Elyse borrowed $6000 from a bank. She repaid the loan in full with payments of $200 every month for 3 years.
How much interest did Elyse pay to the bank? (2 marks)
Financial Maths, STD2 F4 2018 HSC 29e
Andrew borrowed $20 000 to be repaid in equal monthly repayments of $243 over 10 years. Having made this monthly repayment for 4 years, he increased his monthly repayment to $281. As a result, Andrew paid off the loan one year earlier.
How much less did he repay altogether by making this change? (2 marks)
--- 5 WORK AREA LINES (style=lined) ---
Financial Maths, STD2 F4 2016 HSC 27d
Marge borrowed $19 000 to buy a used car. Interest on the loan was charged at 4.8% pa at the end of each month. She made a repayment of $436 at the end of every month. The table below sets out her monthly repayment schedule for the first four months of the loan.
- Some values in the table are missing. Write down the values for
and . (2 marks)
--- 4 WORK AREA LINES (style=lined) ---
- Calculate the value of
. (2 marks)
--- 3 WORK AREA LINES (style=lined) ---
- Marge repaid this loan over four years.
What is the total amount that Marge repaid? (1 mark)
--- 2 WORK AREA LINES (style=lined) ---
Financial Maths, STD2 F4 SM-Bank 2 MC
Sally purchased an electronic game machine on hire purchase. She paid $140 deposit and then $25.50 per month for two years.
The total amount that Sally paid is
A. $191
B. $446
C. $612
D. $752
Financial Maths, STD2 F4 2015 HSC 29b
Jamal borrowed $350 000 to be repaid over 30 years, with monthly repayments of $1880. However, after 10 years he made a lump sum payment of $80 000. The monthly repayment remained unchanged. The graph shows the balances owing over the period of the loan.
Over the period of the loan, how much less did Jamal pay by making the lump sum payment? (2 marks)
--- 5 WORK AREA LINES (style=lined) ---
Financial Maths, STD2 F4 2006 HSC 27a
Liliana wants to borrow money to buy a house. The bank sent her an email with the following table attached.
- Liliana decides that she can afford $1000 per month on repayments.
What is the maximum amount she can borrow, and how many years will she have to repay the loan? (1 mark)
--- 2 WORK AREA LINES (style=lined) ---
- Zali intends to borrow $160 000 over 15 years from the same bank.
If she chooses to borrow $160 000 over 20 years instead, how much more interest will she pay? (2 marks)
--- 5 WORK AREA LINES (style=lined) ---
Financial Maths, STD2 F4 2004 HSC 27a
Aaron decides to borrow $150 000 over a period of 20 years at a rate of 7.0% per annum.
- Using the Monthly Repayment Table, calculate Aaron’s monthly repayment. (2 marks)
--- 4 WORK AREA LINES (style=lined) ---
- How much interest does he pay over the 20 years? (2 marks)
--- 4 WORK AREA LINES (style=lined) ---
- Aaron calculates that if he repays the loan over 15 years, his total repayments would be
.
How much interest would he save by repaying the loan over 15 years instead of 20 years? (2 marks)
--- 3 WORK AREA LINES (style=lined) ---
Financial Maths, STD2 F4 2008 HSC 15 MC
Ali is buying a speedboat at Betty’s Boats.
What is the amount of interest Ali will have to pay if he chooses to buy the boat on terms?
- $3200
- $5600
- $19 200
- $21 600
Financial Maths, STD2 F4 2010 HSC 25b
William wants to buy a car. He takes out a loan for $28 000 at 7% per annum interest for four years.
Monthly repayments for loans at different interest rates are shown in the spreadsheet.
How much interest does William pay over the term of this loan? (2 marks)
--- 5 WORK AREA LINES (style=lined) ---
Financial Maths, STD2 F4 2009 HSC 26c
Margaret borrowed $300 000 to buy an apartment. The interest rate is 6% per annum, compounded monthly. The repayments were set by the bank at $2200 per month for 20 years.
The loan balance sheet shows the interest charged and the balance owing for the first month.
- What is the total amount that is to be paid for this loan over the 20 years? (1 mark)
--- 3 WORK AREA LINES (style=lined) ---
- Find the values of
and . (2 marks)
--- 5 WORK AREA LINES (style=lined) ---
Financial Maths, STD2 F4 2012 HSC 24 MC
A $400 000 loan can be repaid by making either monthly or fortnightly repayments.
The graph shows the loan balances over time using these two different methods of repayment.
The monthly repayment is $2796.86 and the fortnightly repayment is $1404.76.
What is the difference in the total interest paid using the two different methods of
repayment, to the nearest dollar?
- $51 596
- $166 823
- $210 000
- $234 936