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Home > Mathematics > General Mathematics > HSC Course > Financial Mathematics > FM4: Credit and borrowing > Quick quiz: A sample of multiple choice questions for this topic.
FM4
- Calculate the simple interest payable on a loan of $50,000 at an interest rate of 8.5% pa over 4 years.
- $17 000
- $1 700 000
- $4250
Use this table for questions 2, 3, 4
| Home loan table | ||||
|---|---|---|---|---|
|
Annual interest rate = 10% Monthly repayment = $600 |
This table assumes the same number of days in each month. | |||
| N | Principal (P) | Interest (I) | P + I | P + I - R |
|
1 |
$50
000 $49 816.67 $49 631.81 $49 445.40 |
$416.67 $415.14 $413.60 (a) |
$50
416.67 $50 231.81 $50 045.40 (b) |
$49
816.67 $49 631.81 $49 445.40 (c) |
- Use the table to calculate the value at (a)
- $41 204.50
- $412.05
- $416.67
- Use the table to calculate the value at (b)
- $49 857.45
- $49 033.35
- $48 845.40
- Use the table to calculate the value at (c)
- $49 633.35
- $50 457.45
- $49 257.45
- Joseph has a credit card with no interest free period and an interest rate of 18% p.a.
On 8 September he uses his credit card for purchases totalling $160.
If he pays his account in full on 10 October, how much will he pay?
- $162.52
- $2.52
- $188.80
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