COMPOUND INTEREST INSTALLMENT MCQ SET 3
1. A person takes a loan of Rs.4,000 for 3 years at 8% per annum compound interest . He repaid Rs.2,000 in each of the first and second years . The amount he should pay at the end of the third year to clear all his debt is :
(a) Rs.567.12
(b) Rs.525.34
(c) Rs.500.20
(d) Rs.546.05
Answer: D
2. A man borrowed a sum of money and agreed to pay off by paying Rs.4,200 at the end of the first year and Rs.4,410 at the end of the second year . If the rate of compound interest was 5% per annum , find the sum borrowed .
(a) 7,500
(b) 8,000
(c) 8,500
(d) 7,000
Answer: B
3. A man borrowed Rs.50,000 from a bank at 10% per annum , compounded annually . At the end of every year , he pays Rs.15,000 as part payment of the loan and interest . How much does he still owe to the bank after three such installments?
(a) Rs.16,900
(b) Rs.15,800
(c) Rs.15,800
(d) Rs.16,200
Answer: A
4. A mobile phone is available for Rs.39,300 cash payment , or for Rs.7,450 cash down payment and three equal yearly installments . If the shopkeeper charges interest at the rate of 20% per annum , compounded annually , what is the amount of installment (in Rs.) ?
(a) 16,240
(b) 14,060
(c) 15,000
(d) 15,120
Answer: D
5. A music player is sold for Rs.4,510 cash , or Rs.1,200 cash down payment and the balance in three equal easy installments . If 10% is the rate of interest compounded annually , find the amount of installment .
(a) Rs.1,330
(b) Rs.1,332
(c) Rs.1,331
(d) Rs.1,333
Answer: C
6.ย A certain sum was invested at the rate of 10% for a period of 2 years at compound interest and compounded annually . The same sum was invested for the same period and same rate of interest at simple interest . If the difference of compound interest and simple interest was Rs.200 , find the sum .
(a) Rs.30,000
(b) Rs.25,000
(c) Rs.22,000
(d) Rs.20,000
Answer: D
7. The difference between the simple interest and the compound interest on a certain amount at 9% per annum for two years is Rs.162 , what is the principal?
(a) Rs.19,700
(b) Rs.19,000
(c) Rs.20,000
(d) Rs.18,500
ย Answer: C
8. If the difference between the simple interest and the compound interest for 3 years at the rate of 10% per annum on a certain sum is equal to Rs.310 , then that sum of money is :
(a) Rs.8,000
(b) Rs.9,500
(c) Rs.12,000
(d) Rs.10,000
Answer: D
9. If the difference between the compound interest and simple interest on a certain sum of money for 3 years at the rate of 4% per annum is Rs.76 , then what is the sum?
(a) Rs.16,725
(b) Rs.12,925
(c) Rs.15,625
(d) Rs.18,825
Answer: C
10. A sum becomes Rs.9000 on compound interest (compounded annually) after six year . This sum becomes Rs.13,500 on compound interest (compounded annually) at the same rate after 9 years . What is the principal amount?
(a) Rs.6000
(b) Rs.4000
(c) Rs.4500
(d) Rs.5000
Answer: B
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