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Q:

Determine the nominal rate of interest if:

The periodic rate is 0.83% per month

A) 7% B) 8%
C) 9% D) 10%
 
Answer & Explanation Answer: D) 10%

Explanation:

j=mi

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

Q:

Determine the nominal rate of interest if:
The periodic rate is 1.75% per quarter.

A) 7% B) 8%
C) 9% D) 10%
 
Answer & Explanation Answer: A) 7%

Explanation:

j=mi

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Exam Prep: Bank Exams
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Q:

For a nominal interest rate of 8.4%, what is the compounding frequency if the periodic interest rate is:0.7

A) 9 B) 10
C) 11 D) 12
 
Answer & Explanation Answer: D) 12

Explanation:

i=j/m

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Filed Under: Compound Interest
Exam Prep: Bank Exams
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Q:

Three unbiased coins are tossed.What is the probability of getting at least 2 heads?

A) 1/4 B) 1/2
C) 3/4 D) 1/3
 
Answer & Explanation Answer: B) 1/2

Explanation:

Here S= {TTT, TTH, THT, HTT, THH, HTH, HHT, HHH}.

Let E = event of getting at least two heads = {THH, HTH, HHT, HHH}.

P(E) = n(E) / n(S)

      = 4/8= 1/2

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Filed Under: Probability

Q:

For a nominal interest rate of 8.4%, what is the compounding frequency if the periodic interest rate is:2.1

A) 1 B) 2
C) 3 D) 4
 
Answer & Explanation Answer: D) 4

Explanation:

i=j/m

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

Q:

If a cellphone is purchased for Rs.490 and sold for Rs.465.50 find the loss percentage?

A) 10 B) 5
C) 20 D) 15
 
Answer & Explanation Answer: B) 5

Explanation:

loss = C.P - S.P = 490 - 465.50 =24.50 

loss % = (loss x 100)/C.P = (24.50 x 100)/490 = 5%

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Filed Under: True Discount

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