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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.


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