Telephone interview, need help maths problem

j2u

Hi i have a telephone interview with halifax for a customer service role but i have read that throught the telephone interview process they will ask some basic maths questions. Theres just one that i need to clarify . I know the formula but if someone could just confirm the answer.

So here is what somebody on another forum posted as a question they were asked:

A customer pays £70 a month into a savings account, after 12 months the balance is £910. How much interest have they earned?

My maths is a little rusty and know this is probaly a laughable question to even ask here but i just want to confirm the answer as im not fully sure what is the principle sum? Is it the sum deposited and excluding the interested which is £840 (£70 x 12 months) or the total including the interest which is £910

Abi

j2u wrote: »

Hi i have a telephone interview with halifax for a customer service role but i have read that throught the telephone interview process they will ask some basic maths questions. Theres just one that i need to clarify . I know the formula but if someone could just confirm the answer.

So here is what somebody on another forum posted as a question they were asked:

A customer pays £70 a month into a savings account, after 12 months the balance is £910. How much interest have they earned?

My maths is a little rusty and know this is probaly a laughable question to even ask here but i just want to confirm the answer as im not fully sure what is the principle sum? Is it the sum deposited and excluding the interested which is £840 (£70 x 12 months) or the total including the interest which is £910

I could tell you, but I wouldn't be helping you. Do your your own homework

mikom

j2u wrote: »

A customer pays £70 a month into a savings account, after 12 months the balance is £910. How much interest have they earned?

Link for investment fund please..............

j2u

well actually you would be helping.

SoupyNorman

j2u wrote: »

How much interest have they earned?

One goat.

Abi

j2u wrote: »

well actually you would be helping.

Well first off, there is a forum for this here. I hover around there. What part of the problem don't you understand? I won't do it for you

rejkin

Its 9.4% interest. 70 x 12 = 840

910 - 840 = 70

Therefore 9.4% or close to it

m83

2 + 2 = 4

Abi

m83 wrote: »

2 + 2 = 4

This one.

tudlytops

j2u wrote: »

Hi i have a telephone interview with halifax for a customer service role but i have read that throught the telephone interview process they will ask some basic maths questions. Theres just one that i need to clarify . I know the formula but if someone could just confirm the answer.

So here is what somebody on another forum posted as a question they were asked:

A customer pays £70 a month into a savings account, after 12 months the balance is £910. How much interest have they earned?

My maths is a little rusty and know this is probaly a laughable question to even ask here but i just want to confirm the answer as im not fully sure what is the principle sum? Is it the sum deposited and excluding the interested which is £840 (£70 x 12 months) or the total including the interest which is £910

I am missing something.

They paid €70 a month, that's €70 x €12= €840, but they have 910.

€910-€840=€70

€70 or 8.3%, (nice rate.)must be interest earned, what else could it be.

j2u

Defin "principle"
When i see information of this formula for this sum and it says "principle" is the principle in this case £840 or £910?

Princess Consuela Bananahammock

This is a trick question. The correct answer is "would you like fries with that?"

j2u

tudlytops wrote: »

I am missing something.

They paid €70 a month, that's €70 x €12= €840, but they have 910.

€910-€840=€70

€70 or 8.3%, (nice rate.)must be interest earned, what else could it be.

yes i believe 8.33% to be the exact amount i just wanted to be certain and it would seem that is correct.
Thanks

Mr Benevolent

j2u wrote: »

yes i believe 8.33% to be the exact amount i just wanted to be certain and it would seem that is correct.
Thanks

If you don't know what 'principle' means with reference to a loan I'd suggest brushing up on your financial terminology as well. Fast.

tudlytops

just make sure you mumble a bit as if thinking of the about the question and if you want to give the interest rate for good measure say something like " that would be around 8% if I'm not mistaken".

Best of luck with it.

tudlytops

Confab wrote: »

If you don't know what 'principle' means with reference to a loan I'd suggest brushing up on your financial terminology as well. Fast.

It's not a loan and his only asking for help, don't seem like you know either otherwise why not help.

Principal - in this case refers to the amount of money saved the €840.

Sharpshooter

Abigayle wrote: »

Well first off, there is a forum for this here. I hover around there. What part of the problem don't you understand? I won't do it for you

The poster has taken your advice Abi, lets hope all goes well there.

Thread in Mathematics.