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Q:

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

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

Answer & Explanation Answer: A) 1

Explanation:

m=j/i

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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 4.2

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

Answer & Explanation Answer: B) 2

Explanation:

i=j/m

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Q:

Calculate the periodic interest rate corresponding to 9.5% compounded monthly

A) 0.7916	B) 0.8916
C) 0.9916	D) 0.6916

Answer & Explanation Answer: A) 0.7916

Explanation:

i=j/m

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Exam Prep: Bank Exams
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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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Filed Under: True Discount

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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Exam Prep: Bank Exams
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Q:

The periodic interest rate corresponding to: 9.75% compounded semiannually

A) 4.875	B) 3.785
C) 4.865	D) 4.975

Answer & Explanation Answer: A) 4.875

Explanation:

i=j/m

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

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

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