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- Question 1 of 10
##### 1. Question

Calculate the compounded value of investment:

$7200 for 9 months at 6% per annum with interest compounded quarterly.$ , correcting to the nearest cent

CorrectIncorrect - Question 2 of 10
##### 2. Question

Calculate the compounded value of investment:

$3600 for 1 year at 3.65% per annum with interest compounded daily, assuming 365 days in a year.$ , correcting to the nearest cent

CorrectIncorrect - Question 3 of 10
##### 3. Question

For a “55 days interest-free” credit card, calculate the interest charged on a purchase of \$8700 made on 14 October and repaid on 19 December at the same year with a purchase interest rate of 16% per annum.

$ , correcting to the nearest cent

CorrectIncorrect - Question 4 of 10
##### 4. Question

For a “55 days interest-free” credit card, calculate the interest charged on a purchase of \$4300 made on 12 March and repaid on 27 March at the same year with a purchase interest rate of 12% per annum.

$

CorrectIncorrect - Question 5 of 10
##### 5. Question

For a “55 days interest-free” credit card, calculate the interest charged on a purchase of \$4900 made on 12 December and repaid on 25 February next year with a purchase interest rate of 17% per annum.

$ , correcting to the nearest cent

CorrectIncorrect - Question 6 of 10
##### 6. Question

Given the principal is \$8400, the interest rate is 6% per annum and the monthly repayment is \$400, find the principal reduced during the first 2 months.

Balance at the end of the 1

^{st}month: $

Balance at the end of the 2^{nd}month: $

Principal reduced during the first 2 months: $

CorrectIncorrect - Question 7 of 10
##### 7. Question

Given the principal is \$5500, the interest rate is 14.4% per annum and the monthly repayment is \$320, find the principal reduced during the first 2 months.

Balance at the end of the 1

^{st}month: $

Balance at the end of the 2^{nd}month: $

Principal reduced during the first 2 months: $ , correcting to the nearest cent

CorrectIncorrect - Question 8 of 10
##### 8. Question

Amber takes out a \$35000 home loan. The terms of the loan are 9% per annum compounded quarterly over 20 years, with quarterly repayments.

Find the following, correct to the nearest cent.Quarterly repayment: $

Total amount paid: $

CorrectIncorrect##### Hint

\( \displaystyle M = PV \times \frac{r \times (1+r)^n}{(1+r)^n-1} \)

- Question 9 of 10
##### 9. Question

Jessica takes out a \$38000 home loan. The terms of the loan are 7.5% per annum compounded quarterly over 15 years, with quarterly repayments.

Find the following, correct to the nearest cent.Quarterly repayment: $

Total amount paid: $

Total interest paid: $

CorrectIncorrect##### Hint

\( \displaystyle M = PV \times \frac{r \times (1+r)^n}{(1+r)^n-1} \)

- Question 10 of 10
##### 10. Question

Cooper takes out a \$76000 home loan. The terms of the loan are 5.1% per annum compounded monthly over 22 years, with monthly repayments.

Find the following, correct to the nearest cent.Monthly repayment: $

Total amount paid: $

Total interest paid: $

CorrectIncorrect##### Hint

\( \displaystyle M = PV \times \frac{r \times (1+r)^n}{(1+r)^n-1} \)