Interactive practice questions
Susana takes out a car loan.
The last few months of Susana's repayments are shown below.
| Month | Opening Balance | Interest | Repayment | Closing Balance |
|---|---|---|---|---|
| $69$69 | $868.48$868.48 | $4.34$4.34 | $250$250 | $622.82$622.82 |
| $70$70 | $622.82$622.82 | $3.11$3.11 | $250$250 | $375.93$375.93 |
| $71$71 | $375.93$375.93 | $1.88$1.88 | $250$250 | $127.81$127.81 |
Calculate the monthly interest rate charged on this loan.
Give your answer as a percentage to the nearest one decimal place.
Complete the next row of the table, giving your answers correct to two decimal places.
| Month | Opening Balance | Interest | Repayment | Closing Balance |
|---|---|---|---|---|
| $69$69 | $868.48$868.48 | $4.34$4.34 | $250$250 | $622.82$622.82 |
| $70$70 | $622.82$622.82 | $3.11$3.11 | $250$250 | $375.93$375.93 |
| $71$71 | $375.93$375.93 | $1.88$1.88 | $250$250 | $127.81$127.81 |
| $72$72 | $\editable{}$ | $\editable{}$ | $\editable{}$ | $\editable{}$ |
How many years did it take for her to pay off the loan?
Calculate her total repayments.
If her loan was for $\$15000$$15000, calculate the total interest paid on the loan.
Give your answer to the nearest cent.
Mr. and Mrs. Maximilian have a mortgage.
Judy takes out a loan of $\$800$$800 to pay for an online course. Simple interest is calculated at $7%$7% per year, charged monthly.
If she repays the loan in $6$6 months, how much interest does she pay in total?
Jenny takes out a loan to purchase a property. The following image depicts the change of the loan over time. Which of the following scenarios could it depict?