Calculate the simple interest earned on an investment of $\$2540$$2540 at $9%$9% p.a. for $2$2 years.
Give your answer to the nearest cent.
Calculate the simple interest on a loan of $\$8000$$8000 at $8%$8% p.a. for $6$6 years.
Give the answer to the nearest dollar.
Calculate the simple interest earned on an investment of $\$2010$$2010 at a rate of $6%$6% p.a. for $13$13 months.
Tara takes out a car loan of $\$6000$$6000 at a simple interest rate of $8%$8% p.a.
She plans to repay the loan over $2$2 years through regular monthly repayments.
use a recurrence relation to model a compound interest loan or investment, and investigate (numerically or graphically) the effect of the interest rate and the number of compounding periods on the future value of the loan or investment
with the aid of a calculator or computer-based financial software, solve problems involving compound interest loans or investments; for example, determining the future value of a loan, the number of compounding periods for an investment to exceed a given value, the interest rate needed for an investment to exceed a given value