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Q:

You deposit $600 into a 6 month certificate of deposit. After 6 months the balance is $618. Find the simple annual interest rate.

A) 5%	B) 4%
C) 6%	D) 7%

Answer & Explanation Answer: C) 6%

Explanation:

I=prt

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

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

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
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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

Q:

How much money would you need to deposit today at 9% annual interest compounded monthly to have $12000 in the account after 6 years?

A) 9007	B) 4007
C) 7007.08	D) 8oo7

Answer & Explanation Answer: C) 7007.08

Explanation:

FV=P(1+r/n)^nt

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

Q:

If you deposit $6500 into an account paying 8% annual interest compounded monthly, how
much money will be in the account after 7 years?

A) 11358.24	B) 12334
C) 15789	D) 12386

Answer & Explanation Answer: A) 11358.24

Explanation:

FV=P(1+r/n)^nt

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

Q:

If you deposit $4000 into an account paying 6% annual interest compounded quarterly, how much money will be in the account after 5 years ?

A) 3387.42	B) 4387.42
C) 5387.42	D) 6387.42

Answer & Explanation Answer: C) 5387.42

Explanation:

The mathematical formula for calculating compound interest depends on several factors. These factors include the amount of money deposited called the principal, the annual interest rate (in decimal form), the number of times the money is compounded per year, and the number of years the money is left in the bank.

$F V = p {(1 + \frac{r}{n})}^{n t}$

FV = Future value of the Deposit

p = Principal or Amount of Money deposited

r = Annual Interest Rate (in decimal form )

n = No of times compounded per year

t = time in years

$F V = 4000 {[1 + \frac{0.06}{4}]}^{4 (5)}$ = 5387.42

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

Q:

Jan invested $210 with a building society in a fixed deposit account that paid 8% p.a. simple interest for 18 months. How much did she receive after the 18 months?

A) 434	B) 345
C) 235.20	D) 233.20

Answer & Explanation Answer: C) 235.20

Explanation:

I = (p x r x t)/100

I = $25.20

A = P+I

A = 235.20

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

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