six months

Q.

Banks give more interest on Savings Account than Fixed Deposit Account.

1. True

2. False

Q. There is 60% increase in an amount in 6 years at simple interest rate. Calculate the compound interest of ₹12, 000 after 3 years at the same rate.

Q. A: Calculate the difference between the simple interest and the compound interest on Rs. $4,000$ in $2$ years at $8\%$ per annum compounded yearly.
B: On a certain sum of money, the difference between the compound interest for a year, payable half-yearly, and the simpled interest for a year is Rs. $180$/-. Find the sum lent out, if the rate of interest in both the cases is $10\%$ per annum. Then, find $10A+B$.

1. $72256$
2. $720256$
3. $722506$
4. $722056$

Q.

Banks give no interest on the money deposited in Savings Account.

1. True

2. False

Q. On what sum of money will the difference between simple interest and compound interest for 2 years at 5% per annum be equal to Rs 50?

Q.

In a Current Account, 4% interest is provided by the bank on the amount deposited in the account.

1. True

2. False

Q. The simple interest on a certain sum of money at 9% is Rs.450 in 2 years. Find compound interest on the same at the same rate for 1 year, if interest is reckoned half yearly.

Q. A certain sum of money amounts to ₹6655 in 3 years, compounded annually at the rate of 10% per annum. Find the sum.

1. 5000

Q. If the difference between simple interest and compound interest on a sum invested for 2 years at 25% per annum is ₹200, then the sum invested is______.

1. ₹2, 873
2. ₹3, 200
3. ₹4, 200
4. ₹1, 900

Q.

Mr. Ravi opened a recurring deposit account in a bank. He deposited in the installment of ₹2500 per month for two years. At the time of maturity he received an amount of ₹67, 500. Calculate the total interest earned by Mr. Ravi.

1. ₹7500

2. ₹5000

3. ₹7000

4. ₹6500

Q.

A principal of ₹40, 000 is compound annually at the rate of 10% for 2 years. What is the compound interest and is it greater than the simple interest for the same rate and the same time?

1. ₹8400, yes

2. ₹8000, yes

3. ₹7000, no

4. ₹8400, no

Q.

Hardeep went to a bank and deposited Rs 80000 at the rate of simple interest of 7% per annum. After some years, he withdrew 91200 and closed the account.

1. 

2. 

3. 

4. 

Q.

Banks offer 4 - 6 % interest on a Current account.

1. True

2. False

Q.

If Meena gives an interest of Rs 45 for one year at $9\%$ rate p.a, what is the sum she has borrowed?

1. Rs 200

2. Rs 500

3. Rs 530

4. Rs 550

Q. A sum of ₹69, 300 is to be divided between two friends Michel and Vivian. They are 11 and 12 years old respectively. Their respective portions are compounded annually at 10% per annum. If they get the same amount when they are 24 years old, what is the share of Vivian?

1. ₹ 36, 300
2. ₹ 33, 000
3. ₹ 34, 000
4. ₹ 35, 300

Q. Calculate the amount and compound interest on
$Rs.62,500$ for $1\frac{1}{2}$ year at $8$% per annum compounded half yearly.

Q. In compound interest, when the interest is compounded half-yearly, the principal changes every.

1. 4 months
2. 6 months
3. 8 months
4. 12 months

Q.

Mrs. Rita deposits ₹1600 every month in recurring deposit account at 9% p.a. simple interest. She receives ₹65, 592 at the time of maturity. What is the total time for which the account was held?

1. 47 months

2. 24 months

3. 36 months

4. 16 months

Q. The difference between amount accumulated due to simple interest and compound interest on a sum for 2 years at $20\%$ per annum is ₹ 440. Calculate the amount to be paid if the interest rate is compounded quarterly.

Q. Mr. Ramesh opened a recurring deposit account in a bank. He deposited in the installment of ₹1500 per month for two years. At the time of maturity he received an amount of ₹56, 000. Calculate the total interest earned by Mr. Ramesh.

1. ₹10000
2. ₹12000
3. ₹22000
4. ₹20000