SI/CI Advanced Quiz (Set 6) | Concept of Maths

Question 1

A sum of money is borrowed and paid back in two equal annual installments of $$Rs. 33,800$$ each, allowing $$8\frac{1}{3}\%$$ compound interest. What was the total interest paid in this scheme?

Accepted Answer

C) Rs. 7,600

Answer

A) Rs. 6,400

Answer

B) Rs. 7,200

Answer

D) Rs. 8,100

Question 2

If the difference between Compound Interest (compounded annually) and Simple Interest on a certain sum at $$12.5\%$$ per annum for 3 years is $$Rs. 375$$, find the sum.

Accepted Answer

B) Rs. 7,680

Answer

A) Rs. 7,200

Answer

C) Rs. 8,120

Answer

D) Rs. 6,940

Question 3

A person invests a total of $$Rs. 1,05,000$$ in two schemes. Scheme A offers 10% p.a. SI for 3 years and Scheme B offers 10% p.a. CI (compounded annually) for 2 years. If the interest earned from both schemes is equal, find the amount invested in Scheme A.

Accepted Answer

A) Rs. 43,050

Answer

B) Rs. 45,000

Answer

C) Rs. 61,950

Answer

D) Rs. 52,500

Question 4

A sum of money triples itself in 4 years at compound interest. In how many years will it become 243 times itself at the same rate?

Accepted Answer

D) 20 years

Answer

A) 12 years

Answer

B) 15 years

Answer

C) 18 years

Question 5

The simple interest on a sum of money for 3 years at 15% p.a. is $$Rs. 4,500$$ less than the compound interest on the same sum for 2 years at 20% p.a. Find the sum.

Accepted Answer

B) Rs. 4,50,000

Answer

A) Rs. 4,00,000

Answer

C) Rs. 3,80,000

Answer

D) Rs. 5,00,000

Question 6

A builder borrows $$Rs. 25,500$$ to be paid back with compound interest at the rate of $$4\%$$ per annum by the end of 2 years in two equal yearly installments. How much is each installment?

Accepted Answer

C) Rs. 13,520

Answer

A) Rs. 13,250

Answer

B) Rs. 13,000

Answer

D) Rs. 13,840

Question 7

Find the effective annual rate of interest corresponding to a nominal rate of $$12\%$$ per annum compounded quarterly.

Accepted Answer

A) 12.55%

Answer

B) 12.48%

Answer

C) 12.62%

Answer

D) 12.36%

Question 8

A certain sum of money amounts to $$Rs. 4,840$$ in 2 years and to $$Rs. 5,324$$ in 3 years at compound interest compounded annually. What is the rate of interest?

Accepted Answer

D) 10%

Answer

A) 8%

Answer

B) 9%

Answer

C) 11%

Question 9

An investor divided his total savings into two parts and invested them in two different banks for 2 years. Bank X pays 10% p.a. CI and Bank Y pays 10.5% p.a. SI. If the total interest from Bank X was $$Rs. 420$$ more than Bank Y, and the ratio of investments in X and Y was $3:2$, find the total savings.

Accepted Answer

C) Rs. 50,000

Answer

A) Rs. 35,000

Answer

B) Rs. 40,000

Answer

D) Rs. 60,000

Question 10

A sum was put at simple interest at a certain rate for 4 years. Had it been put at 2% higher rate, it would have fetched $$Rs. 560$$ more. Find the sum.

Accepted Answer

B) Rs. 7,000

Answer

A) Rs. 6,000

Answer

C) Rs. 8,500

Answer

D) Rs. 10,000