## ML Aggarwal Class 8 Solutions for ICSE Maths Chapter 8 Simple and Compound Interest Ex 8.3

Question 1.

Calculate the amount and compound interest on

(i) ₹15000 for 2 years at 10% per annum compounded annually.

(ii) ₹156250 for \(1 \frac{1}{2}\) years at 8% per annum compounded half-yearly.

(iii) ₹ 100000 for 9 months at 4% per annum compounded quarterly.

Solution:

Question 2.

Find the difference between the simple interest and compound interest on ₹4800 for 2 years at 5% per annum, compound interest being reckoned annually.

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Question 3.

Find the compound interest on ₹3125 for 3 years if the rates of interest for the first, second and third year are respectively 4%, 5% and 6% per annum.

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Question 4.

Kamla borrowed ₹26400 from a Bank to buy a scooter at a rate of 15% p.a. compounded yearly. What amount will she pay at the end of 2 years and 4 months to clear the loan?

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Question 5.

Anil borrowed ₹18000 from Rakesh at 8% per annum simple interest for 2 years. If Anil had borrowed this sum at 8% per annum compound interest, what extra amount would he has to pay?

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Question 6.

Mukesh borrowed 775000 from a bank. If the rate of interest is 12% per annum, find the amount he would be paying after \(1 \frac{1}{2}\) years if the interest is

(i) compounded annually

(ii) compounded half-yearly.

Solution:

Question 7.

Aryaman invested ₹10000 in a company, he would be paid interest at 7% per annum compounded annually. Find

(i) the amount received by him at the end of 2 years.

(ii) the interest for the 3rd year.

Solution:

Question 8.

What sum of money will amount to ₹9261 in 3 years at 5% per annum compound interest?

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Question 9.

What sum invested for \(1 \frac{1}{2}\) years compounded half-yearly at the rate 8% p.a. will amount to ₹ 140608?

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Question 10.

At what rate percent will ₹2000 amount to ₹2315·25 in 3 years at compound interest?

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Question 11.

If ₹40000 amounts to ₹46305 in \(1 \frac{1}{2}\) years, compound interest payable half-yearly, find the rate of interest per annum.

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Question 12.

In what time will ₹15625 amount to ₹ 17576 at 4% per annum compound interest?

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Question 13.

₹ 16000 invested at 10% p.a. compounded semi-annually, amounts to ₹18522. Find the time period of investment.

Solution: