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Simple & Compound Interest Quiz-2

Maths is an important subject in CLAT,DULLB & Other Law Exams. In any of law exam, Maths carries weightage of 20 -25 % of questions. With focused practice good marks can be fetched from this section. These questions are very important in achieving your success in CLAT, DULLB and Other Law Exams..

Q1. If a sum of money at SI doubles in 6 years it will become 4 times in:
•  12 years
•  14 years
•  16 years
•  18 years
Solution
SI = P is 6 years

SI = 3P is 6 x 3 yrs = 18 yrs

Q2. Ravi Kumar borrows Rs 300 at SI of 5% and Rs 450 at SI of 6% at the same time & on the condition that the whole loan will be repaid when the total interest amounts to Rs 126. The loan will have to be repaid after how many years?

•  2
•  3
•  4
•  5
Solution

126 = = 42T T = 3

Q3.A money lender finds that due to a fall in the rate of interest from 8% to 7.75 % his yearly income diminishes by Rs 60. His Capital is
•  Rs. 26000
•  Rs. 24000
•  Rs. 23800
•       Rs. 22400
Solution
: 60 = P = 24000

Q4.A loan was repaid in two annual instalments of Rs 121 each. If the rate of interest be 10% per annum compounded annually, the sum borrowed was

• Rs. 200
• Rs. 210
• Rs. 217.80
• Rs. 216
Solution

Amount paid at the end of 2nd years = 121
Principal paid at End of 2nd years = P1
121 = = 110
Amount remaining at end of 1st year =
110 + 121 = 231
Principal due at start of 1st year
231 = + P0 P0 = 210

Q5.The different between CI & SI on a sum for 2 years at 10% per annum, when the interest is compounded annually is Rs 16. If the interest were compounded half yearly, the difference in two interests would be.

• Rs. 24.81
• Rs. 31.61
• Rs. 32.40
• Rs. 26.90
Solution
Difference between CI & SI at the end of 2 years is interest due of interest at the end of 1st year

16 = ; I = 160 160 =

P = 1600
New CI = P(1 + r/2)2r – P
= 1600[(1+.05)4 - 1] = 344.81
New SI = Old SI = = 320
Difference = 24.81

Q6.A sum of Rs 12000 deposited at CI becomes double after 5 years After 20 years it will become
• Rs. 120000
• Rs. 192000
• Rs. 124000
• Rs. 96000
Solution
A = P(1+ r)1
2 = A/P = (1 + r)5 r = 21/5 – 1
A = P (1+ r)20 = 12000 (1 + 21/5 – 1)20

= 1200 x (2)4 = 192000

Q7. A sum of money placed a CI doubles itself in 5 years It w amount to eight times in

• 10 years
• 12 years
• 15 years
• 20 years
Solution
2 = A/P = (1 + r)5 r = 21/5 – 1
A/P = 8 = (1 + r)t
23 = 2t/5 t = 15

Q8. The difference between the CI & SI earned at the end of second year on a sum of money at 10% per annum is Rs 20. The sum is

•  Rs. 4,000
•  Rs. 2000
•  Rs. 1500
•  Can’t be determined

Solution
SI of 1st year SI1 = 200

SI1 = P = 2000

Q9. In how many years will a sum Rs 800 at 10% per annum compounded semi-annually become Rs 926.10?

•
•
•
•
Solution(b): 926.10 = 8000
= (1.05)2t =

T = 3/2 yrs.

Q10. sum of money at CI amounts to thrice itself in 3 years. In how many years will it be 9 times itself?

•  12
•  9
•  6
•
Solution
(c): 3P = P (1 + r)3; R (3)1/3 - 1
A = 9P = P(1 + 31/3 – 1)t

9 - 3t/3 t = 6

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