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A reducing balance loan of $56 000 is repaid by quarterly instalments of $1332.24 over 15 years at an interest rate of 5% p.a. (adjusted quarterly). If, instead, repayments of $1500/quarter were made throughout the loan, the term of the loan would
$5000
2 years 87 days
$163
2%
4 years 9 fortnights
$62.50
12.75 years
12.1%
Rachel repaid a reducing balance loan of $22 000 in 5 years by quarterly repayments and with interest charged quarterly at 8.2% p.a. on the outstanding balance. The total amount of interest that she paid was closest to:
$5000
2 years 87 days
$163
2%
4 years 9 fortnights
$62.50
12.75 years
12.1%
Two banks pay simple interest on short-term deposits. Bank A pays 6% p.a. over 4 years and Bank B pays 6.5% p.a. for 3.5 years. The difference between the two banks’ final payout figure if $5000 was invested in each account is:
$5000
2 years 87 days
$163
2%
4 years 9 fortnights
$62.50
12.75 years
12.1%
In an account which pays compound interest at 12% p.a., credited daily, an investment of $13 000 will accrue $4000 interest in:
$5000
2 years 87 days
$163
2%
4 years 9 fortnights
$62.50
12.75 years
12.1%
A loan of $14 000 is taken out over 4 years at 9.75% p.a. (debited fortnightly) on the outstanding balance. The fortnightly repayment needed to repay the loan in full, to the nearest dollar, is:
$5000
2 years 87 days
$163
2%
4 years 9 fortnights
$62.50
12.75 years
12.1%
A sum of $850 is invested at 8% p.a. compound interest, credited fortnightly. For the balance to grow to $1200 the investment should be left for a minimum of:
$5000
2 years 87 days
$163
2%
4 years 9 fortnights
$62.50
12.75 years
12.1%
A loan of $10 000 is taken over 10 years. The total interest bill on this loan is $2000. The simple interest rate per year on this loan is:
$5000
2 years 87 days
$163
2%
4 years 9 fortnights
$62.50
12.75 years
12.1%
A hire-purchase contract specifies that there are to be monthly payments for 2 years. The flat rate of interest is 6.3% p.a. The effective interest rate for this contract is closest to:
$5000
2 years 87 days
$163
2%
4 years 9 fortnights
$62.50
12.75 years
12.1%
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