Interest
ICSE · Class 8 · Mathematics
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Quick Quiz: Interest
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A sum of ₹12,000 is invested for 3 years at 10% per annum compounded yearly. What is the amount?
A sum of ₹8,000 is invested for 1.5 years at 10% per annum compounded half-yearly. What is the compound interest?
A sum of ₹12,000 is invested for 3 years at successive yearly rates of 10%, 12% and 15%. What is the compound interest?
A sum amounts to ₹9,440 in 3 years and to ₹10,400 in 5 years at simple interest. What are the principal and rate?
Sample Questions
A sum of ₹10,000 is invested for 2 years at 5% per year. What is the difference between compound interest and simple interest?
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₹25
First find both interests. Step 1: S.I. = (10000 × 5 × 2)/100 = ₹1,000. Step 2: For C.I., year 1 amount = 10,000 + 500 = 10,500. Step 3: Year 2 interest = 10,500 × 5% = ₹525. Step 4: C.I. = 500 + 525 = ₹1,025. Step 5: Difference = 1,025 − 1,000 = ₹25.
A sum of ₹8,000 is invested for 1 year at 10% per annum compounded half-yearly. What is the amount?
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₹8,820
Half-yearly compounding means 2 periods. Step 1: Rate per half-year = 10% ÷ 2 = 5%. Step 2: After 1st half-year: 8000 × 1.05 = 8400. Step 3: After 2nd half-year: 8400 × 1.05 = ₹8,820.
A sum of ₹16,000 is invested for 3 years at 10% per annum compounded yearly. What is the compound interest?
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₹5,296
Use yearly compounding. Step 1: A = 16000(1.10)^3. Step 2: 1.10^3 = 1.331. Step 3: A = 16000 × 1.331 = ₹21,296. Step 4: C.I. = 21,296 − 16,000 = ₹5,296.
A sum of ₹5,000 is invested for 2 years at successive yearly rates of 8% and 10%. What is the amount?
Show answer
₹5,940
Use successive yearly multiplication. Step 1: After 1st year: 5000 × 1.08 = ₹5,400. Step 2: After 2nd year: 5400 × 1.10 = ₹5,940.
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