ICSE Worksheet for chapter-12 Simple Interest and Compound Interest class 9

Worksheet For class 9

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Simple interest

If the principal remains the same throughout the loan period, then the interest paid by the borrower is called Simple interest.

S.I. = P (1+R/100)ⁿ

Compound interest:

If the borrower and the lender agree to fix up a certain interval of time so that the Amount =(Principle+ Interest) at the end of an interval becomes the principal for the next interval, then the total interest over all the intervals calculated in this way is called compound interest.

Let P be the principle and the rate of interest be R% per annum. If the interest is compounded annually then the amount A and the compound interest C.I, at the end of n years.

Given by A = P (1+R/100)ⁿ

and C.I = A-P=P{(1+R/100)ⁿ-1} respectively.

EXERCISE

Q1. A sum of money amount to Rs. 1237.50 and Rs. 1443.75 in 4 and 6 years respectively at a simple rate of interest. Find the principal and rate of interest.

Q2. Find the compound interest on Rs. 8000 for 3/2 years at 10% per annum, interest being payable half yearly.

Q3. Find the compound interest on Rs. 12000 for 3 years at 10% per annum, compounded annually.

Q4. In what time will Rs. 64000 amount to Rs.68921 at 5% per annum, interest being compounded half yearly?

1. 3/2 years
2. 2/3 years
3. 2 years
4. none of these

Q5. At what percent per annum, simple interest will double a sum of money in 12 years?

1. 25/3%
2. 24%
3. 25/4%
4. 8.25%

Q6. A sum of Rs. 500 was lent for 2 years at 2% compound interest. The interest for two years will be:

1. Rs. 20
2. Rs.25
3. Rs.50.20
4. Rs.20.20

Q7. Compute the compound interest on Rs. 1000for 2 years at 10%per annum when compounded half yearly.

1. Rs. 315.15
2. Rs.200
3. Rs.215.50
4. None of these

Q8. Find the compound interest on Rs. 24000 at 15% per annum for 7/3 years.

1. Rs. 9327
2. Rs. 9723
3. Rs. 9372
4. Rs. 9237

Solutions

1. P= Rs. 825, R= 12.5%
2. Rs. 1261
3. Rs. 3972
4. (a)
5. (a)
6. (d)
7. (c)
8. (a)