Bank PO Questions


Q:

If there is a total of 104 weekly instalments and a third deposit, find the interest rate

A) 2.82 B) 3.82
C) 4.82 D) 5.82
 
Answer & Explanation Answer: C) 4.82

Explanation:

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

Report Error

View Answer Report Error Discuss

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

0 3115
Q:

If there is a total of 104 weekly instalments and a thirddeposit, find the interest charged

A) 237.55 B) 337
C) 443 D) 334
 
Answer & Explanation Answer: A) 237.55

Explanation:

Cash price = $3695

Deposit =1/3 of $3695 = $1231.67

Loan amount = $3695.00 − $1231.67 = $2463.33

Total cost of loan = $25.97 × 104= $2700.88

 

Interest charged = total amount − loan
I = A − P
= 2700.88 − 2463.33
= 237.55

Report Error

View Answer Report Error Discuss

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

0 3407
Q:

Car is purchased on hire-purchase. The cash price is $21 000 and the terms are a deposit of 10% of the price, then the balance to be paid off over 60 equal monthly instalments. Interest is charged at 12% p.a.   What is the total cost of the car?

A) 30.240 B) 31.240
C) 33.240 D) 32,240
 
Answer & Explanation Answer: D) 32,240

Explanation:

Total cost = deposit + instalment amount × number of instalments

Report Error

View Answer Report Error Discuss

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

2 5777
Q:

A car is purchased on hire-purchase. The cash price is $21 000 and the terms are a deposit of 10% of the price, then the balance to be paid off over 60 equal monthly instalments. Interest is charged at 12% p.a.  What is the monthly instalment?

A) $503 B) $504
C) $505 D) %506
 
Answer & Explanation Answer: B) $504

Explanation:

Cash price = $21 000

Deposit = 10% × $21 000 = $2100 

Loan amount = $21000 − $2100 = $18900

I=p x r x t/100 

I=11340

Total amount = 18900 + 11340 = $30240

Regular payment = total amount /number of payments

Report Error

View Answer Report Error Discuss

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

7 5426
Q:

A sapphire ring with a marked price of $1800 is offered to the purchaser on the following terms: $200 deposit and the balance to be paid over 24 equal monthly instalments with interest charged at 11.5% p.a. flat rate. Find the monthly repayments

A) $53 B) $42
C) $62 D) $82
 
Answer & Explanation Answer: D) $82

Explanation:

Total repayment amount = $1600 + $368
= $1968
= $82

regular payment= total amount/number of repayments

Report Error

View Answer Report Error Discuss

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

1 4251
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

Report Error

View Answer Report Error Discuss

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

2 4356
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

Report Error

View Answer Report Error Discuss

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

0 3419
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

Report Error

View Answer Report Error Discuss

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

0 3362