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For the same principal amount, the compound interest... -Quantitative Aptitude | CAT Interest |

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The question below is from previous year CAT question from CAT 2020 exam comes from sub-section CAT Interest: For the same principal amount, the compound interest… .

Find out by answering this question which tests an aspirant’s Quantitative Ability Skills:

CAT 2020 – Slot 2 - CAT Interest - Question 8 - For the same principal amount, the compound interest

Question 8. For the same principal amount, the compound interest for two years at 5% per annum exceeds the simple interest for three years at 3% per annum by Rs 1125. Then the principal amount in rupees is

Answer:

Correct Answer: 90000

P(1.05)2 – P = CI

P × 3 × 3/100= SI

CI = 0.1025 P

SI = 0.09P

CI – SI = 0.0125P =  125/10000= P = 1125

P = 90000

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