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Simple and Compound Interest

Simple and Compound Interest: Difference between simple and compound interest, Simple Interest Formula and Compound Interest Formula, Simple Interest Questions

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Online Aptitude Questions with Answers on Simple and Compound Interest

Q36. In the questions given below consists of a statement and / or a question and two statements numbered I and II given below it. You have to decide whether the data provided in the statement(s) is / are sufficient to answer the given question. What will be compounded amount? I.Rs. 200 was borrowed for 192 months at 6% compounded annually. II.Rs. 200 was borrowed for 16 years at 6%.

  1.  I alone sufficient while II alone not sufficient to answer
  2.  II alone sufficient while I alone not sufficient to answer
  3.  Either I or II alone sufficient to answer
  4.  Both I and II are not sufficient to answer
  5.  Both I and II are necessary to answer

Solution : Either I or II alone sufficient to answer
Q37. In the questions given below consists of a statement and / or a question and two statements numbered I and II given below it. You have to decide whether the data provided in the statement(s) is / are sufficient to answer the given question. An amount of money was lent for 3 years. What will be the difference between the simple and the compound interest earned on it at the same rate? I.The rate of interest was 8 p.c.p.a. II.The total amount of simple interest was Rs. 1200.

  1.  I alone sufficient while II alone not sufficient to answer
  2.  II alone sufficient while I alone not sufficient to answer
  3.  Either I or II alone sufficient to answer
  4.  Both I and II are not sufficient to answer
  5.  Both I and II are necessary to answer

Solution : Both I and II are necessary to answer
Q38. In the questions given below consists of a question followed by three statements. You have to study the question and the statements and decide which of the statement(s) is/are necessary to answer the question. What is the rate of interest p.c.p.a.? I.An amount doubles itself in 5 years on simple interest. II.Difference between the compound interest and the simple interest earned on a certain amount in 2 years is Rs. 400. III.Simple interest earned per annum is Rs. 2000.

  1.  I only
  2.  II and III only
  3.  All I, II and III
  4.  Any two of the three
  5.  I only or II and III only

Solution : I only or II and III only
Q39. In the questions given below consists of a question followed by three statements. You have to study the question and the statements and decide which of the statement(s) is/are necessary to answer the question. What will be the compound interest earned on an amount of Rs. 5000 in 2 years? I.The simple interest on the same amount at the same rate of interest in 5 years is Rs. 2000. II.The compound interest and the simple interest earned in one year is the same. III.The amount becomed more than double on compound interest in 10 years.

  1.  I only
  2.  I and II only
  3.  II and III only
  4.  I and III only
  5.  None of these

Solution : I only

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Q40. **Find the principle on a certain sum of money at 5% per annum for 2 2/5 years if the amount being Rs.1120?**

  1.  Rs.1000
  2.  Rs.1100
  3.  Rs.1200
  4.  Rs.1050

Solution : Rs.1000
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