Quantitative Reasoning Simple Compound Interest Test Online Mcqs

1. A finance company declares that,at a certain compound interest rate,a sum of money deposited by anyone will become 8 times in three years.If the same amount is deposited at the same compound rate of interest,then in how many years will it become 16 times?

2. If the difference between the simple and the compound interests on same principal amount at 20% for 3 years is ζ 48,then the principal amount must be

3. Two equal sums of money are lent at the same time at 8% and 7% peer annum simple interest.The former is recovered 6 months earlier than the latter and the amount in each is ζ 2,560.The sum and the time for which the sums of money are lent out are?

4. How much interest will ζ 10,000 earn in 9 months at an annual rate of 6 percent?

5. The banker's discount and the true discount on a certain sum of money due 4 months hence are ζ 515 and ζ 500 respectively.The rate of interest is?

6. A sum of money lent out at simple interest amounts to ζ 720 after 2 years and to ζ 1,020 after a further period of 5 years.The sum and the rate % are ?

7. Seema invested an amount of ζ 16,000 for two years on compound interest and received an amount of ζ 17,640 on maturity.What is the rate of interest?

8. Sumit lent some money to Mohit at 5% per annum simple interest.Mohit lent the entire amount to Birju on the same day at 8 1/2% per annum.In this transaction,after a year Mohit earned a Rs 350.Find the sum of money lent by Sumit to Mohit.

9. A machine being used by a company is estimated to have a life of 15 years.At that time,the new machine would cost ζ 74,000 and the scrap of the old machine would yield  ζ 4,600 only.A sinking fund is created for replacing the machine at the end of its life.What sum should be invested by the company at the end of each year to accumulate at 6% per annum? *Use log 1.06=0.0253, antilog 0.3795=2.396)

10. A man invests  ζ 5000 for 3 years at 5% p.a.compound interest reckoned yearly.Income tax at the rate of 20% on the interest earned is deducted at the end of each year.Find the amount at the end of the third year?

11. Ram takes a loan of ζ 10,000 and pays back ζ 13,000 after 3 years.The compound interest rate per annum will be approximately

12. Sanjay borrowed a certain sum from Anil at a certain rate of simple interest for 2 years.He lent this sum to Ram at the same rate of interest compounded annually for the same period.At the end of two years,he received ζ 4200 as compound interest but paid  ζ  4000 only as simpe interest.Find the rate of interest?

13. Ravi gave ζ 1200 on loan.Some amount he gave at 4% per annum simple interest and remaining at 5% per annum simple interest.After two years,he got ζ 110 as interest.Then the amounts given at 4% and 5% per annum simple interest are,respectively

14. A man received  ζ 12000 as Puja Bonus.He invested a part of it at 5% per annum and the remaining at 6% per annum, simple interest being allowed in each case. The total interest earned by him in 4 years is  ζ 2580.The sum invested at 5% per annum is?

15. What will ζ 1000 be worth after three years if it earns interest at the rate of 5% compounded annually?