Question : The difference between compound interest and simple interest on an amount of Rs. 14,400 for 2 years is Rs. 3600. Find the rate of interest.
Option 1: 30%
Option 2: 35%
Option 3: 10%
Option 4: 50%
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Correct Answer: 50%
Solution : Let the rate of interest be $r$. Principal, $P$ = Rs. 14,400 Time = 2 years Difference between Simple interest and compound interest $=P(\frac{r}{100})^2$ ⇒ $3600 = 14400(\frac{r}{100})^2$ ⇒ $(\frac{r}{100})^2=\frac{36}{144}$ ⇒ $(\frac{r}{100})^2=(\frac{6}{12})^2$ ⇒ $\frac{r}{100}=\frac{6}{12}$ $\therefore r=50\%$ Hence, the correct answer is 50%.
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Question : The difference between compound interest and simple interest on a sum of Rs. 16,000 for two years is Rs. 160. Find the per annum rate of interest.
Option 1: 12%
Option 2: 10%
Option 3: 11%
Option 4: 15%
Question : What is the difference between the compound interest and the simple interest on Rs. 2,000 at 10% interest per annum for 2 years, if, for compound interest, interest is compounded annually?
Option 1: Rs. 20
Option 2: Rs. 40
Option 3: Rs. 80
Option 4: Rs. 60
Question : The difference between compound interest and simple interest on Rs. X at 7.5% per annum for 2 years is Rs. 22.50. Find the value of X.
Option 1: Rs. 4000
Option 2: Rs. 5000
Option 3: Rs. 2000
Option 4: Rs. 1900
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 difference between the compound interest and the simple interest on an amount of INR 1,500 for 2 years, at a given rate of interest per annum, is INR 60. What is the rate of interest per annum, if in the case of compound interest, the interest is compounded annually?
Option 1: 20%
Option 2: 15%
Option 3: 25%
Option 4: 12.5%
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