Simple & Compound Interest

J&K Bank PO · Quantitative Aptitude · 111 practice questions with answers and explanations: 55 Easy, 55 Medium, 1 Hard.

Sample questions

Sample Easy question 1

Find the simple interest on Rs. 2500 at 4% per annum for 3 years.

  1. 280
  2. 310
  3. 300
  4. 290
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Answer: C. SI = (2500 × 4 × 3)/100 = 300.

Sample Easy question 2

Find the simple interest on Rs. 2000 at 4% per annum for 3 years.

  1. 230
  2. 240
  3. 250
  4. 220
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Answer: B. SI = PRT/100 = 2000×4×3/100 = 240.

Sample Easy question 3

Find the amount on Rs. 2500 at 8% per annum simple interest for 3 years.

  1. 3120
  2. 3080
  3. 3100
  4. 3050
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Answer: C. SI = 2500×8×3/100 = 600. Amount = 2500+600 = 3100.

Sample Medium question 4

A sum of Rs. 6000 becomes Rs. 7200 in 4 years at simple interest. Find the rate.

  1. 6%
  2. 5%
  3. 4%
  4. 7%
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Answer: B. SI = 1200; rate = (1200 × 100)/(6000 × 4) = 5%.

Sample Medium question 5

The difference between compound and simple interest on a sum for 2 years at 8% per annum is Rs. 64. Find the sum.

  1. 10500
  2. 10000
  3. 9000
  4. 9500
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Answer: B. The 2-year CI-SI difference equals P×(r/100)² = P×0.0064 = 64, giving P = 10,000.

Sample Medium question 6

Find the compound interest on Rs. 1000 for 3 years at 10% per annum, compounded annually.

  1. 310
  2. 340
  3. 331
  4. 320
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Answer: C. Amount = 1000×(1.10)³ = 1331. CI = 1331-1000 = 331.

Sample Hard question 7

Find the compound interest on Rs. 10,000 for 1.5 years at 10% per annum, compounded half-yearly.

  1. 1600
  2. 1576.25
  3. 1500
  4. 1550
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Answer: B. With 5% per half-year over 3 periods, amount = 10000 × 1.05³ ≈ 11576.25, so CI ≈ 1576.25.

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