Lee took out a loan of $121 000, with interest compounding monthly. He makes monthly repayments of $2228.40 for five years until the loan is repaid in full.
The total interest paid by Lee is closest to
- $4434
- $5465
- $10 539
- $12 704
CORE, FUR1 2019 VCAA 23 MC
Joseph borrowed $50 000 to buy a new car.
Interest on this loan is charged at the rate of 7.5% per annum, compounding monthly.
Joseph will fully repay this loan with 60 monthly repayments over five years.
Immediately after the 59th repayment is made, Joseph still owes $995.49
The value of his final repayment, to the nearest cent, will be
- $995.49
- $998.36
- $1001.71
- $1001.90
- $1070.15
CORE, FUR1 2017 VCAA 19-20 MC
Shirley would like to purchase a new home. She will establish a loan for $225 000 with interest charged at the rate of 3.6% per annum, compounding monthly.
Each month, Shirley will pay only the interest charged for that month.
Part 1
After three years, the amount that Shirley will owe is
- $73 362
- $170 752
- $225 000
- $239 605
- $245 865
Part 2
Let
A recurrence relation that models the value of
CORE*, FUR2 2007 VCAA 1
Khan wants to buy some office furniture that is valued at $7000.
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- A store requires 25% deposit. Calculate the deposit. (1 mark)
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The balance is to be paid in 24 equal monthly instalments. No interest is charged.
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Determine the amount of each instalment. Write your answer in dollars and cents. (1 mark)
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- A store requires 25% deposit. Calculate the deposit. (1 mark)
Another store offers the same $7000 office furniture for $500 deposit and 36 monthly instalments of $220.
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- Determine the total amount paid for the furniture at this store. (1 mark)
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Calculate the annual flat rate of interest charged by this store.
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Write your answer as a percentage correct to one decimal place. (2 marks)
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- Determine the total amount paid for the furniture at this store. (1 mark)
A third store has the office furniture marked at $7000 but will give 15% discount if payment is made in cash at the time of sale.
- Calculate the cash price paid for the furniture after the discount is applied. (1 mark)
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CORE*, FUR2 2012 VCAA 1
A club purchased new equipment priced at $8360. A 15% deposit was paid.
- Calculate the deposit. (1 mark)
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- Determine the amount of money that the club still owes on the equipment after the deposit is paid. (1 mark)
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- The amount owing will be fully repaid in 12 installments of $650.
- Determine the total interest paid. (1 mark)
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- Determine the amount of money that the club still owes on the equipment after the deposit is paid. (1 mark)
CORE*, FUR2 2014 VCAA 4
The cricket club borrowed $400 000 to build a clubhouse.
Interest is calculated at the rate of 4.5% per annum, compounding monthly.
The cricket club will make monthly repayments of $2500.
After a number of monthly repayments, the balance of the loan will be reduced to $143 585.33.
What percentage of the next monthly repayment will reduce the balance of the loan?
Write your answer, correct to the nearest percentage. (2 marks)
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CORE*, FUR1 2015 VCAA 5 MC
The purchase price of a car is $20 000.
A deposit of $5000 is paid.
The balance will be repaid with 60 monthly repayments of $400.
The total amount of interest charged is
A. $1000
B. $4000
C. $9000
D. $19 000
E. $24 000
CORE*, FUR1 2005 VCAA 9 MC
Sally planned to repay a loan fully with six equal monthly repayments of
Interest was calculated monthly on the reducing balance.
Sally missed the third payment, but made a double payment of
Which of the following statements is true?
A. The same amount of interest is paid each month.
B. The amount owing after three months is the same as the amount owed after two months.
C. The amount owing after three months is less than the amount owed after two months.
D. To fully repay the loan, Sally will pay less than $4800.
E. To fully repay the loan, Sally will pay more than $4800.
CORE*, FUR1 2011 VCAA 4 MC
Nathan bought a $2500 bedroom suite on a contract that involves no deposit and an interest-free loan for a period of 48 months.
He has to pay an initial set-up fee of $25.
In addition, he pays an administration fee of $3.95 per month.
The total amount that Nathan will have to pay in fees for the entire 48 months, as a percentage of the original price of $2500, is closest to
A. 1.6%
B. 4.0%
C. 7.6%
D. 8.5%
E. 8.6%