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Q:

A loan of $15 000 is taken out. If the interest rate on the loan is 7%, how much interest is due and what is the amount repaid if the loan is due in seven months

A) 15612.50 B) 14612.50
C) 13612.50 D) 17612.50
 
Answer & Explanation Answer: A) 15612.50

Explanation:

We have P = 15 000, r = 0.07 and since the actual date the loan was taken out
is not given, we use t =7/12

I = Prt=$15 000* 0.07* 7/12 = $612.50

Amount repaid = Future or accumulated value,

S = P + I = $15 000 + $612.50 = $15 612.50

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Filed Under: Simple Interest
Exam Prep: Bank Exams
Job Role: Bank PO

2 3239
Q:

The effective annual rate of interest corresponding to nominal rate of 6% per annum payable half yearly is

A) 5% B) 6%
C) 7% D) 6.09%
 
Answer & Explanation Answer: D) 6.09%

Explanation:

amount=[100(1+3/100)^2]=Rs.106.09

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Filed Under: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO

1 3953
Q:

A sum of money lent at compound interest for 2 years at 20% per annum would fetch Rs.482 more, if the interest was payable half yearly than if it was payable annually . The sum is

A) 10000 B) 20000
C) 40000 D) 50000
 
Answer & Explanation Answer: B) 20000

Explanation:

Let sum=Rs.x

 

C.I. when compounded half yearly = x1+101004-x=464110000

 

C.I. when compounded annually =x201002-x=1125

 464110000x-1125x=482

 

=> x=20000

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Filed Under: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO

274 56346
Q:

Jackie deposits $325 in an account that pays 4.1% interest compounded annually. How much money will Jackie have in her account after 3 years?

A) 346.64 B) 356.64
C) 366.64 D) 376.64
 
Answer & Explanation Answer: C) 366.64

Explanation:

A=P(1+r)^t

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Filed Under: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO

0 4128
Q:

Simon deposits $400 in an account that pays 3% interest compounded annually. What is the balance of Simon’s account at the end of 2 years?

A) 424.36 B) 524.56
C) 545.36 D) 456.36
 
Answer & Explanation Answer: A) 424.36

Explanation:

I=Prt

 

I=12

 

Balance = P +Prt

 

412

 

Find the balance at the end of the second year.

 

I = Prt=12.36

 

Balance =P + Prt

 

424.36

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Filed Under: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO

0 4456
Q:

You deposit $300 in a savings account that pays 4% simple annual interest. Find your account balance after 9 months.

A) 309 B) 409
C) 609 D) 509
 
Answer & Explanation Answer: A) 309

Explanation:

A = P + Prt

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Filed Under: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO

5 4748
Q:

Josh borrowed $250 from his mother to buy an electric scooter. Josh will pay her back in 1 year with 3% simple annual interest. How much interest will Josh pay?

A) 7.50 B) 8.50
C) 9.50 D) 10.50
 
Answer & Explanation Answer: A) 7.50

Explanation:

I=prt/100

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Filed Under: Compound Interest
Exam Prep: Bank Exams
Job Role: Bank PO

1 5441
Q:

Dianna deposits $725 into a savings account that pays 2.3% simple annual interest. How much interest will Dianna earn after 18 months?

A) 23.01 B) 24.01
C) 25.01 D) 26.01
 
Answer & Explanation Answer: C) 25.01

Explanation:

I = Prt

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Filed Under: Quantitative Aptitude - Arithmetic Ability
Exam Prep: Bank Exams
Job Role: Bank PO

0 3374