Practice Test on Compound Interest

Practice test on compound interest will help the students to get prepared for their grade exams after solving the objective questions on compound interest.

Tick (✔) the correct answer in each of the following:

1. The compound interest on $ 50000 at 8 % per annum for 2 years, compounded annually, is ………….

(a) $ 8000

(b) $ 8250

(c) $ 8350

(d) $ 8640

2. At what rate per cent per annum will a sum of $ 7500 amount to Rs 8427 in 2 years, compounded annually?

(a) 4 %

(b) 5 %

(c) 6 %

(d) 8 %

3. Ben deposits $ 30000 in a bank at 7% per annum compound interest for a certain time is $ 4347. The time is …………….

(a) 2 years

(b) 2¹/₂ years

(c) 3 years

(d) 4 years

4. The principal that amounts to $ 4913 in 3 years at 6¹/₄ % per annum compound interest, compounded annually, is ……………….

(a) $ 3096

(b) $ 4076

(c) $ 4085

(d) $ 4096

5. If the simple interest on a sum of money at 5% per annum for 3 years is $ 1200, then the compound interest on the same sum for the same period at the same rate will be ……………..

(a) $ 1225

(b) $ 1236

(c) $ 1248

(d) $ 1261

6. A certain sum of money gives $ 510 as compound interest 12¹/₂ % per annum for 2 years. Find the simple interest on the same sum of money at the same rate for the same period of time.

(a) $ 400

(b) $ 450

(c) $ 460

(d) $ 480

7. On a sum of $ 15000 for 2 years, if the difference between compound interest and simple interest is $ 96. Find the rate of interest per cent per annum.

(a) 6

(b) 8

(c) 10

(d) 12

Answers are given below for practice test on compound interest so that students can check the answers after solving.

Answers:

1. (c)

2. (c)

3. (c)

4. (d)

5.(d)

6. (d)

7. (b)

● Compound Interest

Compound Interest

Compound Interest with Growing Principal

Compound Interest with Periodic Deductions

Compound Interest by Using Formula

Compound Interest when Interest is Compounded Yearly

Compound Interest when Interest is Compounded Half-Yearly

Compound Interest when Interest is Compounded Quarterly

Problems on Compound Interest

Variable Rate of Compound Interest

Difference of Compound Interest and Simple Interest

Practice Test on Compound Interest

Uniform Rate of Growth

Uniform Rate of Depreciation

Uniform Rate of Growth and Depreciation

● Compound Interest - Worksheet

Worksheet on Compound Interest

Worksheet on Compound Interest when Interest is Compounded Half-Yearly

Worksheet on Compound Interest with Growing Principal

Worksheet on Compound Interest with Periodic Deductions

Worksheet on Variable Rate of Compound Interest

Worksheet on Difference of Compound Interest and Simple Interest

Worksheet on Uniform Rate of Growth

Worksheet on Uniform Rate of Depreciation

Worksheet on Uniform Rate of Growth and Depreciation

8th Grade Math Practice

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