Answer to Question #131163 in Financial Math for rk

Question

8. A $30 000 loan is taken out to be repaid over 4 years at a flat interest rate of 15% p.a. The total amount that is to be repaid on the loan is?
9. If $150 000 is invested for 8 months at 4.8% p.a. simple interest, the amount to which the investment grows is?
10. After selling her apartment and paying off the mortgage, Ann has $400 000 to invest. She plans to invest it at 6.75% with interest compounding annually. The value of the investment will first exceed $550 000 after?
11. Successive discounts of 12% and 10% are equivalent to a single discount of?
12. A tennis racquet has a marked price of $480. The store offers a discount of 10% to account customers and a further 2.5% discount for accounts that are settled within 7 days. Calculate the price paid for the tennis racquet by an account customer who settles her account within 7 days.

Answer 1

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