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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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Filed Under: Simple Interest
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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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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
 
Answer & Explanation Answer: A) 1187.50

Explanation:

I=(p x r x t)/100

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Q:

An amount of $255 was invested at 8.5% p.a. How long will it take, to the nearest year, to earn $86.70 in interest?

A) 2years B) 3years
C) 4years D) 5years
 
Answer & Explanation Answer: C) 4years

Explanation:

T = (100 x I)/ (P x r)

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Q:

When $720 is invested for 36 months it earns $205.20 simple interest. Find the yearly interest rate.

A) 7.5% B) 8.5%
C) 9.5% D) 10.5%
 
Answer & Explanation Answer: C) 9.5%

Explanation:

r = (100 x I)/(P x T)

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Q:

A bank offers 9% p.a. simple interest on an investment. At the end of 4 years the interest earned was $215. How much was invested?

A) 597.22 B) 345
C) 456 D) 378
 
Answer & Explanation Answer: A) 597.22

Explanation:

I = (p x r x t)/100

 

 

 

 

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