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Compound Interest Aptitude Questions | 10+ Concept and Problems/Solution

Compound Interest Questions

Here, on this page Answers for Compound Interest Questions are explained in such a way that you can easily understand the concept behind it. Get here 10+ Compound Interest Aptitude Questions for preparation of various competitive examinations.

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Compound Interest Problems with Solutions are provided here, so that candidates don’t face any difficulty, while solving the given questions. If you are not able to solve any of the question, then check out the given solution, surely you will understand the concept behind it.

Compound Interest Formula:

The compound interest formula is given below:

Compound Interest = Amount – Principal

Where the amount is given by:

A = P (1 + r/n) (nt)

Where,

A= amount

P= principal

R= rate of interest

n= number of times interest is compounded per year

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Compound Interest Questions

Question 1) What is the difference between the compound interests on Rs. 5000 for 1 years at 4% per annum compounded yearly and half-yearly?

(A) Rs. 2.04

(B) Rs. 3.06

(C) Rs. 4.80

(D) Rs. 8.30

Answer 1) (A) Rs. 2.04

Solution:

Question 2) The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 4% per annum is Re. 1. The sum (in Rs.) is:

(A) 625

(B) 630

(C) 640

(D) 650

Answer 2) (A) 625

Solution:

Question 3) The least number of complete years in which a sum of money put out at 20% compound interest will be more than doubled is:

(A) 3

(B) 4

(C) 5

(D) 6

Answer 3) (B) 4

Solution:

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Question 4) The effective annual rate of interest corresponding to a nominal rate of 6% per annum payable half-yearly is:

(A) 6.06%

(B) 6.07%

(C) 6.08%

(D) 6.09%

Answer 4) (D) 6.09%

Solution:

Question 5) At what rate of compound interest per annum will a sum of Rs. 1200 become Rs. 1348.32 in 2 years?

(A) 6%

(B) 6.5%

(C) 7%

(D) 7.5%

Answer 5) (A) 6%

Solution:

Question 6) If the simple interest on a sum of money for 2 years at 5% per annum is Rs. 50, what is the compound interest on the same at the same rate and for the same time?

(A) Rs. 51.25

(B) Rs. 52

(C) Rs. 54.25

(D) Rs. 60

Answer 6) (A) Rs. 51.25

Solution:

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Question 7) The compound interest on a certain sum for 2 years at 10% per annum is Rs. 525. The simple interest on the same sum for double the time at half the rate percent per annum is:

(A) Rs. 400

(B) Rs. 500

(C) Rs. 600

(D) Rs. 800

Answer 7) (B) Rs. 500

Solution:

Question 8) Simple interest on a certain sum of money for 3 years at 8% per annum is half the compound interest on Rs. 4000 for 2 years at 10% per annum. The sum placed on simple interest is:

(A) Rs. 1550

(B) Rs. 1650

(C) Rs. 1750

(D) Rs. 2000

Answer 8) (C) Rs. 1750

Solution:

Question 9) The difference between simple interest and compound on Rs. 1200 for one year at 10% per annum reckoned half-yearly is:

(A) Rs. 2.50

(B) Rs. 3

(C) Rs. 3.75

(D) Rs. 4

Answer 9) (B) Rs. 3

Solution:

Question 10) The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years is Rs. 96. What is the rate of interest per annum?

(A) 8

(B) 10

(C) 12

(D) Cannot be determined

Answer 10) (A) 8

Solution:

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Question 11) A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits Rs. 1600 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by way of interest is:

(A) Rs. 120

(B) Rs. 121

(C) Rs. 122

(D) Rs. 123

Answer 11) (B) Rs. 121

Solution:

Question 12) There is 60% increase in an amount in 6 years at simple interest. What will be the compound interest of Rs. 12,000 after 3 years at the same rate?

(A) Rs. 2160

(B) Rs. 3120

(C) Rs. 3972

(D) Rs. 6240

Answer 12) (C) Rs. 3972

Solution:

Question 13) The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:

(A) 2

(B) 21/2

(C) 3

(D) 4

Answer 13) (A) 2

Solution:

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Question 14) What will be the compound interest on a sum of Rs. 25,000 after 3 years at the rate of 12 p.c.p.a.?

(A) Rs. 9000.30

(B) Rs. 9720

(C) Rs. 10123.20

(D) Rs. 10483.20

Answer 14) (C) Rs. 10123.20

Solution:

Question 15) Albert invested an amount of Rs. 8000 in a fixed deposit scheme for 2 years at compound interest rate 5 p.c.p.a. How much amount will Albert get on maturity of the fixed deposit?

(A) Rs. 8600

(B) Rs. 8620

(C) Rs. 8820

(D) None of these

Answer 15) (C) Rs. 8820

Solution:

Question 16) A sum of money amounts to Rs.6690 after 3 years and to Rs.10,035 after 6 years on compound interest. find the sum.

(A) 4360

(B) 4460

(C) 4560

(D) 4660

Answer 16) (B) 4460

Solution:

Let the sum be Rs.P, then

P(1+R/100)^3=6690…(i) and P(1+R/100)^6=10035…(ii)

On dividing, we get (1+R/100)^3=10025/6690=3/2.

Substituting this value in (i),we get:

P*(3/2)=6690 or P=(6690*2/3)=4460

Hence, the sum is rs.4460.

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Question 17) Find the compound interest on Rs. 10,000 in 2 years at 4% per annum, the interest being compounded half-yearly.

(A) 524.32

(B) 624.32

(C) 724.32

(D) 824.32

Answer 17) (D) 824.32

Solution:

Principal = Rs. 10000; Rate = 2% per half-year; Time = 2 years = 4 half-years.

Amount = Rs. 10824.32.

C.I. = Rs. (10824.32 – 10000) = Rs. 824.32.

Question 18) There is 60% increase in an amount in 6 years at simple interest. What will be the compound interest of Rs. 12,000 after 3 years at the same rate

(A) Rs.4972

(B) Rs.3972

(C) Rs.5972

(D) Rs.2972

Answer 18) (B) Rs.3972

Solution:

Question 19) Find compound interest on Rs. 7500 at 4% per annum for 2 years, compounded annually.

(A) 612

(B) 712

(C) 812

(D) 912

Answer 19) (A) 612

Solution:

Amount = Rs [7500*(1+(4/100)2] = Rs (7500 * (26/25) * (26/25) ) = Rs. 8112.

Therefore, C.I. = Rs. (8112 – 7500) = Rs. 612.

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Question 20) On a sum of money, the simple interest for 2 years is Rs. 660,while the compound interest is Rs.696.30,the rate of interest being the same in both the cases. The rate of interest is

(A) 10%

(B) 11%

(C) 12%

(D) 13%

Answer 20) (B) 11%

Solution:

Difference in C.I and S.I for 2 years

= Rs(696.30-660)

=Rs. 36.30.

S.I for one year = Rs330.

S.I on Rs.330 for 1 year =Rs. 36.30

Rate

= (100×36.30/330×1)%

= 11%

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