Study
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After study, click the following link and go through all the Model MCQ with answers and explanation.
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MCQ Answer submission
After study, write the MCQ Answers in one line, with Question Number and correct option in the following Format (shown as example), for the entire set of 9 MCQs. First write the Question Number, then the correct option of that Question, write a comma, then the next question and correct option, as shown below.
1b,2c,3d,…….9c
Interest and Annuity MCQ Test
Interest and Annuity MCQ Test Set # 1
1. The amount to be paid back on a loan of Rs. 18,000 at 5.5% per annum with Interest, after 3 years
a. 20970
b. 19970
c. 20370
d. 21990
2. The difference between compound interest and simple interest on a certain amount of money at 5% per annum for 2 years is Rs.15. Find the sum
(a) Rs 4500 (b) Rs 7500 (c) Rs 5000 (d) Rs 6000
3. The effective rate corresponding to a stated rate of 6% compound semiannually is approximately:
a) 6.6%
b) 6.09%
c) 6.69%
d) 5.89%
4. ₹ 60,000, was lent partly at 5% and the rest at 4% simple interest. If the total annual interest is ₹ 2560, the money lent at 4% was
(a) ₹ 40000
(b) ₹ 44000
(c) ₹ 30000
(d) ₹ 45000
5. In how many years ₹ 3,000 would give simple interest of ₹ 1,080 at 12% per annum ?
(a) 3 years
(b) 2½ years
(c) 2 years
(d) 3½ years
6. P took a loan of Rs. 1200 with simple interest for as many years as the rate of interest. P paid Rs. 432 as interest for the loan period, what was the rate of interest?
a) 3.6
b) 6
c) 18
d) 9
7. X lent Rs. 5000 to Y for 2 years, and also lent Rs. 3000 to Z for 4 years on simple interest. The Rate of Interest is same for both Y and Z. X received Rs. Total Interest of 2200 from Y and Z. The rate of interest per annum is:
a. 5%
b. 7%
c. 9%
d. 10%
8. The Ratio of simple interest earned by certain amount at the same rate of interest for 6 years and that for 9 years is :
a. 1 : 3
b. 1 : 4
c. 2 : 3
d. 3:5
9. A person borrows Rs. 5000 for 2 years at 4% p.a. simple interest. He immediately lends the borrowed money to another person at 6.25% p.a for 2 years. Find his gain per year.
a. Rs. 112.50
b. Rs. 125
c. Rs. 225
d. Rs. 167.50
