Compound Interest Questions for SBI Clerk Exam: 1st May 2018

Dear Students,

Numerical Ability for SBI Clerk Exam 2018
Numerical Ability for SBI Clerk Prelims 2018

Today is the Day 10 of the SBI Clerk 60 Days Study Plan and the topic for Today's Numerical Ability Practice Questions is Compound InterestNumerical Ability Section has given heebie-jeebies to the aspirants when they appear for a banking examination. As the level of every other section is only getting complex and convoluted, there is no doubt that this section, too, makes your blood run cold. The questions asked in this section are calculative and very time-consuming. But once dealt with proper strategy, speed, and accuracy, this section can get you the maximum marks in the examination. Following is the Numerical Ability quiz to help you practice with the best of latest pattern questions.

Q1. If the rate of interest is 10% per annum and is compounded half yearly, the principal of Rs. 400 in 3/2 year will amount to  
(a) Rs. 436.05
(b) Rs. 463.05
(c) Rs. 563.05
(d) Rs. 363.05
(e) Rs. 263.05

Q2. A sum of money invested at compound interest amount to Rs. 2400 in 3 years and in 4 years to Rs. 2,520. The interest rate per annum is: 
(a) 8%
(c) 5%
(d) 7%
(e) 9%

Q3. What does Rs. 250 amounts to in 2 years with compound interest at the rate of 4% in the 1st year and 8% in the second year?
(a) Rs. 280
(b) Rs. 280.80
(c) Rs. 468
(d) Rs. 290.80
(e) Rs. 270.50

Q4. A sum at R% compound interest doubles in 3 years. In 9 years it will be k times of the original principal. What is the value of k? 
(a) 8
(b) 9
(c) 12

Q5. The difference between compound interest and simple interest at the same rate for Rs. 5000 for 2 years is Rs. 72. The rate of interest per annum is: 
(a) 6%
(b) 8%
(c) 10%

Q6. The compound interest on a sum of money for 2 years is Rs. 832 and the simple interest on the same sum for the same period is Rs. 800. The difference between the compound interest and the simple interest for 3 years will be:   
(a) Rs. 48
(b) Rs. 66.56
(c) Rs. 98.56
(d) Rs. 106.56
(e) Rs. 96

Q7. A man borrows Rs. 12,500 at 20% compound interest. At the end of every year he pays Rs. 2000 as part of repayment. How much does he still owe after three such instalments?
(a) Rs, 12,000
(b) Rs, 12864
(c) Rs, 15,600
(d) Rs. 14320
(e) Rs. 12320

Q8. At what percent pr annum will Rs. 3000 amounts to Rs. 3993 in 3 years, if the interest in compounded annually?  
(a) 9%
(b) 10%
(c) 11%
(d) 13%
(e) 15%

Q9. A person took a loan of Rs. 6000 for 3 years, at 5% per annum compound interest. He repaid Rs. 2100 in each of the first 2 years. The amount he should pay at the end of 3rd to clear all his debts is:    
(a) Rs. 2425.50
(b) Rs. 2552.50
(c) Rs. 2635.50
(d) Rs. 2745.50
(e) None of these

Q10. A sum of money becomes Rs. 4500 after two years and Rs. 6750 after 4 years on compound interest. The sum is:   
(a) Rs. 4000
(b) Rs. 2500
(c) Rs. 3000
(d) Rs. 3050
(e) Rs. 3500

Q11. A certain amount of money at R%, compounded annually becomes Rs. 1440 and Rs. 1728 respectively after two and three years, find value of R:  
(a) 5%
(b) 10%
(c) 15%
(d) 20%
(e) 25%

Q12. The population of a city increases at the rate of 5%. p.a. If the present population of the city is 185220, then what was its population 3 years ago? 
(a) 181500
(b) 183433
(c) 160000
(d) 127783
(e) 165450

Q13. On a certain sum of money, the compound interest for 2 years is Rs. 282.15 and the simple interest for the same period of time is Rs. 270. The rate of interest per annum is  
(a) 6.07%
(b) 10%
(c) 9%
(d) 12.15%
(e) 13%

Q14.  The effective annual rate of interest, corresponding to a nominal rate of 6% per annum payable half yearly, is: 
(a) 6.06%
(b) 6.07%
(c) 6.08%
(d) 6.09%
(e) 7.09%

Q15. The compound interest on a sum of money at 5% per annum for 3 years is Rs. 2522. What would be the simple interest on this sum at the same rate and for the same period? 
(a) Rs. 2500
(b) Rs. 2400
(c) Rs. 2450
(d) Rs. 2350
(e) Rs. 2640