AFCAT Interest — practice questions
9 free MCQs with worked solutions. Tap any question for the answer + explanation, or practice them all in the app.
Practice AFCAT Interest in the app →Interest, in the banking sense, is best described as:A sum of 10,000 is borrowed at 15% per annum simple interest for 2 years. The amount repayable is:Find the simple interest on 15,000 at 5% per annum for 2 years.Compound interest differs from simple interest because compound interest is calculated on:20,000 is borrowed for 2 years at 8% compounded annually. The compound interest is:For 10,000 at 10% per annum for 2 years, compound interest exceeds simple interest by:Find the simple interest on 5,000 at 8% per annum for 3 years.At simple interest, a sum doubles itself in 8 years. The annual rate is:For the same principal, rate and a period of one year, compound interest compounded annually is: