Bank Discount & Promissory Notes

Bank Discount & Promissory Notes

University

11 Qs

quiz-placeholder

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Bank Discount & Promissory Notes

Bank Discount & Promissory Notes

Assessment

Quiz

Mathematics

University

Practice Problem

Hard

CCSS
7.RP.A.3

Standards-aligned

Created by

Chen Khium

Used 49+ times

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11 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Select ALL the formulas used in the topic of Bank discounts.

S=Maturity value, H=Proceeds,  d=discount rate, t=discount terms D=Discount Amount

Tags

CCSS.7.RP.A.3

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Zafri decides to borrow RM25,000 from a bank that charges 4.7% discount rate for 3 years 4 months to set up his business. Find t (in years).

t = 3.4

t = 3

t = 1

Tags

CCSS.7.RP.A.3

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Zafri decides to borrow RM25,000 from a bank that charges 4.7% discount rate for 3 years 4 months to set up his business. Find S (maturity value).

RM 25,000

RM 21,475

RM 21,005

RM 21,083.33

Tags

CCSS.7.RP.A.3

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Zafri decides to borrow RM25,000 from a bank that charges 4.7% discount rate for 3 years 4 months to set up his business. The amount received is RM21083.33.

Find the proceeds.

RM 25,000

RM 21,475

RM 21,005

RM 21,083.33

Tags

CCSS.7.RP.A.3

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Fuad received a 120 days promissory note with a face value of RM6000 at an interest rate of 12%. He then sold the note to a bank after hold for 100 days. Find discount period.

120 days

100 days

220 days

20 days

Tags

CCSS.7.RP.A.3

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A 90-day promissory notes dated 15 March 2022 with a maturity value of RM 1545 was charged a simple interest rate of 12% per annum. Find the maturity date of the note.

15 June 2022

12 June 2022

13 June 2022

14 June 2022

Tags

CCSS.7.RP.A.3

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Happy received a 60-days promissory note. If the maturity date of the note was 19th June 2020. Find the date of the promissory note.

19 April 2020

20 April 2020

18 August 2020

19 August 2020

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