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2
Q:

Determine the nominal rate of interest if:

The periodic rate is 0.83% per month

A) 7% B) 8%
C) 9% D) 10%

Answer:   D) 10%



Explanation:

j=mi

Subject: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO
Related Questions
Q:

On a sum of money, the simple interest for 2 years is Rs. 660,while the compound interest is Rs.696.30,the rate of interest being the same in both the cases. The rate of interest is

A) 10% B) 11%
C) 12% D) 13%
 
Answer & Explanation Answer: B) 11%

Explanation:

Difference in C.I and S.I for 2 years

= Rs(696.30-660)

=Rs. 36.30.

 

S.I for one years = Rs330.

S.I on Rs.330 for 1 year =Rs. 36.30 

 

Rate

= (100x36.30/330x1)%

= 11%

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Job Role: Bank PO

42 32021
Q:

The present worth of Rs.169 due in 2 years at 4% per annum compound interest is

A) Rs.156.25 B) Rs.150
C) Rs.140 D) Rs125.25
 
Answer & Explanation Answer: A) Rs.156.25

Explanation:

 

Present Worth

 

=P1+R1002

 

=1691+41002

 

= Rs.156.25

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Job Role: Bank PO

28 23035
Q:

Albert invested an amount of Rs.8000 in a fixed deposit scheme for 2 years at compound interest rate 5 p.c.p.a. How much amount will Albert get on maturity of the fixed deposit ?

A) Rs.8600 B) Rs.8830
C) Rs.8500 D) Rs.8820
 
Answer & Explanation Answer: D) Rs.8820

Explanation:

Amount

=Rs.[8000x(1+5/100)²]

= Rs.[8000 x 21/20x21/20]

= Rs.8820. 

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4 7995
Q:

Simple interest on a certain sum of money for 3 years at 8% per annum is half the compound interest on Rs. 4000 for 2 years at 10% per annum. The sum placed on simple interest is

A) Rs.1650 B) Rs.1550
C) Rs.1750 D) Rs.1850
 
Answer & Explanation Answer: C) Rs.1750

Explanation:

C.I. =Rs[4000x(1+10/100)²-4000]

Rs.(4000x11/10x11/10-4000) = Rs.940.

Sum

=Rs. [420 *100 /3 * 8]

= Rs.1750.

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Exam Prep: Bank Exams
Job Role: Bank PO

3 5219
Q:

Find the compound interest on Rs.16,000 at 20% per annum for 9 months, compounded quartely.

A) Rs.2522 B) Rs.2422
C) Rs.3522 D) Rs.2322
 
Answer & Explanation Answer: A) Rs.2522

Explanation:

Principal = Rs.16,000;

Time=9 months = 3 quarters;

Amount

=Rs.[16000x(1+5/100)³] =[16000x21/20x21/20x21/20]

= Rs.18522.

 

C.I

= Rs.(18522 - 16000)

= Rs.2522.

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Job Role: Bank PO

0 5073
Q:

Find compound interest on Rs. 7500 at 4% per annum for 2 years, compounded annually

A) Rs.512 B) Rs.515
C) Rs.612 D) Rs.522
 
Answer & Explanation Answer: C) Rs.612

Explanation:

Amount

= Rs[7500x(1+4/100)²]

=Rs.(7500 * 26/25 * 26/25)

=Rs.8112

 

 C.I

= Rs(8112 - 7500)

=Rs.612

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3 5288
Q:

The principal that amounts to Rs.4913 in 3 years at 413% per annum compound interest compounded annually is

A) Rs.3096 B) Rs.4076
C) Rs.4085 D) Rs.4096
 
Answer & Explanation Answer: D) Rs.4096

Explanation:

principal = A=4913,T=3, R=413

P=A1+R100T

 

 = Rs.4096

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Exam Prep: GRE

30 23373
Q:

The compound interest on rs.30000 at 7% per annum is Rs.4347. The period is

A) 2 years B) 2.5 years
C) 3 years D) 4 years
 
Answer & Explanation Answer: A) 2 years

Explanation:

Amount = Rs.(30000+4347) = Rs.34347

 

let the time be n years

 

Then,30000(1+7/100)^n = 34347

 

(107/100)^n = 34347/30000 = 11449/10000 = (107/100)^2

 

n = 2years

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Exam Prep: GRE

379 95076