Question

3. COMPOUND INTEREST
Compound interest is the interest earned on principal plus interest that was earned earlier.
Reminder:
Compound Interest = P 1 +
r
n
Where
P = Principal
r = Rate of interest
n = Number of times interest is compounded per year
t = Time
Exercise 3.1
Tick () the correct answer:
1
2
3
4
Ramesh invested 18000 for 3 years at 5% per annum. Find the compound interest he received at the
end of the tenure.
(a) *2700
(b) 2800
(c) 2837.25
(d) 3032.25
Mahima and Monika borrowed 12000 at 10.5% p.a. simple interest and 10% p.a. compound interest
respectively for three years. Who paid more interest and by how much?
(a) Mahima, 162
(b) Mahima, 192
(c) Monika, 162
(d) Monika, 192
Mr Mohile borrowed 6000 at the rate of 12% p.a. compound annually. He repaid 3000 at the end of
each year. How much amount he has to pay after repaying 2nd installment?
(a) Nil
(b) *1526.40 (c) 1166.40 (d) 1300
What will be the difference between compound interest and simple interest on 10000 at 8% p.a. for 2
years?
(a) 16
(b) 50
(c) 64
(d) 72
Mr. Khandelwal took a loan of 5000 at the rate of 8% p.a.compounded quarterly. How much will he pay
after one year?
(a) 5400
(b) 5412.16
(c) *5516.42
(d) 5618
What is the compound interest for 3 years on 40500 at 6.25%p.a.?
(a) 7082
(b) 8078 (app) (c) *8124 (app) (d) *8216 (app)
Simple interest for 2 years at 6.5%p.a. is *5200. Calculate compound interest on same amount for same
period at same rate.
(a) 5216
(b) 5369
(c) 5418
(d) 5516
Calculate compound interest on 80000 at 13% p.a. for one year if the interest is compounded half yearly.
(a) 10400
(b) 10738
(c) 11400
(d) 11700
if* 2000 become 2880 after 2 years at compounding rate of interest, then find rate of interest.
(a) 16%
(b) 20%
(c) 22%
(d) 26%
6
7
8
9​

Answer 1

Answer:

1. 2835.75

2.c

3.b

4.c

5.d

6.d

7.c

8.a

Answer 2

Answer:

1. Option A
2. Option c
3. Option D
4. Option D
5. Option A
6. Option B
7. Option A
8. Option c

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