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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
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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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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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Q:

At the beginning of March, Ryan had $621 in his savings bank account. On 10 March he deposited $60. If the bank pays 8% p.a. interest paid monthly and calculated on the minimum monthly balance, calculate the interest Ryan earns in March.

A) 2.14	B) 3.14
C) 5.14	D) 4.14

Answer & Explanation Answer: D) 4.14

Explanation:

I = (P x T x R) /100

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Q:

An investment bond is offered to the public at 9% p.a. Louise buys a bond worth $2000 that will mature in 2 years. How much in total will Louise receive at the end of the 2 years?

A) 3360	B) 2360
C) 4360	D) 5360

Answer & Explanation Answer: B) 2360

Explanation:

I = (P x r x t)/100

I = $360

A = P+I

A = 2360

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Q:

Townbank offers a term deposit account paying investors 12.5% p.a. simple interest on investments over $100 000 for 2 years or more. Peta decides to invest $150 000 in this account for 2 years. How much interest will Peta earn at the end of the investment?

A) 57500	B) 47500
C) 37500	D) 67500

Answer & Explanation Answer: C) 37500

Explanation:

I = (p x t x r)/100

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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 total amount collected at the end of the term.

A) 8125	B) 9125
C) 7125	D) 6125

Answer & Explanation Answer: C) 7125

Explanation:

total interest=1187.50*6

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Exam Prep: Bank Exams
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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

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