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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:

If there is a total of 104 weekly instalments and a thirddeposit, find the interest charged

A) 237.55	B) 337
C) 443	D) 334

Answer & Explanation Answer: A) 237.55

Explanation:

Cash price = $3695

Deposit =1/3 of $3695 = $1231.67

Loan amount = $3695.00 − $1231.67 = $2463.33

Total cost of loan = $25.97 × 104= $2700.88

Interest charged = total amount − loan
I = A − P
= 2700.88 − 2463.33
= 237.55

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

Q:

Car is purchased on hire-purchase. The cash price is $21 000 and the terms are a deposit of 10% of the price, then the balance to be paid off over 60 equal monthly instalments. Interest is charged at 12% p.a. What is the total cost of the car?

A) 30.240	B) 31.240
C) 33.240	D) 32,240

Answer & Explanation Answer: D) 32,240

Explanation:

Total cost = deposit + instalment amount × number of instalments

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

Q:

A car is purchased on hire-purchase. The cash price is $21 000 and the terms are a deposit of 10% of the price, then the balance to be paid off over 60 equal monthly instalments. Interest is charged at 12% p.a. What is the monthly instalment?

A) $503	B) $504
C) $505	D) %506

Answer & Explanation Answer: B) $504

Explanation:

Cash price = $21 000

Deposit = 10% × $21 000 = $2100

Loan amount = $21000 − $2100 = $18900

I=p x r x t/100

I=11340

Total amount = 18900 + 11340 = $30240

Regular payment = total amount /number of payments

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

Q:

A sapphire ring with a marked price of $1800 is offered to the purchaser on the following terms: $200 deposit and the balance to be paid over 24 equal monthly instalments with interest charged at 11.5% p.a. flat rate. Find the monthly repayments

A) $53	B) $42
C) $62	D) $82

Answer & Explanation Answer: D) $82

Explanation:

Total repayment amount = $1600 + $368
= $1968
= $82

regular payment= total amount/number of repayments

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

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