Find the equivalent yearly simple interest rate of the following loans. Write your answers as percentages correct to two decimal places.
Peter takes out a loan which earns interest at a flat rate of 0.18\% per week. Assume there are 52 weeks in a year.
Amelia takes out a loan which earns interest at a flat rate of 0.63\% per month.
Sharon takes out a loan which earns interest at a flat rate of 0.03\% per day. Assume there are 365 days in a year.
Carl takes out a loan which earns interest at a flat rate of 1.96\% per quarter.
\$5680.00 is invested at a simple interest rate of 5\% p.a. and earns \$426 in interest.
Calculate the number of years, taken to earn the interest correct to two decimal places.
Find the number of quarters taken to earn the interest.
The simple interest rate for an investment is 9.4\% p.a. calculated weekly. Assume there are 52 weeks in a year. Find the percentage rate used when calculating weekly interest correct to two decimal places.
The simple interest rate for an investment is 7.3\% p.a. calculated monthly. Find the percentage rate used when calculating monthly interest correct to two decimal places.
Calculate the simple interest earned on the following investments correct two decimal places. Assume that there are 52 weeks or 365 days in a year, where relevant.
\$5720 is invested at 10\% p.a. for 63 weeks.
\$5320 is invested at 6\% p.a. for 95 weeks.
\$6050 is invested at 0.7\% per quarter for 3 years.
\$9780 is invested at a rate of 5\% p.a. for 17 months.
\$9020 is invested at 9\% p.a. for 946 days.
\$5440 is invested at 6\% p.a. for 566 days.
Maria is given three investment account options by her bank, shown below:
Option 1: Interest is earned weekly at a simple rate of 0.14\% per week.
Option 2: Interest is earned monthly at a simple rate of 0.63\% per month.
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Option 3: Interest is earned yearly at a simple interest rate of 7.3\% p.a.
Which option should Maria go for if she wants to earn as much interest as possible?
Sean is offered three different loan plans when borrowing money from the bank, shown below:
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Option 1: Interest is earned daily at a simple rate of 0.02\% per day.
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Option 2: Interest is earned fortnightly at a simple rate of 0.34\% per fortnight.
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Option 3: Interest is earned quarterly at a simple interest rate of 1.98\% per quarter.
Which option should Sean go for if he wants to earn as little interest as possible?
Assuming that in a year, there are either 52 weeks or 365 days, where relevant. Calculate the final value of the following investments over the given time period:
\$5920 at 2\% p.a. for 4 years.
\$4570 at 4\% p.a. for 28 months.
\$9980 at 7\% p.a. for 26 weeks.
\$1430 at 8\% p.a. for 130 days.
\$6170 at 5\% p.a. for 6 years.
\$9060 at 4\% p.a. for 44 months.
\$4230 at 8\% p.a. for 32 weeks.
\$4620 at 6\% p.a. for 146 days.
Judy takes out a loan of \$800 to pay for an online course. Simple interest is calculated at 7\% per year, charged monthly. If she repays the loan in 6 months, how much interest does she pay in total?
Valentina borrowed \$5900 from the bank which was to be paid back in weekly instalments of \$65 over 2 years. Calculate the following, rounding your answers to two decimal places where necessary:
The total interest to be paid.
The interest as a percentage of the loan.
The annual interest rate.
Jenny takes out a loan to purchase a property. The following image depicts the change of the loan over time:
How often is Jenny making repayments?
How often is interest being added to the loan?
Xavier takes out a loan to purchase a property. The following graph depicts the change of the loan over time:
How often is Xavier making repayments?
How often is interest being added to the loan?
A camera valued at \$400 depreciates at a rate of \$32 per year. Calculate the amount the camera will be worth after:
One year
Two years
Ten years
A wrist watch valued at \$900 appreciates at a rate of \$54 per year. Calculate the amount the wristwatch will be worth after:
One year
Two years
Ten years
A new book depreciates in value by 6.6\% every month. The book is currently valued at \$60. Calculate the value of the book in:
One month
Two months
Four months
A car valued at \$40\,000 depreciates at a rate of \$800 per year.
Find the equivalent rate of simple interest depreciation.
Find the number of years it will take for the value of the car to depreciate to \$0.
A statue valued at \$12\,000 appreciates at a rate of \$240 per year.
Find the equivalent rate of simple interest appreciation.
Find the number of years it will take for the value of the statue to appreciate to three times its original value.
Production robots to be used in a car manufacturing plant were purchased for \$4\,455\,000. After 5 years, they depreciated to a value of \$4\,385\,000.
Find the annual depreciation using the straight-line method.
After 7 years, the robots are sold off. If they continued to depreciate at an annual rate of \$14\,000, how much can they be sold for?
A vintage collectors item that costs \$6000, appreciates at approximately 6.6\% p.a. After how many full years, will the value of the vintage collectors item be over \$15\,000?
The following graph shows the depreciation of a car's value over 4 years:
What is the initial value of the car?
By how much did the car depreciate each year?
After how many years will the car be worth \$14\,400?
What is the value of the car after 4 years?