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Home Aptitude Simple Interest Comments

  • Question
  • loan of $15 000 is taken out. If the interest rate on the loan is 7%, how much interest is due and what is the amount repaid if the loan was taken out on April 7 and is due in seven months


  • Options
  • A. 13615.52
  • B. 14615.52
  • C. 15615.52
  • D. 16615.52

  • Correct Answer
  • 15615.52 

    Explanation

    I = prt = [15000 × 0.07 × (214/365) ]=615.52

    Future value, S = P + I = $15 000 + $615.52 = $15 615.52

  • Tags: Bank Exams, Bank PO

    Simple Interest problems


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    • 1. Jason decides to borrow money for a holiday. If a personal loan is taken over 4 years with equal quarterly repayments at 12% p.a. flat rate (simple interest), calculate the effective rate of interest.

    • Options
    • A. 22,588
    • B. 32.588
    • C. 42.588
    • D. 43.588
    • Discuss
    • 2. 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?

    • Options
    • A. 30.240
    • B. 31.240
    • C. 33.240
    • D. 32,240
    • Discuss
    • 3. Jaclyn buys $50 000 worth of debentures in a company. She earns 9.5% p.a. simple interest, paid to her quarterly (that is, every 3 months). If the agreed period of the debenture was 18 months: calculate the total amount collected at the end of the term.

    • Options
    • A. 8125
    • B. 9125
    • C. 7125
    • D. 6125
    • Discuss
    • 4. 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.

    • Options
    • A. 2.14
    • B. 3.14
    • C. 5.14
    • D. 4.14
    • Discuss
    • 5. What is the rate of simple interest? I. The total interest earned was Rs. 4000. II. The sum was invested for 4 years.

    • Options
    • A. I alone sufficient while II alone not sufficient to answer
    • B. II alone sufficient while I alone not sufficient to answer
    • C. Either I or II alone sufficient to answer
    • D. Both I and II are not sufficient to answer
    • Discuss
    • 6. How long will it take $3000 to earn $60 interest at 6%?

    • Options
    • A. 2months
    • B. 3months
    • C. 4months
    • D. 5months
    • Discuss
    • 7. A merchant receives an invoice for a motor boat for $20 000 with terms 4/30, n/100. What is the highest simple interest rate at which he can afford to borrow money in order to take advantage of the discount?

    • Options
    • A. 247.67
    • B. 237.67
    • C. 227.67
    • D. 215.67
    • Discuss
    • 8. Find the principal which yields $25,000 when invested at 3% annually for 20 years.

    • Options
    • A. 13841.89
    • B. 14821
    • C. 13468
    • D. 57389
    • Discuss
    • 9. Question : What is the sum which earned interest ? Statements : a. The total simple interest was Rs. 9000 after 9 years. b. The total of sum and simple interest was double of the sum after 6 years.

    • Options
    • A. Only a is sufficient
    • B. Neither a nor b is sufficient
    • C. Only b is sufficient
    • D. Both a and b sufficient
    • Discuss
    • 10. An amount doubles itself in 15 years. what is the rate of interest ?

    • Options
    • A. 7.85 %
    • B. 9.41%
    • C. 6.66 %
    • D. 4.21 %
    • Discuss


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