simple and compound interest Model Questions & Answers, Practice Test for ssc mts paper 1 2023
ssc mts paper 1 2023 SYLLABUS WISE SUBJECTS MCQs
Number System
LCM & HCF
Ratio Proportion & Partnership
Percentages
Profit & Loss
Time & Work
Time & Distance
Simple Interest & Compound Interest
Mensuration: Area & Volumes
Algebraic Expressions
Trigonometric Ratios & Identity
A person lent at certain sum of money at 4% simple interest; and in 8 years the interest amounted to Rs. 340 less than the sum lent. Find the sum lent.
Answer: (c)
Let the sum be Rs. x.
∴ Interest = ${x × 8 × 4}/{100} = {32x}/100$
x - ${32x}/{100} = {68x}/{100}$
When interest is ${68x}/100$ less, the sum is Rs. x.
∴ when interest is 340 less, the sum is $x/{68x}$ × 100 × 340 =Rs.500
What is the difference between the S.I. & C.I. on 7300 at the rate of 6 p.c.p.a in 2 years?
Answer: (b)
Difference = $P(R/100)^2$
=$7300×(6/100)^2$
=7300×$36/10000$=26.28
A certain sum of money invested at a certain rate of compound interest doubles in 5 years. In how many years will it become 4 times?
Answer: (c)
$2^2$ = 4.
∴ The amount will become 4 times in 2 × 5 = 10 years.
What amount of C.I. can be obtained on an amount of Rs. 8, 840 at the rate of 5 p.c. p.a at the end of 3 years?
Answer: (c)
Amt = $8840(1+5/100)^3$=10233.405
CI = Amt – Principal
= 10233.405 – 8840
= 1393.405
What will be the difference between the simple interest and compound interest earned on a sum of Rs. 985.00 at the rate of 14% per annum at the end of two years ?
Answer: (e)
Required difference = P $(R/{100})^2 = 985({14}/{100})^2$
= 985 × ${196}/{10000}$ = 19.306
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