Financial Math Answers

Rania buys an apartment for RM 315,000 with 15 % down payment. She takes a loan from a bank to settle the balance at an interest rate of 4.2 % compounded monthly. She is required to pay equal monthly payments for 25 years to settle the loan. (a) Calculate the monthly payment. {3 marks} (b) Calculate the total interest charged. {2 marks} (c) If Rania fails to make the first four monthly instalments, how much could she pay on the fifth month to settle all the outstanding arrears? {2.5 marks} (d) After paying for 20 years, Rania decides to settle the loan in full. Calculate the full settlement for Rania. {2.5 marks}

Jack buys computers from his supplier for R50 000 each. If Jack wants to earn a 20% profit for each computer, what will be the price charged by Jack?

Rania buys an apartment for RM 315,000 with 15 % down payment. She takes a loan from a bank to settle the balance at an interest rate of 4.2 % compounded monthly. She is required to pay equal monthly payments for 25 years to settle the loan.

(a) Calculate the monthly payment.

(b) Calculate the total interest charged.

(c) If Rania fails to make the first four monthly instalments, how much could she pay on the fifth month to settle all the outstanding arrears?

(d) After paying for 20 years, Rania decides to settle the loan in full. Calculate the full settlement for Rania.

Keith received an excellent interest rate for his loan of $12,000. Calculate the nominal interest rate compounded semi-annually if the loan accumulated to $12,642.11 in 5 years and 6 months

tom buys a DvD player on 12 monthly payment. the cash price is $600.He pays 10% deposit and the store charges 9% interest. find the total amount Tom pays for the Dvd player

A deposit of $4,000 earns interest at 12% compounded semiannually for the first two years, and then 9% compounded monthly thereafter. How much will be in the account five years after the deposit was made? ____________

Adam borrowed $1,750 from Eve on November 28, 2019 and agreed to repay the debt with simple interest at the rate of 3.4% p.a. on July 15, 2020.

a. How much interest will Adam owe when the loan matures on July 15, 2020? __________

b. What is he maturity value (future value) of the loan on July 15, 2020? _________

Deadline 2 hours

Question 1 (8 marks)

An appliance that cost a retailer $1,800 less trade discounts of 37.5% and 18%, carries a price tag with a regular selling price at a markup of 120% of cost. For quick sale, the item was marked down 40%.

a.  What is the net price of the appliance? ___________

b.  What is the regular selling price? __________

c.  What is the sale price? __________

d.  What rate of markup based on cost was realized? ___________ 

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In order to pay for baseball uniforms, a school takes out a simple interest load for $2000 for 7 months at a rate of 12%. How much interest does the school pay?