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%
New: SSC MTS Tier 1 Answer key 2024 out
Don't Miss: Month-wise Current Affairs | Upcoming Government Exams
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: 10%
Solution : Given: Principal = Rs. 16,000 Time = 2 years We know, Difference between compound interest and simple interest = $P(\frac{r}{100})^2$, where $P$ = Principal, $r$ = Rate of interest ⇒ $160=16000(\frac{r}{100})^2$ ⇒ $\frac{r^2}{10000}×100=1$ ⇒ $r^2=100$ $\therefore r =10$% Hence, the correct answer is 10%.
Answer Key | Cutoff | Selection Process | Preparation Tips | Eligibility | Application | Exam Pattern
Question : Find the difference between compound interest and simple interest for 2 years on a sum of Rs. 11000 at a rate of 11% per annum.
Question : Find the difference between compound interest (compounding annually) and simple interest on a sum of Rs. 56,000 for two years at 15% per annum.
Question : The difference between compound interest and simple interest on a sum at 20% per annum for two years is Rs. 420. Find the sum (in Rs.).
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
Question : The difference between simple interest and compound interest (compounding of interest is done annually) on a certain sum of money for 3 years at the rate of 20 percent per annum is Rs. 192. What is the sum?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile