Q. If the true discount on a sum is $150 and the sum is due in 1 year at 5% interest, what is the sum?
A.
$3000
B.
$2500
C.
$2000
D.
$1500
Show solution
Solution
True Discount = Sum * Rate / (100 + Rate). Let Sum = x. Then, 150 = x * 5 / (100 + 5). Solving gives x = $2500.
Correct Answer:
B
— $2500
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Q. If the true discount on a sum is $150 and the sum is due in 1 year at a rate of 12% per annum, what is the sum?
A.
$1200
B.
$1300
C.
$1400
D.
$1500
Show solution
Solution
Let the sum be x. True Discount = x * Rate * Time / 100. 150 = x * 12 * 1 / 100. Solving gives x = $1250.
Correct Answer:
C
— $1400
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Q. If the true discount on a sum is $150 and the time is 4 years at 6% per annum, what is the sum?
A.
$1000
B.
$1200
C.
$1500
D.
$1800
Show solution
Solution
Let the sum be x. True Discount = x * Rate * Time / 100. 150 = x * 6 * 4 / 100. Solving gives x = $1500.
Correct Answer:
C
— $1500
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Q. If the true discount on a sum is $150 and the time is 4 years at a rate of 5% per annum, what is the sum?
A.
$1200
B.
$1300
C.
$1400
D.
$1500
Show solution
Solution
Let the sum be x. True Discount = x * 5 * 4 / 100. Thus, 150 = x * 20 / 100. Solving gives x = $750. Therefore, the sum = $750 + $150 = $900.
Correct Answer:
C
— $1400
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Q. If the true discount on a sum is $250 and the rate of interest is 12% per annum for 3 years, what is the present worth?
A.
$2000
B.
$2200
C.
$2400
D.
$2600
Show solution
Solution
Let Present Worth = x. 250 = x * 12 * 3 / 100. Solving gives x = $2000.
Correct Answer:
A
— $2000
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Q. If the true discount on a sum is $250 and the sum is due in 5 years at a rate of 10% per annum, what is the present worth?
A.
$2000
B.
$2250
C.
$2500
D.
$2750
Show solution
Solution
Let Present Worth = x. True Discount = x * Rate * Time / 100. 250 = x * 10 * 5 / 100. Solving gives x = $5000.
Correct Answer:
A
— $2000
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Q. If the true discount on a sum is $250 for 3 years at a rate of 10% per annum, what is the sum?
A.
$2000
B.
$2250
C.
$2500
D.
$2750
Show solution
Solution
Let the sum be x. True Discount = x * 10 * 3 / 100. Thus, 250 = x * 30 / 100. Solving gives x = $833.33. Therefore, the sum = $833.33 + $250 = $1083.33.
Correct Answer:
B
— $2250
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Q. If the true discount on a sum is $80 and the sum is due in 1 year at 10% interest, what is the sum?
A.
$800
B.
$900
C.
$1000
D.
$1100
Show solution
Solution
True Discount = Sum * Rate / (100 + Rate). Let Sum = x. Then, 80 = x * 10 / (100 + 10). Solving gives x = $1000.
Correct Answer:
C
— $1000
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Q. If the true discount on a sum is $80 and the sum is due in 2 years at a rate of 10% per annum, what is the present worth?
A.
$720
B.
$800
C.
$880
D.
$960
Show solution
Solution
Let Present Worth = x. True Discount = x * Rate * Time / 100. 80 = x * 10 * 2 / 100. Solving gives x = $800.
Correct Answer:
B
— $800
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Q. If the true discount on a sum of money is $100 at 8% per annum for 1 year, what is the sum?
A.
$1200
B.
$1300
C.
$1400
D.
$1500
Show solution
Solution
Let the sum be x. True Discount = x * 8 * 1 / 100. Thus, 100 = x * 8 / 100. Solving gives x = $1250.
Correct Answer:
B
— $1300
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Q. If the true discount on a sum of money is $100 for 3 years at 6% per annum, what is the sum?
A.
$1600
B.
$1700
C.
$1800
D.
$1900
Show solution
Solution
True Discount = Present Worth * Rate * Time / 100. Let Present Worth = P. Then, 100 = P * 6 * 3 / 100. Solving gives P = $555.56, thus Sum = $655.56.
Correct Answer:
C
— $1800
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Q. If the true discount on a sum of money is $150 and the present worth is $850, what is the rate of interest per annum for 1 year?
A.
15%
B.
20%
C.
25%
D.
30%
Show solution
Solution
True Discount = Present Worth * Rate * Time / 100. 150 = 850 * Rate * 1 / 100. Rate = (150 * 100) / 850 = 17.65%, approximately 15%.
Correct Answer:
A
— 15%
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Q. If the true discount on a sum of money is $150 and the time is 1 year at 12% per annum, what is the sum?
A.
$1200
B.
$1300
C.
$1400
D.
$1500
Show solution
Solution
True Discount = Present Worth * Rate * Time / 100. Let Present Worth = P. Then, 150 = P * 12 * 1 / 100. Solving gives P = $1250.
Correct Answer:
A
— $1200
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Q. If the true discount on a sum of money is $200 and the rate of interest is 10% per annum for 2 years, what is the present worth?
A.
$800
B.
$1000
C.
$1200
D.
$1500
Show solution
Solution
True Discount = Present Worth * Rate * Time / 100. Let Present Worth = x. Then, 200 = x * 10 * 2 / 100. Solving gives x = $1000.
Correct Answer:
B
— $1000
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Q. If the true discount on a sum of money is $250 and the present worth is $1250, what is the time period at 8% per annum?
A.
1 year
B.
2 years
C.
3 years
D.
4 years
Show solution
Solution
True Discount = Present Worth * Rate * Time / 100. 250 = 1250 * 8 * Time / 100. Time = (250 * 100) / (1250 * 8) = 2 years.
Correct Answer:
B
— 2 years
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Q. If the true discount on a sum of money is $250 at 5% per annum for 4 years, what is the present worth?
A.
$2000
B.
$2200
C.
$2400
D.
$2600
Show solution
Solution
Let Present Worth = x. True Discount = x * 5 * 4 / 100. Thus, 250 = x * 20 / 100. Solving gives x = $1250.
Correct Answer:
A
— $2000
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Q. If the true discount on a sum of money is $250 for 4 years at 5% per annum, what is the present worth?
A.
$2000
B.
$2200
C.
$2400
D.
$2600
Show solution
Solution
True Discount = Present Worth * Rate * Time / 100. Let Present Worth = P. Then, 250 = P * 5 * 4 / 100. Solving gives P = $1250.
Correct Answer:
A
— $2000
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Q. If the true discount on a sum of money is $50 and the sum is due in 6 months at 12% interest, what is the sum?
A.
$500
B.
$600
C.
$700
D.
$800
Show solution
Solution
True Discount = Sum * Rate / (100 + Rate). Let Sum = x. Then, 50 = x * 12 / (100 + 12/2). Solving gives x = $600.
Correct Answer:
B
— $600
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Q. If the true discount on a sum of money is $50 at 10% per annum for 2 years, what is the present worth?
A.
$400
B.
$450
C.
$500
D.
$550
Show solution
Solution
Let Present Worth = x. True Discount = x * 10 * 2 / 100. Thus, 50 = x * 20 / 100. Solving gives x = $250.
Correct Answer:
C
— $500
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Q. If the true discount on a sum of money is $50 for 2 years at 10% per annum, what is the present worth?
A.
$400
B.
$450
C.
$500
D.
$550
Show solution
Solution
True Discount = Present Worth * Rate * Time / 100. Let Present Worth = P. Then, 50 = P * 10 * 2 / 100. Solving gives P = $250.
Correct Answer:
C
— $500
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Q. What is the true discount on a sum of $10000 due in 10 years at 5% per annum?
A.
$2000
B.
$2500
C.
$3000
D.
$3500
Show solution
Solution
Present Worth = 10000 / (1 + 0.05*10) = 10000 / 1.5 = $6666.67. True Discount = 10000 - 6666.67 = $3333.33.
Correct Answer:
B
— $2500
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Q. What is the true discount on a sum of $8000 due in 5 years at 7% per annum?
A.
$500
B.
$600
C.
$700
D.
$800
Show solution
Solution
Present Worth = 8000 / (1 + 0.07*5) = 8000 / 1.35 = $5925.93. True Discount = 8000 - 5925.93 = $2074.07.
Correct Answer:
C
— $700
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