Maths Practice Test On Compound Interest

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Compound Interest is a very important chapter in ICSE Class 8 maths, ICSE Class 9 Maths and CBSE Class 8 Maths. Take this Maths Practice Test On Compound Interest here. This online aptitude test on Compound Interest will increase the confidence in students and students will never hesitate to do the sums on Compound Interest. Online Quiz on Compound Interest Maths is provided by The Brainbox Tutorials. The quiz has multiple choice questions on Compound Interest Maths. Students will be benefitted by this online Practice test on Compound Interest.

Compound Interest Definition and Examples

Financial institutions, insurance companies, post offices, banks and other companies which lend money and accept deposits follow an entirely different procedure for calculating interest. 

Here, the borrower and lender fix a certain unit of time to work out the interest. The principal changes after each fixed unit of time because the interest accrued during the fixed unit of time is added to the principal and the amount obtained is considered as the principal for the next unt of time. 

The interest for the next unit of time is computed on this new principal and so on. 

After a certain specific period the difference between the amount and the money borrowed is calculated and this difference is called the compound interest(CI). The fixed unit of time is called the conversion period.

Formula For Compound Interest

Taking Principal = P, Compound Interest = CI, Rate of interest = r%, Time(in years) = n, we have
 

When CI is Calulted annually,

 

 

 

When the rates are different for different years (successive rates of interest)

 

 
 

When Compound Interest is calculated semi-annually

 

 

Application of Compound Interest Formula

Taking required value = V, Original/Previous value = Vâ‚€, we have
 
Growth
 

 

Depreciation

 

 

 
 

Practice Test On Compound Interest Maths

 
 
Below are the quiz and the rules to be followed while performing this Practice Test On Compound Interest. 
You can go through the tutorial of this chapter in video form to understand the concept clearly. Here is the link to the video tutorial.
 

Video tutorial on:  

 

 

Rules For The Quiz:

 
  • This quiz has 10 multiple-choice questions.
  • Each sum has 2 marks.
  • So the maximum marks of this test are 20.
  • There is no time limit.
  • You should be ready with a pen and copy in your hand to solve the sums.
  • keep your Maths book away from you. This is the test of your memory. So do not take the help of the Maths book.
  • The correct answer and explanation are provided at the end of this quiz.


 


 
Please share your score in test in the comments section below. You are free to have as many attemts you want.
Happy learning an always say yes to maths.
 
 

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