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QUESTION 6 A loan of $10 000 has interest charged on a reducing balance at 6% p.a. compounding quarterly with quarterly repayments of $700. The balance after 6 months is (A) $8696.75 (B) $8891.75 (C) $8900.00 (D) $9794.00
QUESTION 20 (4 marks) Determine the monthly repayment on a $350 000 home loan over 25 years with 6.5% p.a. fixed interest compounded monthly.
QUESTION 17 (4 marks) Determine the monthly repayment on a reducing balance loan of $720 000 at 4.8% p.a. over 25 years. Give your answer to the nearest dollar.
QUESTION 22 (4 marks) Rosa borrowed $32 000 as a reducing balance loan at 4.8% p.a. compounding monthly with monthly repayments of $278. How much will Rosa owe after 2 months to the nearest cent?
QUESTION 25 (5 marks) A couple borrow money to complete home renovations. Their bank has loaned the amount at 2.4% p.a. compounding monthly with repayments of $993.14 each month for 15 years. a) Determine the amount of money borrowed. [3 marks] b) Write a recurrence relation for the amount owing after n» months. [2 marks]
QUESTION 12 A reducing balance loan with an initial balance of $6000 is modelled by the recurrence relation Anal = [ + “) A — 400 where n is the number of months. The loan balance at the end of two months is closest to (A) $5100 (B) $5200 (C) $5215 (D) $5230
QUESTION 2 The graph below shows the relationship between the amount owed and time taken to repay a reducing balance loan. 140 000 120 000 o 000e 000 00 c ..... 100 000 T 80 000 60 000 Amount owed ($) 40 000 20 000 0 20 40 60 80 100 120 140 160 180 Time (months) The owed amount will be reduced to half the original amount borrowed in (A) 60 months. (B) 81 months. (C) 112 months. (D) 162 months.
QUESTION 13 For a personal loan of $350 a payment of $60 is made after interest is added each month. The following recurrence relation shows the remaining balance at the end of consecutive months. The recurrence relation is Anv = 1.02434 - 60 The remaining balance after two months is (A) $191.73 (B) $242.81 (C) $245.76 (D) $298.51
QUESTION 17 A reducing balance loan of $12 000 was taken out at 10.5% per annum with interest calculated monthly for five years. Determine the monthly repayment required to pay off the loan. (A) $152.93 (B) $162.18 (C) $25793 (D) $267.18
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