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Aptitude :: Compound Interest

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Compound Interest problems.

Home » Aptitude » Compound Interest » General Questions

Exercise :: Compound Interest - General Questions

Compound Interest - Important Formulas

Compound Interest - General Questions
Compound Interest - Data Sufficiency 1
Compound Interest - Data Sufficiency 2
Compound Interest - Data Sufficiency 3.1

1. A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits Rs.
1600 each on 1st January and 1st July of a year. At the end of the year, the amount he would
have gained by way of interest is:
A.Rs. 120
B.Rs. 121
C. Rs. 122
D.Rs. 123

Answer: Option B

Explanation:

5 5
Amount= Rs. 1600 x 1 + 2+ 1600 x 1 +
2 x 100 2 x 100
41 41 41
= Rs. 1600 x x + 1600 x
40 40 40
41 41
= Rs. 1600 x +1
40 40
1600 x 41 x 81
= Rs.
40 x 40
= Rs. 3321.

C.I. = Rs. (3321 - 3200) = Rs. 121

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2. The difference between simple and compound interests compounded annually on a certain
sum of money for 2 years at 4% per annum is Re. 1. The sum (in Rs.) is:
A.625
B.630
C. 640
D.650

Answer: Option A

Explanation:

Let the sum be Rs. x. Then,

4 676 51
C.I. = x 1 + 2- x = x- x = x.
100 625 625

x x 4 x 2 2x
S.I. = = .
100 25

51x 2x
- =1
625 25

x = 625.

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3. There is 60% increase in an amount in 6 years at simple interest. What will be the
compound interest of Rs. 12,000 after 3 years at the same rate?
A.Rs. 2160
B.Rs. 3120
C. Rs. 3972
D.Rs. 6240
E. None of these

Answer: Option C

Explanation:

Let P = Rs. 100. Then, S.I. Rs. 60 and T = 6 years.

100 x 60
R= = 10% p.a.
100 x 6

Now, P = Rs. 12000. T = 3 years and R = 10% p.a.

10
C.I.= Rs. 12000 x 1+ 3- 1
100
331
= Rs. 12000 x
1000
= 3972.

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4. 
What is the difference between the compound interests on Rs. 5000 for 1 years at 4% per
annum compounded yearly and half-yearly?
A.Rs. 2.04
B.Rs. 3.06
C. Rs. 4.80
D.Rs. 8.30

Answer: Option A

Explanation:

C.I. when interest 4

= Rs. 5000 x 1 + x 1+ x4
compounded yearly     100 100
26 51
= Rs. 5000 x x
25 50
= Rs. 5304.

C.I. when interest is 2

= Rs. 5000 x 1 + 3
compounded half-yearly 100
51 51 51
= Rs. 5000 x x x
50 50 50
= Rs. 5306.04

Difference = Rs. (5306.04 - 5304) = Rs. 2.04

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5. The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:
A.2
1
B.2
2
C. 3
D.4

Answer: Option A

Explanation:

Amount = Rs. (30000 + 4347) = Rs. 34347.

Let the time be n years.

7
Then, 30000 1 + n= 34347
100

107 34347 11449 107

n= = = 2
100 30000 10000 100

n = 2 years.

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Read more:

Compound Interest - Important Formulas

Compound Interest - Data Sufficiency 1
Compound Interest - Data Sufficiency 2
Compound Interest - Data Sufficiency 3.1

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