1954 AMC 12 Problem 33
Attempt Problem 33 of the 1954 AMC 12 below, then check your answer against the professionally curated solution from LIVE by Po-Shen Loh. You can also try the full timed exam, view all 1954 AMC 12 solutions, or check the answer key.
All problems are used with official legal permission of the Mathematical Association of America (MAA).
33.
A bank charges for a loan of The borrower receives and repays the loan in installments of a month. The interest rate is approximately:
Answer: D
Small Hint:
The charge is interest on a balance that decreases by each month
Big Hint:
Approximate the average outstanding principal by the average of and
Solution:
The balance decreases in equal steps from to so its average outstanding value is approximately The annual charge is therefore about The nearest choice is
Thus, the correct answer is D.
Problem 33 in Other Years
1950 AMC 12 · 1951 AMC 12 · 1952 AMC 12 · 1953 AMC 12 · 1955 AMC 12 · 1956 AMC 12 · 1957 AMC 12 · 1958 AMC 12 · 1959 AMC 12 · 1960 AMC 12 · 1961 AMC 12 · 1962 AMC 12 · 1963 AMC 12 · 1964 AMC 12 · 1965 AMC 12 · 1966 AMC 12 · 1967 AMC 12 · 1968 AMC 12 · 1969 AMC 12 · 1970 AMC 12 · 1971 AMC 12 · 1972 AMC 12 · 1973 AMC 12