Dear Friends,
Compound interest is considered to be the most important and difficult section of the mathematics subject, which is also called "interest on interest", in simple terms. When a period such as an annual, half-yearly, quarter is fixed to repay the borrowed amount and the interest incurred in this period is added to the principal, the amount formed becomes the principal of the next period. This process continues in this manner for each period. The difference between the compound and the principal made at the end is called compound interest. But it is calculated with the compound interest formula only. And, questions of this section are also asked in various government exams.
If you are also participating in a competitive exam then you need to know the compound interest. Today, through this article, we are providing you a quiz of important questions based on Current Compound Interest, with the help of which you can get full marks in the Compound Interest section through proper guidance.
Q : The compound interest on Rs.30,000 at 7% per annum is Rs. 4347. The period (in years) is:
(A) 2½
(B) 3
(C) 2
(D) 4
We know that
Putting the value we can get answer
What will be the compound interest on a sum of Rs. 21000 for 2 years at the rate of 14.28% per annum when interest is compound yearly?
(A) 6428
(B) 3162
(C) 7129
(D) 8231
The ratio between compound interest and simple interest for a certain amount is 43 : 40 for 2 years, the find the rate of interest.
(A) 15 %
(B) 18 %
(C) 20 %
(D) 12 %
(E) None of these
A certain sum of money at a certain rate doubles itself in 9 years, then in how many years it will become the same sum will be 5 times of itself?
(A) 25 years
(B) 36 years
(C) 27 years
(D) 45 years
(E) 48 years
The compound interest on Rs.16, 000 for 9 months at 20 % per annum, interest being compounded quarterly, is
(A) Rs. 2,520
(B) Rs. 2,524
(C) Rs. 2,522
(D) Rs. 2,518
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