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- Question
A bank offers 15% compound interest per half year. A customer deposits Rs 8800 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by way of interest is _____.
Options- A. Rs 8315
- B. Rs 2079
- C. Rs 4158
- D. Rs 1039
- Correct Answer
- Rs 4158
- 1. If the amount received at the end of 2nd and 3rd year at Compound Interest on a certain Principal is Rs 1,800, and Rs 1,926 respectively, what is the rate of interest?
Options- A. 7.5%
- B. 7%
- C. 6%
- D. 6.5% Discuss
- 2. At what rate of compound interest (in %) per annum will a sum of Rs. 15,000 become Rs. 18,150 in 2 years?
Options- A. 11
- B. 10
- C. 9
- D. 12 Discuss
- 3. What periodic payment will an investor receive from a $9000, four-year, monthly payment GIC earning a nominal rate of 5.25% compounded monthly?
Options- A. 29.38
- B. 39.38
- C. 49.38
- D. 59.38 Discuss
- 4. What amount must you invest now at 4% compounded monthly to accumulate $10,000 after 3 year
Options- A. 8695
- B. 7695
- C. 3695
- D. 4695 Discuss
- 5. Kramer borrowed $4000 from George at an interest rate of 7% compounded semiannually. The loan is to be repaid by three payments. The first payment, $1000, is due two years after the date of the loan. The second and third payments are due three and five years, respectively, after the initial loan. Calculate the amounts of the second and third payments if the second payment is to be twice the size of the third payment.
Options- A. 1389
- B. 1359
- C. 1379
- D. 1339.33 Discuss
- 6. The compound interest on Rs. 1000 at 10% per annum for 3 years in (Rs.) is
Options- A. Rs. 1331
- B. Rs. 331
- C. Rs. 300
- D. Rs. 1300 Discuss
- 7. The amount received at 10% per annum Compound interest after 3 yrs is Rs 5324. What was the principal (in Rs)?
Options- A. 4100
- B. 4200
- C. 4000
- D. 4300 Discuss
- 8. The difference between compound interest and simple interest on a certain sum of money for 2 years at 5% per annum is Rs. 41. What is the sum of money?
Options- A. Rs.7200
- B. Rs.9600
- C. Rs.16400
- D. Rs.8400 Discuss
- 9. If compound interest received on a certain amount in the 3rd year is Rs. 1,240, what will be the compound interest (in Rs) for the 4th year on the same amount at 9% rate of interest?
Options- A. 1245.6
- B. 1521.6
- C. 1351.6
- D. 1220.6 Discuss
- 10. If the amount received at the end of 2nd and 3rd year at Compound Interest on a certain Principal is Rs 1,800, and Rs 1,926 respectively, what is the rate of interest?
Options- A. 7.5%
- B. 7%
- C. 6%
- D. 6.5% Discuss
Compound Interest problems
Search Results
Correct Answer: 7%
Correct Answer: 10
Correct Answer: 39.38
Explanation:
i=j/m
The monthly payment will be=PV*I
Correct Answer: 8695
Explanation:
Given: j = 4%, m= 12, FV = $10,000, Term= 3.5 years
Then n =m *Term 12(3.5) 42
Correct Answer: 1339.33
Explanation:
Given:j=7% compounded semiannually making m=2 and i = j/m= 7%/2 = 3.5%
Let x represent the third payment. Then the second payment must be 2x.
PV1,PV2, andPV3 represent the present values of the first, second, and third payments.
Since the sum of the present values of all payments equals the original loan, then
PV1 + PV2 +PV3 =$4000 -------(1)
PV1 =FV/(1 + i)^n =$1000/(1.035)^4= $871.44
At first, we may be stumped as to how to proceed for
PV2 and PV3. Let?s think about the third payment of x dollars. We can compute the present value of just $1 from the x dollars
pv=1/(1.035)^10=0.7089188
PV2 =2x * 0.7089188 = 1.6270013x
PV3 =x * 0.7089188=0.7089188x
Now substitute these values into equation ? and solve for x.
$871.442 + 1.6270013x + 0.7089188x =$4000
2.3359201x =$3128.558
x=$1339.326
Kramer?s second payment will be 2($1339.326) =$2678.65, and the third payment will be $1339.33
Correct Answer: Rs. 331
Correct Answer: 4000
Correct Answer: Rs.16400
Correct Answer: 1351.6
Correct Answer: 7%
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