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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 & Explanation Answer: D) 10%

Explanation:

j=mi

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

Q:

For a nominal interest rate of 8.4%, what is the compounding frequency if the periodic interest rate is:0.7

A) 9	B) 10
C) 11	D) 12

Answer & Explanation Answer: D) 12

Explanation:

i=j/m

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Q:

If a cellphone is purchased for Rs.490 and sold for Rs.465.50 find the loss percentage?

A) 10	B) 5
C) 20	D) 15

Answer & Explanation Answer: B) 5

Explanation:

loss = C.P - S.P = 490 - 465.50 =24.50

loss % = (loss x 100)/C.P = (24.50 x 100)/490 = 5%

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Q:

The profit earned by selling an article for Rs 900 is double the loss incurred when the same article is sold for Rs.490. At what price should the article be sold to make 25% profit?

A) 715	B) 469
C) 400	D) 750

Answer & Explanation Answer: D) 750

Explanation:

Let C.P be Rs. x

900 - x = 2(x - 450) => x = Rs.600

C.P = 600 gain required is 25%

S.P = [(100+25) x 600] / 100 = Rs.750

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Q:

Calculate the periodic interest rate corresponding to:9.0% compounded quarterly

A) 3.45	B) 2.25
C) 5.25	D) 6.25

Answer & Explanation Answer: B) 2.25

Explanation:

i=j/m

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Q:

A loan is made for $4800 with an APR of 12% and payments made monthly for 24 months. What is the payment amount? What is the finance charge?

A) 622.80	B) 522.80
C) 322.80	D) 632.80

Answer & Explanation Answer: A) 622.80

Explanation:

${\color{Blue} A=R\left [(1+i)^{n-1} \right ]/i ( 1+i )^{n}}$

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Q:

A loan is made for $3500 with an interest rate of 9% and payments made annually for 4 years. What is the payment amount?

A) 8906	B) 1089
C) 1070	D) 1080.34

Answer & Explanation Answer: D) 1080.34

Explanation:

A=R[(1+i)^n-1]/i(1+i)^n

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Q:

Find the finance charge for an average daily balance of $8431.10 with monthly interest rate of 1.4%

A) 98.04	B) 88.04
C) 68.04	D) 118.04

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