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CanadaON
Grade 9

10.05 Comparing purchasing options

Interactive practice questions

Fred needs to source the below equipment for his work as a tiler, but doesn’t have the necessary funds.

drill tile cutter polisher circular saw
$\$250$$250 $\$300$$300 $\$500$$500 $\$600$$600
a

If Fred was able to pay by cash, what would the total cost be?

b

Fred uses a installment plan at a simple interest rate of $7%$7% p.a. to pay for the equipment. If he pays $9$9 equal monthly instalments, how much more, to the nearest cent, does he pay than if he had paid cash?

Easy
3min

Valentina takes out a personal loan to purchase a motorbike valued at $\$5000$$5000. The loan has an interest rate of $22.8%$22.8% p.a., compounded monthly. Give all answers to the nearest cent.

Easy
8min

The sale price of a bike is $800$800 dollars. Vincent chooses to purchase the item on credit card, with $16$16 days interest free. His card has an interest rate of $14%$14% per annum, compounded daily.

Easy
6min

Skye purchases the following items online with $9$9 days of her interest free period left.

Easy
5min
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Outcomes

9.F1.3

Compare the effects that different interest rates, lengths of borrowing time, ways in which interest is calculated, and amounts of down payments have on the overall costs associated with purchasing goods or services, using appropriate tools.

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