with________ Search

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

Answer & Explanation Answer: D) 1080.34

Explanation:

A=R[(1+i)^n-1]/i(1+i)^n

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

Q:

Find the finance charge for an average daily balance of $8431.10 with monthly interest rate of 1.4%

A) 98.04	B) 88.04
C) 68.04	D) 118.04

Answer & Explanation Answer: D) 118.04

Explanation:

0.014*8431.10

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

Q:

Kashundra Jones plans to make a lump sum deposit so that she can withdraw $3,000 at the end of each quarter for 10 years. Find the lump sum if the money earns 10% per year compounded quarterly

A) 75263.64	B) 76345
C) 76389	D) 56897

Answer & Explanation Answer: A) 75263.64

Explanation:

A=R[(1+i)^n-1]/i(1+i)^n

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

Q:

The probabilities that A and B will tell the truth are 2 / 3 and 4 / 5 respectively . What is the probability that they agree with each other ?

A) 3/5	B) 1/3
C) 2/5	D) 3/4

Answer & Explanation Answer: A) 3/5

Explanation:

Let A be the event of A will tell truth. B be the event of B tell truth

$P (A) = \frac{2}{3}, P (A^{c}) = 1 - P (A) = \frac{1}{3}$

$P (B) = \frac{4}{5}, P (B^{c}) = 1 - P (B) = \frac{1}{5}$

When both agree then they say true or they say false together, that is

$A \cap B o r A^{c} \cap B^{c}$

Also these events will be mutually exclusive :

$P (A \cap B) + P (A^{c} \cap B^{c}) = P (A) P (B) P (C) = \frac{2}{3} * \frac{4}{5} + \frac{1}{3} * \frac{1}{5} = \frac{3}{5}$

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Filed Under: Probability

Q:

A three-digit number is formed with the digits 1, 2, 3, 4, 5 at random. What is probability that number formed is divisible by 5 ?

A) 1/4	B) 1/5
C) 1/2	D) 3/4

Answer & Explanation Answer: B) 1/5

Explanation:

If a number ends with 5, 0 then the number will be divisible by 5
Here only 5 is present, end place will be fixed by 5 so,

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Filed Under: Probability

Q:

Course materials are sent to students by a distance teaching institution. The probability that they will send a wrong programme’s study material is 1/5. There is a probability of 3/4 that the package is damaged in transit, and there is a probability of 1/3 that there is a short shipment. What is the probability that the complete material for the course arrives without any damage in transit?

A) 4/5	B) 2/3
C) 1/2	D) 2/15

Answer & Explanation Answer: D) 2/15

Explanation:

Probability of sending the correct material is 4/5

Probability of the material not being damaged in transit is 1/4

Probability that there is no short shipment = 2/3

∴ Required probability =4/5 x 1/4 x 2/3 = 2/15

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Filed Under: Quantitative Aptitude - Arithmetic Ability

Q:

A six-sided die with faces numbered 1 through 6 is rolled three times. What is the probability that the face with the number 6 on it will not face upward on all the three rolls?

A) 215/216	B) 1/216
C) 215/256	D) 1/52

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