Row Search

Q:

Jason decides to borrow money for a holiday. If a personal loan is taken over 4 years with equal quarterly repayments at 12% p.a. flat rate (simple interest), calculate the effective rate of interest.

A) 22,588	B) 32.588
C) 42.588	D) 43.588

Answer & Explanation Answer: A) 22,588

Explanation:

Flat rate = 12%
n = 4 × 4
= 16

Effective rate =2n/(n+1) × flat rate

Report Error

View Answer Report Error Discuss

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

Q:

Find the simple interest charged on borrowing $325 for 5 years at 3% p.a. (per annum or per year) interest.

A) 59	B) 46
C) 48.75	D) 34.75

Answer & Explanation Answer: C) 48.75

Explanation:

I= $\frac{P T R}{100}$

Report Error

View Answer Report Error Discuss

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

Q:

Two dice are thrown simultaneously. What is the probability of getting two numbers whose product is even?

A) 3/4	B) 3/8
C) 5/16	D) 2/7

Answer & Explanation Answer: A) 3/4

Explanation:

In a simultaneous throw of two dice, we have n(S) = (6 x 6) = 36.

Then, E= {(1, 2), (1, 4), (1, 6), (2, 1), (2, 2), (2, 3), (2, 4), (2, 5), (2, 6), (3, 2), (3,4),(3, 6), (4, 1), (4, 2), (4, 3), (4, 4), (4, 5), (4, 6), (5, 2), (5, 4), (5, 6), (6, 1),6, 2), (6, 3), (6, 4), (6, 5), (6, 6)}

n(E) = 27.

P(E) = n(E)/n(S) = 27/36 = 3/4.

Report Error

View Answer Report Error Discuss

Filed Under: Probability

Q:

What is the probability of getting a sum 9 from two throws of a dice?

A) 1/2	B) 3/4
C) 1/9	D) 2/9

Answer & Explanation Answer: C) 1/9

Explanation:

In two throws of a die, n(S) = (6 x 6) = 36.

Let E = event of getting a sum ={(3, 6), (4, 5), (5, 4), (6, 3)}.

P(E) =n(E)/n(S)=4/36=1/9.

Report Error

View Answer Report Error Discuss

Filed Under: Probability

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.

Report Error

View Answer Report Error Discuss

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

Report Error

View Answer Report Error Discuss

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

Q:

The population of a town was 3600 three years back. It is 4800 right now. What will be the population three years down the line, if the rate of growth of population has been constant over the years and has been compounding annually?

A) Rs.600	B) Rs,6400
C) Rs.6500	D) Rs.6600

Answer & Explanation Answer: B) Rs,6400

Explanation:

The population grew from 3600 to 4800 in 3 years. That is a growth of 1200 on 3600 during three year span.

Therefore, the rate of growth for three years has been constant.

The rate of growth during the next three years will also be the same.

Therefore, the population will grow from 4800 by $4800 * \frac{1}{3}$ = 1600

Hence, the population three years from now will be 4800 + 1600 = 6400

Report Error

View Answer Report Error Discuss

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

Q:

The least number of complete years in which a sum of money put out at 20% compound interest will be more than doubled is:

A) 3	B) 4
C) 5	D) 6

Answer & Explanation Answer: B) 4

Explanation:

$P {(1 + \frac{20}{100})}^{n} > 2 P \Leftrightarrow {(\frac{6}{5})}^{n} > 2$

$(\frac{6}{5} \times \frac{6}{5} \times \frac{6}{5} \times \frac{6}{5}) > 2$

so, answer is 4 years

Report Error

View Answer Report Error Discuss

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

Searching for "Row"

Quick Links