Home › SBI PO › Quantitative Aptitude › Simple Interest › Interest paid to a lender is almost always round…
Interest paid to a lender is almost always rounded:
AOff to the cent
BOut to the cent
CAway from cent
DUp to the cent
Answer & Solution
Correct answer: D. Up to the cent
1. The convention favours the lender.
2. It applies to interest that is paid.
3. It is rounded up to the next cent.
_Source: OpenStax, Contemporary Mathematics, Ch 6 'Money Management'_
Related questions
The total value of an investment after interest is added is its:Money the depositor earns from a bank account is also called:Using 360 rather than 365 days makes the interest charged:Some banks instead treat a year as having how many days?The day count convention described as Actual is paired with:For a loan quoted in days, the daily rate divides the annual rate by:A 6,000 rupee loan at 5 per cent for 2 years has a payoff of:A 10,000 rupee loan at 8 per cent for 3 years has a payoff of: