Simple Interest problems
- 1. A certain bank offers 8% rate of interest on the 1st year and 9% on the 2nd year in a certain fixed deposit scheme. If Rs 17,658 are received after investing for 2 years in this scheme, then what was the amount (in Rs) invested?
Options- A. 16000
- B. 15000
- C. 15500
- D. 16500 Also asked in: Bank Exams
Correct Answer: 15000
- 2. What is the difference (in Rs) in Compound interest earned in 1 year on a sum of Rs 10,000 at 40% per annum compounded quarterly and annually?
Options- A. 461
- B. 346
- C. 463
- D. 641 Also asked in: Bank Exams
Correct Answer: 641
- 3. Simple interest on a sum for six months at 5% per annum is Rs 65.5.What is the value (in Rs) of sum ?
Options- A. 2600
- B. 2620
- C. 1320
- D. 2880 Also asked in: Bank Exams
Correct Answer: 2620
- 4. Simple interest on a sum for 5 years is equal to 20% of the principal. In how many years interest will be equal to the principal?
Options- A. 20
- B. 25
- C. 15
- D. 16 Also asked in: Bank Exams
Correct Answer: 25
- 5. A bank offers 9% p.a. simple interest on an investment. At the end of 4 years the interest earned was $215. How much was invested?
Options- A. 597.22
- B. 345
- C. 456
- D. 378 Also asked in: Bank Exams, Bank PO
Correct Answer: 597.22
Explanation:
I = (p x r x t)/100
- 6. An amount of $255 was invested at 8.5% p.a. How long will it take, to the nearest year, to earn $86.70 in interest?
Options- A. 2years
- B. 3years
- C. 4years
- D. 5years Also asked in: Bank Exams, Bank PO
Correct Answer: 4years
Explanation:
T = (100 x I)/ (P x r)
- 7. 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 amount of interest Jaclyn will earn for each quarter
Options- A. 1187.50
- B. 1234
- C. 1289
- D. 1345 Also asked in: Bank Exams, Bank PO
Correct Answer: 1187.50
Explanation:
I=(p x r x t)/100
- 8. 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?
Options- A. 57500
- B. 47500
- C. 37500
- D. 67500 Also asked in: Bank Exams, Bank PO
Correct Answer: 37500
Explanation:
I = (p x t x r)/100
- 9. 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?
Options- A. 3360
- B. 2360
- C. 4360
- D. 5360 Also asked in: Bank Exams, Bank PO
Correct Answer: 2360
Explanation:
I = (P x r x t)/100
I = $360
A = P+I
A = 2360
- 10. 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
Options- A. $53
- B. $42
- C. $62
- D. $82 Also asked in: Bank Exams, Bank PO
Correct Answer: $82
Explanation:
Total repayment amount = $1600 + $368
= $1968
= $82
regular payment= total amount/number of repayments
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