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Q:

Jaclyn buys $50 000 worth of debentures in a company. She earns 9.5% p.a. simple interest, paid to her quarterly (that is, every 3 months). If the agreed period of the debenture was 18 months: calculate the amount of interest Jaclyn will earn for each quarter

A) 1187.50	B) 1234
C) 1289	D) 1345

Answer & Explanation Answer: A) 1187.50

Explanation:

I=(p x r x t)/100

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

Q:

A runs $1 \frac{2}{3}$ times as fast as B. If A gives B a start of 80 m, how far must the winning post be so that A and B might reach it at the same time?

A) 200 m	B) 300m
C) 270m	D) 160m

Answer & Explanation Answer: A) 200 m

Explanation:

Ratio of the speeds of A and B =5 : 1 = 5 :3

Thus, in race of 5 m, A gains 2 m over B.

2 m are gained by A in a race of 5 m.

80 m will be gained by A in race of $(\frac{5}{2} * 80)$ m =200m

=> Winning post is 200 m away from the starting point.

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Filed Under: Races and Games

Q:

If a sum of money at simple interest doubles in 6 years, it will become 4 times in

A) 15years	B) 16years
C) 17years	D) 18years

Answer & Explanation Answer: D) 18years

Explanation:

let sum =x . s.i.=x

rate =(100*x)/(x*6)=50/3%

now ,sum =x, s.i= 3x, rate =50/3%

time =(100*3x)/(x*50/3) = 18 years

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

Q:

Mr. Gupta borrowed a sum of money on compound interest. What will be the amount to be repaid if he is repaying the entire amount at the end of 2 years?

I. The rate of interest is 5 p.c.p.a.

II. Simple interest fetched on the same amount in one year is Rs. 600.

III. The amount borrowed is 10 times the simple interest in 2 years.

A) I only	B) III only
C) I or II only	D) .II and Either I or III only

Answer & Explanation Answer: D) .II and Either I or III only

Explanation:

I. gives, Rate = 5% p.a.

II. gives, S.I. for 1 year = Rs. 600.

III. gives, sum = 10 x (S.I. for 2 years).

Now I, and II give the sum.

For this sum, C.I. and hence amount can be obtained.

Thus, III is redundant.

Again, II gives S.I. for 2 years = Rs. (600 x 2) = Rs. 1200.

Now, from III, Sum = Rs. (10 x 1200) = Rs . 12000.

Thus, Rate =

100 x 1200

= 5% p.a.

2 x 12000

Thus, C.I. for 2 years and therefore, amount can be obtained.

Thus, I is redundant.

Hence, I or III redundant.

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

Q:

Mr. Gupta borrowed a sum of money on compound interest. What will be the amount to
be repaid if he is repaying the entire amount at the end of 2 years?
I. The rate of interest is 5 p.c.p.a.
II. Simple interest fetched on the same amount in one year is Rs. 600.
III. The amount borrowed is 10 times the simple interest in 2 years.

A) .I only	B) III only
C) I or II	D) II and Either I or III only

Answer & Explanation Answer: D) II and Either I or III only

Explanation:

I. gives, Rate = 5% p.a.

II. gives, S.I. for 1 year = Rs. 600.

III. gives, sum = 10 x (S.I. for 2 years).

Now I, and II give the sum.

For this sum, C.I. and hence amount can be obtained.

Thus, III is redundant.

Again, II gives S.I. for 2 years = Rs. (600 x 2) = Rs. 1200.

Now, from III, Sum = Rs. (10 x 1200) = Rs . 12000.

Thus,Rate = $\frac{100 * 1200}{2 * 12000}$ =5%

Thus, C.I. for 2 years and therefore, amount can be obtained.

Thus, I is redundant.

Hence, I or III redundan

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

Q:

What is the rate of interest p.c.p.a.?

I. An amount doubles itself in 5 years on simple interest.

II. Difference between the compound interest and the simple interest earned on a certain amount in 2 years is Rs. 400.

III. Simple interest earned per annum is Rs. 2000

A) I only	B) II and III only
C) All I, II and III	D) I only or II and III only

Answer & Explanation Answer: D) I only or II and III only

Explanation:

$I . \frac{P * R * 5}{100} = P \Leftrightarrow R = 20$

$I I . P {(1 + \frac{R}{100})}^{2} - P - \frac{P * R * 2}{100} = 400 = > p R^{2} = 4000000$

$I I I . \frac{P * R * 1}{100} = 2000 = > P R = 200000$

$\frac{P R^{2}}{P R} = \frac{4000000}{200000} \Leftrightarrow R = 20$

Thus I only or (II and III) give answer.

Correct answer is (D)

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

Q:

An amount of money was lent for 3 years. What will be the difference between the simple and the compound interest earned on it at the same rate?
I. The rate of interest was 8 p.c.p.a.
II. The total amount of simple interest was Rs. 1200

A) I alone sufficient while II alone not sufficient to answer	B) alone sufficient while I alone not sufficient to answer
C) Both I and II are not sufficient to answer	D) Both I and II are necessary to answer

Answer & Explanation Answer: D) Both I and II are necessary to answer

Explanation:

Given: T = 3 years.
I. gives: R = 8% p.a.
II. gives: S.I. = Rs. 1200.
Thus, P = Rs. 5000, R = 8% p.a. and T = 3 years.
Difference between C.I. and S.I. may be obtained.
So, the correct answer is (D).

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

Q:

The difference between the compound interest and the simple interest on a certain sum at 12% p.a. for two years is Rs.90. What will be the value of the amount at the end of 3 years?

A) 8560	B) 8673
C) 8746	D) 8780.80

Answer & Explanation Answer: D) 8780.80

Explanation:

when interest is reckoned using compound interest, interest being compounded annually. The difference in the simple interest and compound interest for two years is on account of the interest paid on the first year's interest Hence 12% of simple interest = 90 => simple interest =90/0.12 =750.

As the simple interest for a year = 750 @ 12% p.a., the principal =750/0.12 = Rs.6250.

If the principal is 6250, then the amount outstanding at the end of 3 years = 6250 + 3(simple interest on 6250) + 3 (interest on simple interest) + 1 (interest on interest on interest) = 6250 +3(750) + 3(90) + 1(10.80) = 8780.80.

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

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