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Agniveer Army Interest — practice questions

Explore 11 free Interest questions in Agniveer Army Quantitative Aptitude. Open each question or exercise to read its content, reference answers and available explanation.

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Interest questions and exercises with answers

Showing questions 1–11 of 11.

The difference between compound interest and simple interest on a sum at 10% per annum for 2 years is Rs 50. The principal amount is:Read the answer and worked solution →What is the difference between the simple interest and compound interest on ₹4500 at 8% per annum for 3 years?Read the answer and worked solution →Interest, in the banking sense, is best described as:Read the answer and worked solution →A sum of 10,000 is borrowed at 15% per annum simple interest for 2 years. The amount repayable is:Read the answer and worked solution →Find the simple interest on 15,000 at 5% per annum for 2 years.Read the answer and worked solution →Compound interest differs from simple interest because compound interest is calculated on:Read the answer and worked solution →20,000 is borrowed for 2 years at 8% compounded annually. The compound interest is:Read the answer and worked solution →For 10,000 at 10% per annum for 2 years, compound interest exceeds simple interest by:Read the answer and worked solution →Find the simple interest on 5,000 at 8% per annum for 3 years.Read the answer and worked solution →At simple interest, a sum doubles itself in 8 years. The annual rate is:Read the answer and worked solution →For the same principal, rate and a period of one year, compound interest compounded annually is:Read the answer and worked solution →

Worked practice questions

The difference between compound interest and simple interest on a sum at 10% per annum for 2 years is Rs 50. The principal amount is:

  1. Rs 5500
  2. Rs 4000
  3. Rs 4500
  4. Rs 5000
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Correct answer: D. Rs 5000

1. For 2 years, CI − SI = P × (r/100)². 2. Substitute r = 10: difference = P × (10/100)² = P × 0.01. 3. Set 0.01P = 50, so P = 5000. _Source: RRB Group D (RRC) PYQ, held 27-10-2013, Q.45._

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What is the difference between the simple interest and compound interest on ₹4500 at 8% per annum for 3 years?

  1. ₹88.70
  2. ₹87.70
  3. ₹87.50
  4. ₹85.70
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Correct answer: A. ₹88.70

1. SI = 4500 × 8 × 3 / 100 = ₹1080. 2. CI: amount = 4500 × (1.08)³ = 4500 × 1.259712 = ₹5668.704, so CI = ₹1168.704. 3. Difference = 1168.704 − 1080 = ₹88.70 (to nearest paisa). _Source: RRB Group D CEN-02/2018 PYQ, Q.18._

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Interest, in the banking sense, is best described as:

  1. The extra money paid on money deposited or borrowed
  2. A fee charged for opening an account
  3. A tax collected by the government on savings
  4. The minimum balance a bank requires
Show answer and solution

Correct answer: A. The extra money paid on money deposited or borrowed

1. Statements such as interest at 9 per cent per annum on a fixed deposit are familiar from any bank. 2. Interest is the extra money paid by institutions like banks or post offices on money deposited with them. 3. It also runs the other way: interest is paid by people when they borrow money. 4. So interest attaches to the sum involved, not to the account itself. 5. Account fees, taxes and minimum balances are separate charges and are not interest. _Source: syllabus Maths, Ch 7 'Comparing Quantities', S7.4 Compound Interest_

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More Quantitative Aptitude topics

Arithmetic Algebra MensurationMultiplicationNumber PropertiesPercentageSquares And RootsSimple InterestCompound InterestRatio and Proportion