7. Interest and Loans
Interactive practice questions
Iain takes out a loan to purchase a jetski. He makes $15$15 equal loan repayments of $\$5239$$5239. The interest of $8%$8% is compounded annually.
What is the total loan amount?
Easy
1min
Dylan takes out a loan to purchase a property. He makes equal monthly loan repayments of $\$4600$$4600 over $27$27 years to pay it off. The interest of $8%$8% is compounded annually.
Easy
1min
Gwen takes out a loan to purchase a surround sound system. She makes $11$11 equal loan repayments. The total loan amount paid is $\$6600$$6600.
Easy
< 1min
Lisa takes out a loan to purchase a small boat. She makes equal loan repayments monthly over $6$6 years. The total loan amount paid is $\$55800$$55800. The interest of $8.9%$8.9% is compounded annually.
Easy
2min
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