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CORE*, FUR2 2008 VCAA 1

Michelle has a bank account that pays her simple interest.

The bank statement below shows the transactions on Michelle’s account for the month of July.
  


 

  1. What amount, in dollars, was deposited in cash on 11 July?  (1 mark)

Interest for this account is calculated on the minimum monthly balance at a rate of 3% per annum.

  1. Calculate the interest for July, correct to the nearest cent.  (2 marks)
Show Answers Only
  1. `$620`
  2. `$15.30`
Show Worked Solution
a.    `text(Deposit)` `= 6870.67-6250.67`
    `= $620`

 

b.   `text(Minimum Balance) = $6120.86`

`:.\ text(Interest)` `=(PrT)/100`
  `= 6120.86 xx 3/100 xx 1/12`
  `= 15.302…`
  `= $15.30`

CORE*, FUR1 2015 VCAA 6 MC

The transaction details for a savings account for the month of August 2014 are shown in the table below.

The table is incomplete.
 

 

Interest is calculated and paid monthly on the minimum balance for that month.

The annual rate of interest paid on this account is closest to

A.   `text(3.10%)`

B.   `text(3.11%)`

C.   `text(3.57%)`

D.   `text(3.75%)`

E.   `text(14.9%)`

Show Answers Only

`D`

Show Worked Solution

`text(Minimum balance) = $4870.50`

♦ Mean mark 46%.
`text(Interest)` `= 5885.72-5870.50`
  `= $15.22`

 

`15.22` `=PrT`
`15.22` `= 4870.50 xx r xx 1/12`
`:. r`  `=(12 xx 15.22)/4870.50`
  `= 3.74…text(%)`

 
`=> D`

CORE*, FUR1 2010 VCAA 6 MC

The transaction details for an online savings account, for the month of March 2010, are shown below.

The bank pays a simple interest rate of 3.6% per annum on the minimum monthly balance.

The amount of interest that is credited to the account, for the month of March 2010, would be closest to

A.     $4.35

B.     $4.95

C.     $5.20

D.   $43.50

E.   $52.20

Show Answers Only

`A`

Show Worked Solution

`text(From the table,)`

♦ Mean mark 49%.

`text{Minimum balance}\ = $1450.00`

`text(Using)\ \ \ I` `= (PrT) / 100`
  `= {(1450) (3.6) (1/12)} / 100`
  `= $4.35`

`=>  A` 

CORE*, FUR2 2014 VCAA 1

The adult membership fee for a cricket club is $150.

Junior members are offered a discount of $30 off the adult membership fee.

  1. Write down the discount for junior members as a percentage of the adult membership fee.  (1 mark)

Adult members of the cricket club pay $15 per match in addition to the membership fee of $150.

  1. If an adult member played 12 matches, what is the total this member would pay to the cricket club?  (1 mark)

If a member does not pay the membership fee by the due date, the club will charge simple interest at the rate of 5% per month until the fee is paid.

Michael paid the $150 membership fee exactly two months after the due date.

  1. Calculate, in dollars, the interest that Michael will be charged.  (1 mark)

The cricket club received a statement of the transactions in its savings account for the month of January 2014.

The statement is shown below.
 

     BUSINESS, FUR2 2014 VCAA 1
 

    1. Calculate the amount of the withdrawal on 17 January 2014.  (1 mark)
    2. Interest for this account is calculated on the minimum balance for the month and added to the account on the last day of the month.

       

      What is the annual rate of interest for this account?

       

      Write your answer, correct to one decimal place.  (1 mark)

Show Answers Only
  1. `text(20%)`
  2. `$330`
  3. `$15`
    1. `$17\ 000`
    2. `3.5`
Show Worked Solution

a.   `text(Discount for junior members)`

`= 30/150 xx 100text(%)`

`= 20text(%)`

 

b.    `text(Match Payments)` `= 12 xx 15=$180`
     

`:.\ text(Total paid to the club)`

`= 150 + 180`

`= $330`

 

c.    `I` `= (PrT)/100`
    `= (150 xx 5 xx 2)/100`
    `= $15`

 

d.i.   `text(Withdrawal on 17-Jan)`

`= 59\ 700 – 42\ 700`

`= $17\ 000`

 

d.ii.   `text(Minimum Jan balance) = $42\ 700`

`47\ 200 xx r xx 1/12` `= 125.12`
`:. r` `= (125.12 xx 12)/(42\ 700)`
  `= 0.0351…`

 

`:.\ text(Annual interest rate) = 3.5text(%)`

CORE*, FUR1 2006 VCAA 2 MC

A bank statement for the month of October is shown below.

Interest on this account is calculated at a rate of 0.15% per month on the minimum monthly balance.

The interest payment for the month of October will be

A.   $0.19

B.   $0.57

C.   $0.71

D.   $0.92

E.   $1.28

Show Answers Only

`C`

Show Worked Solution
`text(Minimum balance)` `= 473.92`
`:.\ text(Interest)` `= 473.92 xx 0.15 text(%)`
  `= $0.7109`

`=>  C`

CORE*, FUR1 2012 VCAA 3 MC

The transaction details for a savings account for the month of July 2012 are shown below.
 

 
 

Interest is calculated and paid monthly on the minimum monthly balance.

The annual rate of interest paid on this account is closest to

A.   `3.5text(%)`

B.   `4.3text(%)`

C.   `4.7text(%)`

D.   `4.9text(%)`

E.   `5.2text(%)`

Show Answers Only

`E`

Show Worked Solution

`text(Interest) = 21.99`

♦ Mean mark 39%.

`text(Minimum balance) = 5101.82`

`text{Rate of interest (monthly)}` `= 21.99 / 5101.82`
  `= 0.0043…`

 
`:.\ text(Yearly rate of interest)`

`= 0.0043… xx 12`

`= 0.0517…`

`= 5.17text(%)`

`=>  E`