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Home Aptitude Compound Interest Comments

  • Question
  • 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?


  • Options
  • A. 622.80
  • B. 522.80
  • C. 322.80
  • D. 632.80

  • Correct Answer
  • 622.80 

  • Tags: Bank Exams, Bank PO

    Compound Interest problems


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    • 1. A loan is made for $3500 with an interest rate of 9% and payments made annually for 4 years. What is the payment amount?

    • Options
    • A. 8906
    • B. 1089
    • C. 1070
    • D. 1080.34
    • Discuss
    • 2. Find the finance charge for an average daily balance of $8431.10 with monthly interest rate of 1.4%

    • Options
    • A. 98.04
    • B. 88.04
    • C. 68.04
    • D. 118.04
    • Discuss
    • 3. A retirement benefit of $12,000 is to be paid every 6 months for 25 years at interest rate of 7% compounded semi-annually. Find (a) the present value to fund the end-of-period retirement benefit. (b) the end-of-period semi-annual payment needed to accumulate the value in part (a) assuming regular investments for 30 years in an account yielding 8% compounded semi-annually

    • Options
    • A. 245678
    • B. 234689
    • C. 281468.06
    • D. 234578
    • Discuss
    • 4. 15 semiannual payments are made into a sinking fund at 7% compounded semiannually so that $4850 will be present. Find the amount of each payment rounded to the nearest cent

    • Options
    • A. 251.35
    • B. 245.45
    • C. 235.87
    • D. 251
    • Discuss
    • 5. 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

    • Options
    • A. 75263.64
    • B. 76345
    • C. 76389
    • D. 56897
    • Discuss
    • 6. Calculate the periodic interest rate corresponding to:9.0% compounded quarterly

    • Options
    • A. 3.45
    • B. 2.25
    • C. 5.25
    • D. 6.25
    • Discuss
    • 7. Calculate the periodic interest rate corresponding to 9.5% compounded monthly

    • Options
    • A. 0.7916
    • B. 0.8916
    • C. 0.9916
    • D. 0.6916
    • Discuss
    • 8. For a nominal interest rate of 8.4%, what is the compounding frequency if the periodic interest rate is 4.2

    • Options
    • A. 1
    • B. 2
    • C. 3
    • D. 4
    • Discuss
    • 9. For a nominal interest rate of 8.4%, what is the compounding frequency if the periodic interest rate is 8.4

    • Options
    • A. 1
    • B. 2
    • C. 3
    • D. 4
    • Discuss
    • 10. For a nominal interest rate of 8.4%, what is the compounding frequency if the periodic interest rate is:2.1

    • Options
    • A. 1
    • B. 2
    • C. 3
    • D. 4
    • Discuss


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