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What is the simple interest on a loan of $8000 at 6% per annum for 5 years?
What is the simple interest on a loan of $8000 at 6% per annum for 5 years?
- $1200
- $1800
- $3000
- $2400 (correct)
Calculate the simple interest for a loan of $5000 at 9% per annum for 4 years.
Calculate the simple interest for a loan of $5000 at 9% per annum for 4 years.
- $2000 (correct)
- $2200
- $1600
- $1800
How much interest must Elena pay on her credit card after purchasing a mobile phone priced at $800 with an interest rate of 15% per annum for one month?
How much interest must Elena pay on her credit card after purchasing a mobile phone priced at $800 with an interest rate of 15% per annum for one month?
- $20
- $5 (correct)
- $10
- $15
What is the interest charged to Carly for June if she has an outstanding balance of $3000 at a rate of 21% per annum?
What is the interest charged to Carly for June if she has an outstanding balance of $3000 at a rate of 21% per annum?
If Carly repaid $1000 at the end of June instead of $150, how much interest would she have been charged for July?
If Carly repaid $1000 at the end of June instead of $150, how much interest would she have been charged for July?
Determine the rate of return per annum for Investment A, if it earned less interest than Investment B by $2000, with $7000 principal and 5 years.
Determine the rate of return per annum for Investment A, if it earned less interest than Investment B by $2000, with $7000 principal and 5 years.
For a $5000 purchase requiring a 10% deposit and payment of balance at 15% per annum, which of the following describes the total monthly payment?
For a $5000 purchase requiring a 10% deposit and payment of balance at 15% per annum, which of the following describes the total monthly payment?
What is the total cost of a $3000 purchase with a 12% deposit and monthly payments of $60 over 5 years?
What is the total cost of a $3000 purchase with a 12% deposit and monthly payments of $60 over 5 years?
What is the monthly repayment for a loan of $10,000 at 9% p.a. repaid over 4 years?
What is the monthly repayment for a loan of $10,000 at 9% p.a. repaid over 4 years?
What amount is payable as interest for a loan of $25,000 at 12% p.a. over 5 years?
What amount is payable as interest for a loan of $25,000 at 12% p.a. over 5 years?
What is the total repayment amount for a loan of $4,500 at 7.5% p.a. repaid over 18 months?
What is the total repayment amount for a loan of $4,500 at 7.5% p.a. repaid over 18 months?
What is the deposit amount for a car with a price of $9,500 if the deposit is 25%?
What is the deposit amount for a car with a price of $9,500 if the deposit is 25%?
For a $6,000 lounge suite with a one-third deposit, what is the balance owing after the deposit is paid?
For a $6,000 lounge suite with a one-third deposit, what is the balance owing after the deposit is paid?
What is the total amount to be repaid for an investment of $12,500 at 5.5% p.a. compounded over 3 years?
What is the total amount to be repaid for an investment of $12,500 at 5.5% p.a. compounded over 3 years?
What is the total interest earned on an investment of $13,000 at 8% p.a. after 3 years?
What is the total interest earned on an investment of $13,000 at 8% p.a. after 3 years?
What is the compounded value of an investment of $3000 at 4% p.a. for 2 years?
What is the compounded value of an investment of $3000 at 4% p.a. for 2 years?
What is the depreciated value of an item worth $30,000 after 4 years at a depreciation rate of 16% p.a.?
What is the depreciated value of an item worth $30,000 after 4 years at a depreciation rate of 16% p.a.?
What will be the value of a laundromat's equipment worth $54,000 after 5 years at a 20% p.a. depreciation rate?
What will be the value of a laundromat's equipment worth $54,000 after 5 years at a 20% p.a. depreciation rate?
How much has a drycleaner's machine depreciated after 4 years if it was purchased for $38,400 and depreciates at 16% p.a.?
How much has a drycleaner's machine depreciated after 4 years if it was purchased for $38,400 and depreciates at 16% p.a.?
After 6 years, what will be the value of tools initially worth $10,200, depreciating at 15% p.a.?
After 6 years, what will be the value of tools initially worth $10,200, depreciating at 15% p.a.?
If a taxi purchased for $52,500 depreciates at 18% p.a., what will be its value after 10 years?
If a taxi purchased for $52,500 depreciates at 18% p.a., what will be its value after 10 years?
Determine the percentage of the initial value for a tractor initially worth $175,000 after 8 years, depreciating by 22.5% p.a.
Determine the percentage of the initial value for a tractor initially worth $175,000 after 8 years, depreciating by 22.5% p.a.
What would be the accumulated depreciation of a machine worth $48,000 after 9 years, if it is being depreciated at an unknown rate?
What would be the accumulated depreciation of a machine worth $48,000 after 9 years, if it is being depreciated at an unknown rate?
For a home theatre valued at $P, if its value decreases by $12 over 5 years due to a depreciation rate of r%, which equation should be solved to find r?
For a home theatre valued at $P, if its value decreases by $12 over 5 years due to a depreciation rate of r%, which equation should be solved to find r?
Which statement is true regarding different types of interest?
Which statement is true regarding different types of interest?
What amount of interest will Benito be charged for the next month on a $3600 balance at 18% p.a.?
What amount of interest will Benito be charged for the next month on a $3600 balance at 18% p.a.?
If an LCD television costs $5750 with a 20% deposit and weekly repayments of $42.75 for 3 years, what is the total cost?
If an LCD television costs $5750 with a 20% deposit and weekly repayments of $42.75 for 3 years, what is the total cost?
What is the depreciation rate of an asset purchased for $34,100 that is valued at $13,430 after 5 years?
What is the depreciation rate of an asset purchased for $34,100 that is valued at $13,430 after 5 years?
What is the total repayment amount for Erin's entertainment unit if she pays a 10% deposit and uses simple interest of 12% p.a. over 4 years?
What is the total repayment amount for Erin's entertainment unit if she pays a 10% deposit and uses simple interest of 12% p.a. over 4 years?
If a car is marked at $40,000 with a 10% deposit and monthly payments of $1,050 for 5 years, what is the total cost of the car?
If a car is marked at $40,000 with a 10% deposit and monthly payments of $1,050 for 5 years, what is the total cost of the car?
When assessing the compound interest earned on $45,000 at 12% p.a. over 4 years compounded annually, what is the total amount?
When assessing the compound interest earned on $45,000 at 12% p.a. over 4 years compounded annually, what is the total amount?
What amount will Ryan's investment of $12,500 grow to in 3 years at an 8% simple interest rate?
What amount will Ryan's investment of $12,500 grow to in 3 years at an 8% simple interest rate?
What would be the depreciation value of the plane after one year if its initial cost is $1,200,000 and it depreciates at a rate of 16.5% per annum?
What would be the depreciation value of the plane after one year if its initial cost is $1,200,000 and it depreciates at a rate of 16.5% per annum?
How long can Virgin Australia use the plane before its value falls below $150,000?
How long can Virgin Australia use the plane before its value falls below $150,000?
How much will Jan's computer be worth after the first year if it depreciates at 40% per annum from an initial cost of $2,500?
How much will Jan's computer be worth after the first year if it depreciates at 40% per annum from an initial cost of $2,500?
What is the likely reason Thomas might choose Loan 2 even if it costs him more money over its full term?
What is the likely reason Thomas might choose Loan 2 even if it costs him more money over its full term?
What will happen to the depreciation amount Jan can deduct from her taxable income at the end of the second year?
What will happen to the depreciation amount Jan can deduct from her taxable income at the end of the second year?
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Study Notes
Simple interest
- Simple interest is calculated on the original principal amount
- The formula for simple interest is I = PRT where:
- I = Simple interest
- P = Principal amount
- R = Interest rate per annum
- T = Time in years
Compound Interest
- Compound interest is calculated on the principal amount plus accumulated interest.
- The formula for compound interest is FV = PV(1 + r)^n where:
- FV = Future value of the investment
- PV = Principal amount
- r = Interest rate per annum
- n = Number of compounding periods
Depreciation
- Depreciation is the decline in value of an asset over time
- Reducing-balance depreciation means the value of the asset depreciates by a fixed percentage each year
- The formula for reducing-balance depreciation is
- DV = IV (1 - r/100)^n where:
- DV = Depreciated Value
- IV = Initial value
- r = Depreciation rate per annum
- n = Number of years
- DV = IV (1 - r/100)^n where:
- To find the rate of depreciation, use the equation:
- r = 100 (1 - (DV/IV)^(1/n)) where:
- DV = Depreciated Value
- IV = Initial value
- n = Number of years
- r = 100 (1 - (DV/IV)^(1/n)) where:
Loan Repayments
- Total repayment amount is the sum of the principal amount plus the interest
- Repayment amount is calculated by dividing the total amount to be repaid by the number of repayments
- The formula for loan repayment is:
- Repayment = (P + I)/n where:
- P = Principal amount
- I = Interest amount
- n = Number of repayments
- Repayment = (P + I)/n where:
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