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Question 1 of 10

1. Question

Joyce borrows \$5000 to buy a used car. The bank charges a 9.8% per annum flat rate of interest over 30 months. How much is each equal monthly repayment?

dollars and cents

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Question 2 of 10

2. Question

David borrows \$4800 to buy home furniture. The bank charges a 5% per annum simple interest rate over 5 years. How much is each equal monthly repayment?

$

Correct

Incorrect

Question 3 of 10

3. Question

Amy borrows \$7200 for an overseas trip at 6.4% simple interest over 15 months. If repayment is made in equal monthly instalments, how much is each instalment?

dollars and cents

Correct

Incorrect

Question 4 of 10

4. Question

Find the interest rate per annum, correcting to 2 decimal places, that would enable an investment of \($5000\) to grow to \($7000\) over 3 years if interest is compounded quarterly.

Correct

Incorrect

Hint

\(A = P{\left( {1 + r} \right)^n}\)

Question 5 of 10

5. Question

Calculate the number of interest bearing periods it will take \($3500\) to \($4900\) at a rate of 6% per annum, with interest compounded quarterly.

quaters

Correct

Incorrect

Hint

\(A = P{\left( {1 + r} \right)^n}\)

Question 6 of 10

6. Question

Find the principal that will grow to \($5000\) in 4 years, if interest is compounded quarterly at 8% per annum, correcting to the nearest cent.

Correct

Incorrect

Hint

\(A = P{\left( {1 + r} \right)^n}\)

Question 7 of 10

7. Question

A desk was purchased for \($1600\) and depreciated at 3% each quarter. Find its value after ten years, correcting to the nearest cent.

dollar(s)

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Incorrect

Question 8 of 10

8. Question

A computer was purchased for \($3500\) and depreciated at 4% each quarter. Find its value after five years, correcting to the nearest cent.

dollar(s)

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Incorrect

Question 9 of 10

9. Question

A washing machine was purchased for \($5600\) and depreciated at 2% each month. Find its value after six years, correcting to the nearest cent.

dollar(s)

Correct

Incorrect

Question 10 of 10

10. Question

Ben earns $850 for a standard 40-hour week, time-and-a-half for overtime, and a $35 per week allowance for working on cleaning. Calculate his gross pay for a week in which he works on cleaning, and does 4 hours of overtime.