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Exam: All Exams | Subject: Quantitative Aptitude | Topic: Simple & Compound Interest | Year: 2026 | Questions: 20
Practice these 20 carefully selected Multiple Choice Questions on Simple & Compound Interest for All Exams preparation. Each question includes a detailed explanation to help you understand the concept and avoid common mistakes.
Q1. Simple Interest on ₹5000 at 8% per annum for 3 years is:
Explanation: SI = (P × R × T)/100 = (5000 × 8 × 3)/100 = 1,20,000/100 = ₹1200. Straightforward formula application.
Q2. What is the compound interest on ₹10000 at 10% for 2 years?
Explanation: CI = P(1+r/100)^t - P = 10000(1.1)² - 10000 = 10000 × 1.21 - 10000 = 12100 - 10000 = ₹2100.
Q3. At what rate will ₹800 double itself in 10 years (Simple Interest)?
Explanation: For SI to double: SI = P, so P = PRT/100 → 1 = RT/100 → R = 100/T = 100/10 = 10%.
Q4. The difference between CI and SI for 2 years at 5% on ₹8000 is:
Explanation: For 2 years, CI - SI = P(r/100)² = 8000 × (5/100)² = 8000 × 0.0025 = ₹20. Key formula to memorize!
Q5. Sum that gives ₹540 as SI in 3 years at 9% per annum:
Explanation: SI = PRT/100 → 540 = P × 9 × 3/100 → P = 54000/27 = ₹2000.
Q6. CI on ₹25000 at 4% per annum for 2 years (compounded annually):
Explanation: CI = 25000(1.04)² - 25000 = 25000 × 1.0816 - 25000 = 27040 - 25000 = ₹2040.
Q7. Simple Interest on ₹5000 at 8% per annum for 3 years is:
Explanation: SI = (P × R × T)/100 = (5000 × 8 × 3)/100 = 1,20,000/100 = ₹1200. Straightforward formula application.
Q8. What is the compound interest on ₹10000 at 10% for 2 years?
Explanation: CI = P(1+r/100)^t - P = 10000(1.1)² - 10000 = 10000 × 1.21 - 10000 = 12100 - 10000 = ₹2100.
Q9. At what rate will ₹800 double itself in 10 years (Simple Interest)?
Explanation: For SI to double: SI = P, so P = PRT/100 → 1 = RT/100 → R = 100/T = 100/10 = 10%.
Q10. The difference between CI and SI for 2 years at 5% on ₹8000 is:
Explanation: For 2 years, CI - SI = P(r/100)² = 8000 × (5/100)² = 8000 × 0.0025 = ₹20. Key formula to memorize!
Q11. Sum that gives ₹540 as SI in 3 years at 9% per annum:
Explanation: SI = PRT/100 → 540 = P × 9 × 3/100 → P = 54000/27 = ₹2000.
Q12. CI on ₹25000 at 4% per annum for 2 years (compounded annually):
Explanation: CI = 25000(1.04)² - 25000 = 25000 × 1.0816 - 25000 = 27040 - 25000 = ₹2040.
Q13. Simple Interest on ₹5000 at 8% per annum for 3 years is:
Explanation: SI = (P × R × T)/100 = (5000 × 8 × 3)/100 = 1,20,000/100 = ₹1200. Straightforward formula application.
Q14. What is the compound interest on ₹10000 at 10% for 2 years?
Explanation: CI = P(1+r/100)^t - P = 10000(1.1)² - 10000 = 10000 × 1.21 - 10000 = 12100 - 10000 = ₹2100.
Q15. At what rate will ₹800 double itself in 10 years (Simple Interest)?
Explanation: For SI to double: SI = P, so P = PRT/100 → 1 = RT/100 → R = 100/T = 100/10 = 10%.
Q16. The difference between CI and SI for 2 years at 5% on ₹8000 is:
Explanation: For 2 years, CI - SI = P(r/100)² = 8000 × (5/100)² = 8000 × 0.0025 = ₹20. Key formula to memorize!
Q17. Sum that gives ₹540 as SI in 3 years at 9% per annum:
Explanation: SI = PRT/100 → 540 = P × 9 × 3/100 → P = 54000/27 = ₹2000.
Q18. CI on ₹25000 at 4% per annum for 2 years (compounded annually):
Explanation: CI = 25000(1.04)² - 25000 = 25000 × 1.0816 - 25000 = 27040 - 25000 = ₹2040.
Q19. Simple Interest on ₹5000 at 8% per annum for 3 years is:
Explanation: SI = (P × R × T)/100 = (5000 × 8 × 3)/100 = 1,20,000/100 = ₹1200. Straightforward formula application.
Q20. What is the compound interest on ₹10000 at 10% for 2 years?
Explanation: CI = P(1+r/100)^t - P = 10000(1.1)² - 10000 = 10000 × 1.21 - 10000 = 12100 - 10000 = ₹2100.
For more practice tests, concept videos, and AI doubt-solving, visit GPT Sir at gptsir.in. These questions are curated for All Exams 2026 exam preparation.
