Question : The compound interest (compounding annually) on a certain sum for 2 years at the rate of 60% per annum is INR 6240. What will be the simple interest on the same sum for 3 years at the same rate of interest?
Option 1: INR 6800
Option 2: INR 7200
Option 3: INR 7100
Option 4: INR 6500
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Correct Answer: INR 7200
Solution : Rate, $R$ = 60% Term, $n$ = 2 years Compound interest = INR 6240 Let $P$ be the principal sum. When compounded annually, Compound interest = $P(1+\frac{R}{100})^n - P$ $⇒6240 = P(1+\frac{60}{100})^2 - P$ $⇒6240 = P(1+\frac{3}{5})^2-P$ $⇒6240 = P(\frac{8^2}{5^2})-P$ $⇒6240 = P(\frac{64}{25}-1)$ $⇒6240 = P×\frac{39}{25}$ $⇒P = \frac{6240×25}{39}$ $\therefore P = 4000$ Now, $ n = 3$ years Simple interest = $\frac{PnR}{100}=\frac{4000 × 3 × 60}{100}= 7200$ Hence, the correct answer is INR 7200.
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Question : On a certain sum, the simple interest for 2 years is INR 12000. If the sum is INR 12000, then what will be the compound interest (compounding annually) on the same sum at the same rate of interest for the first 3 years?
Option 1: INR 29250
Option 2: INR 29300
Option 3: INR 28500
Option 4: INR 22750
Question : The difference between compound interest (compounding annually) and simple interest on a sum at the rate of 30% per annum for 2 years is INR 3,600. What is the sum?
Option 1: INR 75,000
Option 2: INR 40,000
Option 3: INR 50,000
Option 4: INR 60,000
Question : The compound interest (compounding annually) on a certain sum for 2 years at the rate of 20 percent per annum is Rs. 2420. What will be the simple interest on the same sum for 3 years at the same rate of interest?
Option 1: Rs. 3300
Option 2: Rs. 3000
Option 3: Rs. 3800
Option 4: Rs. 4200
Question : On a certain sum of money, the simple interest for 2 years is INR 150 at the rate of 10% per annum. What is the difference between compound interest and simple interest for 2 years if, in the case of compound interest, interest is compounded annually at the rate of 10% per annum?
Option 1: INR 5
Option 2: INR 10
Option 3: INR 7.5
Option 4: INR 12.5
Question : The simple interest on a certain sum of money for 2 years at 7% per annum is double the compound interest on INR 1,000 for 2 years at 10% per annum, compounded annually. What is the sum placed on simple interest?
Option 1: INR 1,000
Option 2: INR 2,000
Option 3: INR 3,000
Option 4: INR 4,000
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