SSC CGL Compound Interest Practice Test 8
15 SSC CGL compound interest questions with chapter-wise explanations and exam-style options.
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SSC CGL Compound Interest Practice Test 8
15 SSC CGL compound interest questions with chapter-wise explanations and exam-style options.
Preview all 15 questions in SSC CGL Compound Interest Practice Test 8 (no login required)
- Compound Interest
1. In how many years will ₹800 at 5% SI double?
- A. 10
- B. 15
- C. 20 (Correct)
- D. 25
Explanation: SI=P → Prt/100=P → t=100/5=20 years.
- Compound Interest
2. CI on ₹3000 at 10% per year for 1.5 years compounded half-yearly:
- A. ₹459.75
- B. ₹463.60
- C. ₹472.88 (Correct)
- D. ₹480.00
Explanation: Rate per half-year = 5% and number of half-years = 3. Amount = 3000 x 1.05^3 = ₹3472.88, so CI = ₹472.88.
- Compound Interest
3. A sum at SI doubles in 8 years. Rate of interest:
- A. 10%
- B. 12%
- C. 12.5% (Correct)
- D. 15%
Explanation: SI=P. P×r×8/100=P → r=100/8=12.5%.
- Compound Interest
4. What principal amounts to ₹2662 in 3 years at 10% CI?
- A. ₹1800
- B. ₹1900
- C. ₹2000 (Correct)
- D. ₹2100
Explanation: P×1.1³=2662 → P×1.331=2662 → P=2000.
- Compound Interest
5. Interest on ₹5000 at 8% for 9 months:
- A. ₹250
- B. ₹300 (Correct)
- C. ₹350
- D. ₹400
Explanation: SI=5000×8×(9/12)/100=5000×8×0.75/100=300.
- Compound Interest
6. CI and SI on ₹10000 at r% for 2 years differ by ₹100. Rate r is:
- A. 8%
- B. 9%
- C. 10% (Correct)
- D. 12%
Explanation: Diff=P×r²/100²=100. 10000×r²/10000=100 → r²=100 → r=10%.
- Compound Interest
7. Amount on ₹3500 at 6% SI for 2 years:
- A. ₹3800
- B. ₹3900
- C. ₹3920 (Correct)
- D. ₹3950
Explanation: SI=3500×6×2/100=420. Amount=3920.
- Compound Interest
8. In how many years will ₹6250 amount to ₹7290 at 8% CI?
- A. 1
- B. 2 (Correct)
- C. 3
- D. 4
Explanation: 6250×1.08²=6250×1.1664=7290. So 2 years.
- Compound Interest
9. A lends ₹2500 partly at 3% and the rest at 5% simple interest. Total interest in 2 years is ₹210. Amount lent at 5% is:
- A. ₹1000
- B. ₹1200
- C. ₹1500 (Correct)
- D. ₹1800
Explanation: Let ₹x be lent at 5%. Then interest = (2500 - x) x 3 x 2/100 + x x 5 x 2/100 = 210. This gives 150 + 0.04x = 210, so x = 1500.
- Compound Interest
10. SI on ₹6000 for 2 years is ₹840. Rate is:
- A. 5%
- B. 6%
- C. 7% (Correct)
- D. 8%
Explanation: R=840×100/(6000×2)=7%.
- Compound Interest
11. CI on ₹1600 at 10% for 1 year compounded quarterly is approximately:
- A. ₹162
- B. ₹164
- C. ₹166 (Correct)
- D. ₹170
Explanation: Rate per quarter=2.5%, n=4. A=1600×1.025⁴=1600×1.1038=1766.1. CI=166.1≈₹166.
- Compound Interest
12. If SI on a sum is 1/9 of the sum in 2 years, rate is:
- A. 5%
- B. 5.5%
- C. 5.56% (Correct)
- D. 6%
Explanation: SI=P/9. P×r×2/100=P/9 → r=100/18=5.56%.
- Compound Interest
13. Amount on ₹12000 at 5% CI for 2 years:
- A. ₹13200
- B. ₹13230 (Correct)
- C. ₹13320
- D. ₹13500
Explanation: A=12000×1.05²=12000×1.1025=13230.
- Compound Interest
14. Time for ₹2000 to earn ₹400 SI at 10% per annum:
- A. 1 year
- B. 2 years (Correct)
- C. 3 years
- D. 4 years
Explanation: T=400×100/(2000×10)=2 years.
- Compound Interest
15. For 3 years at 20% per annum, the difference between CI and SI on ₹5000 is:
- A. ₹440
- B. ₹540
- C. ₹640 (Correct)
- D. ₹740
Explanation: CI = 5000 x (1.2^3 - 1) = ₹3640 and SI = 5000 x 20 x 3/100 = ₹3000. Difference = ₹640.