Interactive practice questions
Buzz received a 6-year $41000 loan at $8%$8% p.a. monthly reducible interest. He makes monthly instalments of $215.
What is the amount owing after 1 month (to the nearest cent)?
What is the amount owing after 2 months (to the nearest cent)?
What is the amount owing after 3 months (to the nearest cent)?
Is the amount owing increasing or decreasing?
Increasing
Decreasing
Will this loan eventually be paid off if the instalments remain the same?
Yes
No
Monthly repayments ($R$R)ย of $2920 are made on a loan of $178300 borrowed at a rate of $9%$9% p.a. compounded monthly.
Examine this table of home loan repayments and complete the final row.
A credit card charges annual interest of $18.24%$18.24%.
The following table shows the principal and interest over the first 4 months of a loan.