Aptitude - Compound Interest - Discussion
Discussion Forum : Compound Interest - General Questions (Q.No. 1)
1.
A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits Rs. 1600 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by way of interest is:
Answer: Option
Explanation:
| Amount |
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| = Rs. 3321. |
C.I. = Rs. (3321 - 3200) = Rs. 121
Discussion:
220 comments Page 10 of 22.
Preeti said:
1 decade ago
I can't understand why the time is 1st year for deposition on jan and 1/2 on july?
Vishal said:
1 decade ago
If compound interest is given and no.of years have to be calculate then?
Priya said:
1 decade ago
Hello @Preeti.
In first case it is 1 year because its from 1st Jan to end of the year so its of 12 months = 1 year.
In sec case it is 1/2 year because its from 1st July to end of the year its of 6 months = 1/2 year.
Hope you ll get.
In first case it is 1 year because its from 1st Jan to end of the year so its of 12 months = 1 year.
In sec case it is 1/2 year because its from 1st July to end of the year its of 6 months = 1/2 year.
Hope you ll get.
Venkatesan M said:
1 decade ago
1st Jan-First Half Yr 1600 x 5/100 x 6/12 = 40.00.
1st Jan-Second Half Yr (1600+40)x 5/100 x 6/12 = 41.00.
1st Jul-second Half Yr 1600 x 5/100 x 6/112 = 40.00.
_______
Total Int = 121.00.
1st Jan-Second Half Yr (1600+40)x 5/100 x 6/12 = 41.00.
1st Jul-second Half Yr 1600 x 5/100 x 6/112 = 40.00.
_______
Total Int = 121.00.
Venkatesan M said:
1 decade ago
SI : 625 x 4% x 2yr = ---------------------------------- 50.00.
CI : 625 x 4% x 1st Yr ------------------ 25.00.
(625+25) x 4% x 2nd yr ------------- 26.00.
------ -------
Total 51.00 50.00.
Difference between SI & CI (51.00 - 50.00) 1.00.
CI : 625 x 4% x 1st Yr ------------------ 25.00.
(625+25) x 4% x 2nd yr ------------- 26.00.
------ -------
Total 51.00 50.00.
Difference between SI & CI (51.00 - 50.00) 1.00.
Shekhar said:
1 decade ago
Why did subtract one in most of cases? please reply.
Shail said:
1 decade ago
Hi,
What does "5% compound interest calculated on half-yearly basis" actually mean?
This 5% interest is, interest per annum.
Or interest per 6 months?
What does "5% compound interest calculated on half-yearly basis" actually mean?
This 5% interest is, interest per annum.
Or interest per 6 months?
Expert said:
1 decade ago
1st half 1600. After half half yr @2.5% 40 so total 1640.
2nd half 1640+1600 = 3240 so after 1yr 3321.
Gain 3321-3200 = 121.
2nd half 1640+1600 = 3240 so after 1yr 3321.
Gain 3321-3200 = 121.
Mzcool said:
1 decade ago
What is the difference between simple interest and compound interest?
Ravi said:
1 decade ago
Hey guys what formula use for this? please help me.
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