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Q:

Simon deposits $400 in an account that pays 3% interest compounded annually. What is the balance of Simon’s account at the end of 2 years?

A) 424.36 B) 524.56
C) 545.36 D) 456.36
 
Answer & Explanation Answer: A) 424.36

Explanation:

I=Prt

 

I=12

 

Balance = P +Prt

 

412

 

Find the balance at the end of the second year.

 

I = Prt=12.36

 

Balance =P + Prt

 

424.36

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

0 4494
Q:

You deposit $300 in a savings account that pays 4% simple annual interest. Find your account balance after 9 months.

A) 309 B) 409
C) 609 D) 509
 
Answer & Explanation Answer: A) 309

Explanation:

A = P + Prt

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

5 4827
Q:

Josh borrowed $250 from his mother to buy an electric scooter. Josh will pay her back in 1 year with 3% simple annual interest. How much interest will Josh pay?

A) 7.50 B) 8.50
C) 9.50 D) 10.50
 
Answer & Explanation Answer: A) 7.50

Explanation:

I=prt/100

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

1 5514
Q:

Dianna deposits $725 into a savings account that pays 2.3% simple annual interest. How much interest will Dianna earn after 18 months?

A) 23.01 B) 24.01
C) 25.01 D) 26.01
 
Answer & Explanation Answer: C) 25.01

Explanation:

I = Prt

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Filed Under: Quantitative Aptitude - Arithmetic Ability
Exam Prep: Bank Exams
Job Role: Bank PO

0 3428
Q:

At 3% annual interest compounded monthly, how long will it take to double your money?

A) 20.1 B) 21.1
C) 22.1 D) 23.1
 
Answer & Explanation Answer: D) 23.1

Explanation:

At first glance it might seem that this problem cannot be solved because we do not have enough
information. It can be solved as long as you double whatever amount you start with. If we start with
$100, then P = $100 and FV = $200.

FV=P(1+r/n)^nt

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

6 5837
Q:

If you deposit $8000 into an account paying 7% annual interest compounded quarterly, how long until there is $12400 in the account?

A) 2.3 B) 3.3
C) 4.3 D) 6.3
 
Answer & Explanation Answer: D) 6.3

Explanation:

 

 

FV=P(1+r/n)^nt

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

6 8420
Q:

If you deposit $5000 into an account paying 6% annual interest compounded monthly, how long until there is $8000 in the account?

A) 6.9 B) 7.9
C) 8.9 D) 9.9
 
Answer & Explanation Answer: B) 7.9

Explanation:

 

 

FV=P(1+r/n)^nt

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

13 10447
Q:

How much money would you need to deposit today at 9% annual interest compounded monthly to have $12000 in the account after 6 years?

A) 9007 B) 4007
C) 7007.08 D) 8oo7
 
Answer & Explanation Answer: C) 7007.08

Explanation:

FV=P(1+r/n)^nt

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

0 4535