Saturday, 16 July 2016

Compound Interest Problems for IDBI Bank Exams

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Prepare for IDBI bank exams with these simple, tough compound interest problems. Aptitude related to compound interest for bank exams.

1. 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

2. 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

3. 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
E.     None of these

4. 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

5. 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%

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

7. 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
E.     None of these

8. 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

9. 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

10. The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:
A.     2
B.  2 1/2
C.     3
D.     4

Answers :
1. A    2. A    3. C    4. B    5. D
6. A    7. A    8. B    9. B    10. A
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