The Compound Interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest. In simple words, we can say that when you get interest on your invested money and interest on that money. Simple interest means when you get interest on your principal amount only. But the compound interest is the interest on the principal sum and the interest earned on it.

The formula of compound interest is:

A = {1 + R/100} ᵀ

Here T = Time

A = Amount

P = Principal

R = Rate of Interest

A = Amount = Principal + Compound Interest

In this article, you will get to know all the short tricks to solve Compound Interest Questions for IPM and DU JAT.

Short Tricks to Solve Compound Interest Questions for IPM and DU JAT

There are some of the questions mentioned below with their solution that will help you to get the short tricks to solve compound interest questions for IPM and DU JAT.

Question 1: If P = 10000/-, T = 2 years 6 months, rate of interest = 20% compounded annually. Find Amount.

Question 2: If P = 20,000, Rate of Interest = 3% p.a. Time = 2 years 3 months, Find Compound interest.

Question 3: If P = 7.30 lacs, Rate of Interest = 10% p.a. T = 2 years and 2 days. Find Compound Interest.

Question 4: If P = 18000, Rate of Interest = 16.66%, Time = 1 year 73 days, Find Compound Interest.

Question 5: If P = 10400, Rate of Interest = 5%, Time = 1 year and 6 weeks, interest compounded annually.

Question 6: If P = 8000, Time = 3 years, Rate of Interest = 1%, 2%, and 3%. Find CI – SI = ?

Question 7: The differences of Simple interest and compound interest on a certain sum of money at 5% for 2 years are Rs. 3. Find the sum?

Question 8: If the difference between Compound interest and simple interest on a certain sum of money at 5% p.a. for 3 years is Rs. 122. Find the sum.

Question 9: Simple interest on a sum of money for 2 years is Rs. 480 and Compound interest is Rs. 492. Find the sum and rate of interest.

Question 10: Principal =? Time = 3 years, Rate of Interest = 15%, Compound interest – Simple interest = Rs. 1701.