Simple & Compound Interest Level-2 Quiz-1

1. A certain loan amount, under compound interest, compounded annually earns an interest of `1,980 in the second year and `2,178 in the third year. How much interest did it earn in the first year? (in `)

2. In what time will a sum of money become fifteen times itself at 21% p.a. simple interest?

3. What will be the compound interest accrued on an amount of `12,000 at 20% p.a. for the second year if the interest is compounded half-yearly? (in`)

4. Raju took a loan at 8% per annum simple interest for a period of 5 years. At the end of five years, he paid `10,640 to clear his loan. How much loan did he take?

5. The compound interest on `18,000 at 4% p.a. for a certain period is `1,468.80. Find the time period (in years).

6. A man borrowed `80,000 at the rate of 10% p.a. compound interest, interest being compounded annually. How much amount should he have repaid at the end of the first year, if by repaying `55,000 at the end of the second year he can clear the loan?(In 000 Rs.)

7. What is the present worth of `5,324 due in 3 years at 10% per annum compound interest, interest being compounded annually?

8. The difference in compound interests earned on a certain sum, for which the interest is compounded annually, in the first and the second years is `140. If the rate of interest becomes thrice the original rate, then the difference in the amounts (in `) would be?

9. Anil lent a total of `24,000 to two persons at simple interest, the rates of interest being 12% p.a. and 9% p.a. respectively. The interest received from the first person in four years is equal to the interest received from the second person in three years. How much amount was lent to the second person? `

10. A sum of money invested at simple interest triples itself in 8 years at simple interest. Find in how many years will it become 8 times itself at the same rate?