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Question

The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years is Rs. 96. The rate of interest per annum is?

This question was previously asked in
SSC CGL 2016 (Tier 1) Previous Year Question Paper (11-Sep-2016) (Shift 2)
The correct answer is

8%

The difference between compound interest and simple interest for 2 years can be calculated, and the rate of interest per annum comes out to be 8%. Therefore, the correct answer is 8%.

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Similar Questions

  1. The difference between simple and compound interest (compounded annually) on a sum of money for 3 years at 10% per annum is Rs. 93. The sum (in Rs.) is:

  2. A sum of Rs. 2000 amounts to Rs. 4000 in two years at compound interest. In how many years does the same amount becomes Rs. 8000?

  3. A sum of ₹10,000 is taken as a loan by Rajesh at a rate of 15% p.a. simple interest for 2 years. But Rajesh could not repay it at the agreed time and asked for an extension of two more years. So, the lender included the interest amount for the period as principal for the next two years at the same rate of interest. The total amount paid by Rajesh at the end of 4 years is:

  4. If the simple interest on a sum of money for 2 years at 5% per annum is Rs. 50, the compound interest on the same at the same rate and for the same time is:

  5. A man took a loan of ₹32,400 at a certain rate of simple interest per annum. The rate of interest is one-fourth of the number of years for which the loan is taken. If he paid ₹11,664 as interest at the end of the loan period, the rate of interest was:

  6. Two successive discounts of 40% and 30% are equal to a single discount of:


Important Questions from Simple and Compound Intrest

  1. Amit had invested same amount of sums at simple as well as compound interest, compounded annually. The time period of investment for both the sums was 2 years and rate of interest too was the same, 4% per annum. At the end, he found a difference of ₹43 in both the interests received. What were the sums (in ₹) invested?

  2. When the difference between compound interest, compounded annually, and simple interest for three years is ₹186 at 10% interest per annum, the principal is ₹______.

  3. When the difference between compound interest, compounded annually, and simple interest for three years is ₹217 at 10% interest per annum, the principal is ₹______.
  4. When the difference between compound interest, compounded annually, and simple interest for three years is ₹228 at 4% interest per annum, the principal is ₹______.
  5. The difference between the compound interest, compounded annually and the simple interest if ₹17,700 is deposited at 4% rate of interest per annum for 2 years is:
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