ICSE

ML Aggarwal Class 8 Solutions for ICSE Maths Chapter 8 Simple and Compound Interest Objective Type Questions

Mental Maths
Question 1.
Fill in the blanks:
(i) The money borrowed (lent or invested) is called …………
(ii) the additional money paid by the borrower to the moneylender in lieu of the money used is called …………
(iii) In simple interest, the principal ………… for the whole loan period.
(iv) In compound interest the ………… goes on changing every conversion period.
(v) The time after which the interest is added each time to form a new principal is called …………
(vi) If the interest is compounded semi-annually then semi-annually rate is ………… of the annual rate.
Solution:

Question 2.
State whether the following statements are true (T) or false (F):
(i) The interest paid by the banks, post offices, insurance companies is simple interest.
(ii) Compound interest is calculated on the amount of the previous year.
(iii) In compound interest, the principal remains constant for the whole period.
(iv) The time from one specified interest period to the next period is called the conversion period.
(v) If the interest is compounded quarterly then there are 2 conversion periods in a year.
Solution:

Multiple Choice Questions
Choose the correct answer from the given four options (3 to 9):
Question 3.
The compound interest on ^1000 at 10% p.a. for 2 years is
(a) ₹190
(b) ₹210
(c) ₹1210
(d) ₹200
Solution:

Question 4.
The compound interest on ₹5000 at 20% per annum for \(1 \frac{1}{2}\) years compounded half yearly is
(a) ₹6655
(b) ₹1655
(c) ₹50
(d) ₹1000
Solution:

Question 5.
The compound interest on ₹10000 at 8% per annum for 6 months compounded quarterly is
a) ₹408
(b) ₹10404
(c) ₹404
(d) ₹400
Solution:

Question 6.
The time periods and rate for a sum taken at 8% p.a. for \(1 \frac{1}{2}\) years compounded half yearly are
(a) n = 3, R = 4%
(b) n = 6, R = 2%
(c) n = 3, R = 2%
(d) n = 6, R = 4%
Solution:

Question 7.
If ₹12000 taken for 2 years at 4% per annum compounded quarterly, then time period and rate is
(a) n = 2, R = 16%
(b) n = 4, R = 1 %
(c) n = 8, R = 1%
(d) n = 8, R = 16%
Solution:

Question 8.
If the number of conversion periods ≥ 2, then compound interest is
(a) less than or equal to the simple interest
(b) greater than or equal to the simple interest
(c) less than simple interest
(d) greater than simple interest
Solution:

Question 9.
The time in which ₹6000 amounts to ₹7986 at 10% p.a. compounded annually is
(a) 2 years
(b) 3 years
(c) 4 years
(d) 5 years
Solution:

Value Based Question
Question 1.
A person wants to invest ₹ 100000 in fixed deposit scheme for 2 years. His financial advisor explained to him two types of schemes first is yielding 10% p.a. compounded annually, second is yielding 10% p.a. compounded semi-annually. Which scheme is better and why? Why investment is important for future life?
Solution:

Higher Order Thinking Skills (Hots)
Question 1.
A certain sum of money is invested at the rate of 5% per annum compound interest, the interest compounded annually. If the difference between the interests of the third year and the first year is ₹102.50. Find the sum.
Solution:

Question 2.
The difference between the compound interest and the simple interest on ₹42000 for two years is ₹105 at the same rate of interest per annum. Find
(i) the rate of interest
(ii) the compound interest earned in the second year.
Solution:

ML Aggarwal Class 8 Solutions for ICSE Maths

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.
Solution:

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.
Solution:

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?
Solution:

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?
Solution:

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?
Solution:

Question 9.
What sum invested for \(1 \frac{1}{2}\) years compounded half-yearly at the rate 8% p.a. will amount to ₹ 140608?
Solution:

Question 10.
At what rate percent will ₹2000 amount to ₹2315·25 in 3 years at compound interest?
Solution:

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.
Solution:

Question 12.
In what time will ₹15625 amount to ₹ 17576 at 4% per annum compound interest?
Solution:

Question 13.
₹ 16000 invested at 10% p.a. compounded semi-annually, amounts to ₹18522. Find the time period of investment.
Solution:

ML Aggarwal Class 8 Solutions for ICSE Maths

ML Aggarwal Class 8 Solutions for ICSE Maths Chapter 8 Simple and Compound Interest Ex 8.2

Question 1.
Calculate the compound interest on ₹6000 at 10% per annum for two years.
Solution:

Question 2.
Salma borrowed from Mahila Samiti a sum of ₹ 1875 to purchase a sewing machine. If the rate of interest is 4% per annum, what is the compound interest that she has to pay after 2 years?
Solution:

Question 3.
Jacob invests ₹12000 for 3 years at 10% per annum. Calculate the amount and the compound interest that Jacob will get after 3 years.
Solution:

Question 4.
A man invests ₹46875 at 4% per annum compound interest for 3 years.
Calculate:
(i) the interest for the first year.
(ii) the amount standing to his credit at the end of second year.
(iii) the interest for the third year.
Solution:

Question 5.
Calculate the compound interest for the second year on ₹6000 invested for 3 years at 10% p.a. Also find the sum due at the end of third year.
Solution:

Question 6.
Calculate the amount and the compound interest on ₹5000 in 2 years when the rate of interest for successive years is 6% and 8% respectively.
Solution:

Question 7.
Calculate the difference between the compound interest and the simple interest on ₹20000 in 2 years at 8% per annum.
Solution:

ML Aggarwal Class 8 Solutions for ICSE Maths

ML Aggarwal Class 8 Solutions for ICSE Maths Chapter 8 Simple and Compound Interest Ex 8.1

Question 1.
Find the simple interest on ₹4000 at 7.5% p.a. for 3 years 3 months. Also, find the amount.
Solution:

Question 2.
What sum of money will yield ₹170·10 as simple interest in 2 years 3 months at 6% per annum?
Solution:

Question 3.
Find the rate of interest when ₹800 fetches ₹130 as a simple interest in 2 years 6 months.
Solution:

Question 4.
Find the time when simple interest on ₹3·3 lakhs at 6·5% per annum is ₹75075.
Solution:

Question 5.
Find the sum of money when
(i) simple interest at 7\(\frac{1}{4}\)% p.a. for years is ₹2356·25
(ii) the final amount is ₹ 11300 at 4% p.a. for 3 years 3 months.
Solution:

Question 6.
How long will it take a certain sum of money to triple itself at 13\(\frac{1}{3}\)% per annum simple interest?
Solution:

Question 7.
At a certain rate of simple interest ₹4050 amounts to ₹4576·50 in 2 years. At the same rate of simple interest, how much would ₹1 lakh amount to in 3 years?
Solution:

Question 8.
What sum of money invested at 7.5% p.a. simple interest for 2 years produces twice as much interest as ₹9600 in 3 years 6 months at 10% p.a. simple interest?
Solution:

ML Aggarwal Class 8 Solutions for ICSE Maths

ML Aggarwal Class 8 Solutions for ICSE Maths Chapter 7 Percentage Check Your Progress

Question 1.
Convert \(\frac{7}{24}\) into a percentage correct to foursignificant figures.
Solution:

Question 2.
Express 750 mL as a percentage of 4 litres.
Solution:

Question 3.
A football team won 9 matches out of the total number of matches they played. If their win percentage was 45, then how many matches did they play in all?
Solution:

Question 4.
In a straight student election, Rahul got 66% of the votes polled. If the defeated student got 187 votes, find the total number of votes polled.
Solution:

Question 5.
36 kg of gunpowder contains 27 kg nitre, 5.4 kg charcoal and rest sulphur. Find the percentage content of sulphur in the gunpowder.
Solution:

Question 6.
75% of the students in a class passed an exam. If 2 more students had passed the exam. 80% would have been successful. How many students are there in the class ?
Solution:

Question 7.
The monthly salary of a school teacher in 2007 was ₹12000. It increased by 10% in 2008 and again by 10% in 2009. What is his salary in 2009?
Solution:

Question 8.
Price of a commodity decreased by 10% last year and increased by 20% this year. Find the percentage change in two years.
Solution:

Question 9.
A shop gives a 15% discount. What would the sale price of each of these be?
(i) A dress marked at ₹150
(ii) A pair of shoes marked at ₹800.
Solution:

Question 10.
A refrigerator marked at ₹18000 is available for ₹17100. Find the discount given and the discount percent.
Solution:

Question 11.
Ramu purchased 20 parrots at ₹30 each. Two parrots flew away and Ramu sold the rest of the parrots at ₹40 each. Calculate the profit or loss percentage of Ramu.
Solution:

Question 12.
Reena bought two tables for ₹ 1800 each. She sold one at a loss of 8% and the other at a profit of 12%. Find the selling price of each. Also, find out the total profit or loss.
Solution:

Question 13.
Ajit bought an old car ₹78000. He spent ₹2000 on repairs and repainting the car. He sold the car to Anju at a gain of 15%. Anju sold it to Anthony at a loss of 5%. What did the car cost to Anthony?
Solution:

Question 14.
Gaurav sold an article at a profit of 12%. Had it been sold for ₹16 more, the profit would have been 20%. Find the C.P. of the article.
Solution:

Question 15.
A shopkeeper allows 8% discount on his goods and still earns a profit of 15%. If an article is sold for ₹460, find :
(i) the marked price
(ii) the cost price.
Solution:

Question 16.
Rajesh bought an A.C. for ₹38500 including 10% VAT. Find the price ofA.C. before VAT was added.
Solution:

Question 17.
A DVD player is marked for ₹3000. The shopkeeper offers 10% discount on it. If VAT is received 8%. Find the amount paid by the customer.
Solution:

ML Aggarwal Class 8 Solutions for ICSE Maths