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You are saving to pay for your children’s university costs in 20 years’ time. In the first year, your payment is R3 600, after which your yearly payments increased by R360 each year. If the expected interest rate per year is 10%, the amount that you expect to receive to the nearest rand on the maturity date will be
What is the total interest made after 4 years on a simple interest loan that accumulates 13% each year and has original amount was $1350.
Sonya has a $363,000 mortgage at 3.41% compounded monthly with end of month payments of $3,340.00.
1) How many payments will Sonya have to make to amortize this loan?
(rounded to the next higher whole number)
2) How much will her final mortgage payment be?
$ (enter a positive value)
Betty wants to invest a monthly sum of money in order to accumulate R100000 in seven years. How much must be the deposit monthly if her bank offers her an interest rate of 6% per annum compounded monthly? What if she was given an interest rate of 8%? Calculate
b. RM 2500 is invested for 4 years 9 months with interest rates of 8% compounded monthly for the first two years and 6.5% compounded annually for the rest of the period. Find the accumulated amount and interest earned.
You need $2800 to go on your dream vacation with friends. Starting your first day of University, how much money per month would you need to put into a savings account that gives you 3%/a compounded monthly?
katy took out a loan for $12000 over 3 years, if her total loan repayments amounted to $18750, calculate the interest charged.
A family has an $80,000, 20-year loan at 8% compounded monthly.
(a) Find the monthly payment and the total interest paid.
(b) Suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family to pay off the mortgage?
(c) Referring to part (i) and (ii), how much interest will the family save?
Cathy is a supermarket manager who has $50000 to invest for a period of 5 years, and the bank offers a choice of two investment schemes, Plan A and Plan B. Under Plan A she would receive an annual interest rate of 8.30% compounded quarterly, while under Plan B she would receive an annual interest rate of 8.25% compounded monthly.
(a) Calculate the amount of interest Cathy would earn under each plan.
(b) Which plan should Cathy choose? How much extra interest would she earn over the other plan?
A $550.000 home loan is amortized by equal monthly payments for 25 years at a
nominal rate of interest of 5.5% convertible monthly. Calculate the monthly payments of
the loan and the total interest paid during the last 5 years of the loan.
#340153 on Dec 2023