State the term fitting the following descriptions:
The initial loan or investment.
The money the borrower pays for the use of the lender's money.
The abreviation for a rate charged once a year.
The growth rate of a simple interest investment.
Fred has \$300 in a savings account. If his account earns simple interest at a rate of 1.15\% p.a., calculate the interest he will earn over 2 years.
An investment of \$5000 pays simple interest at a rate of 3.5\% per annum.
Find how much interest is earned in one year.
Find the interest earned over 5 years.
Find how many years it will take for the investment to earn \$1400 in interest.
Sophia borrowed \$5200 from a bank at a simple interest rate of 2.5\% per annum for 3 years.
Find the amount of interest charged on the loan in one year.
Find the interest to be paid on the loan over 3 years.
Find the total amount Sophia will need to repay the bank.
Rochelle has \$450 in a savings account. If her account earns simple interest at a rate of 0.9\% p.a., calculate the interest she will earn over 15 months.
Luke borrows \$4800 from a bank at a simple interest rate of 8.2\% p.a., calculate the interest he will be charged over 60 days. Assume that a year has 365 days.
Elizabeth has \$1300 to put into a savings account, which earns simple interest at a rate of 0.75\% p.a. If she wants to earn \$20 in interest, calculate how long she will have to wait. Give your answer in years, correct to two decimal places.
Noah has \$1500 in a savings account. If his account earns simple interest at a rate of 3.75\% p.a., find the number of years when the investment will double. Give your answer in years, correct to two decimal places.
Maria made loan repayments totalling to \$6504 on a loan of \$6000 over 3 years.
Calculate I, the total simple interest charged on the loan.
Calculate R, the annual simple interest rate.
The simple interest earned on an investment of \$2200 over 18 months is \$105.60. If the annual interest rate is R, find R as a percentage.
An investment pays simple interest annually and is modelled by the recurrence relation:V_{n+1} = V_{n} + 2310 , V_{0} = 30000
Where V_{n} is the value of the investment after n years.
State the initial amount invested.
State the amount of interest paid each year.
Calculate the annual interest rate, as a percentage.
A loan charges simple interest annually and is modelled by the recurrence relation:V_{n+1} = V_{n} + 520 , V_{0} = 8000
Where V_{n} is the value of the loan after n years.
State the initial amount borrowed.
State the amount of interest charged each year.
Calculate the annual interest rate, as a percentage.
An investment pays simple interest annually and is modelled by the recurrence relation:V_{n+1} = V_{n} + 468 , V_{0} = 9000Where V_{n} is the value of the investment after n years.
State the initial amount invested.
State the amount of interest paid each year.
Calculate the annual interest rate, as a percentage.
Use the sequence facility on your calculator to find after how many years the investment will double.
An investment of \$6000 pays simple interest at a rate of 4.2\% per annum and is modelled by the recurrence relation:V_{n+1} = V_{n} + 252 , V_{0} = 6000Where V_{n} is the value of the investment after n years.
Use the sequence facility on your calculator to answer the following questions:
Find the value of the investment after 5 years.
Find the interest that has been earned in 5 years.
Find the number of years when the investment will double.
A loan of \$7500 charges simple interest at a rate of 5.6\% per annum and is modelled by the recurrence relation:V_{n+1} = V_{n} + 420 , V_{0} = 7500Where V_{n} is the value of the loan after n years.
Use the sequence facility on your calculator to answer the following questions.
Calculate the value of the loan after 5 years.
Find the interest the loan has accumulated in 5 years.
The loan is paid back in full after 7 years, find the total amount to be repaid.
An investment of \$3000 pays simple interest at a rate of 7.7\% per annum and is modelled by the recurrence relation:V_{n+1} = V_{n} + 231 , V_{0} = 3000Where V_{n} is the value of the investment after n years.
Use the sequence facility on your calculator to answer the following questions.
Find the number of years when the investment will first be greater than \$9400.
Find the number of years the investment will first have earned more than \$10\,550 in interest.
The value, in dollars, at the end of each year of an investment that pays simple interest annually is in the given graph:
State the initial value of the investment.
State the amount of interest paid each year.
Calculate the annual interest rate, as a percentage.
Write a recursive rule for V_{n+1} in terms of V_{n} that gives the value of the investment after \left(n+1\right) years and an initial condition V_{0}.
An investment pays simple interest annually. Its value, in dollars, at the end of each year is in the given graph:
Write a recursive rule for V_{n+1} in terms of V_{n} that gives the value of the investment after \left(n+1\right) years and an initial condition V_{0}.
Use the sequence facility of your calculator to determine the value of the investment after 13 years.
Find the interest that has been earned in 13 years.
The value of an investment that pays simple interest each year is modelled by the recurrence relation:V_{n+1} = V_{n} + 200 , V_{0} = 1000Where V_{n} is the value of the investment after n years.
Plot the values for the first five years, including year 0, on a number plane.
Calculate the annual interest rate, as a percentage.
An investment of \$12\,000 earns \$700 in simple interest each year.
Write a recursive rule for V_{n+1} in terms of V_{n} that gives the value of the investment after \left(n+1\right) years and an initial condition V_{0}.
Use the sequence facility of your calculator to find the value of the investment after 18 years.
After how many years will the value of the investment first exceed \$26\,900?
An loan of \$15\,000 accumulates \$1230 in simple interest each year.
Write a recursive rule for V_{n+1} in terms of V_{n} that gives the value of the loan after \left(n+1\right) years and an initial condition V_{0}.
Calculate the annual interest rate being charged, as a percentage.
Use the sequence facility of your calculator to find the value of the loan after 6 years.
After how many years will the value of the loan first exceed \$26\,000?
An investment of \$3000 earns simple interest at a rate of 4\% per annum.
Write a recursive rule for V_{n+1} in terms of V_{n} that gives the value of the investment after \left(n+1\right) years and an initial condition V_{0}.
Use the sequence facility of your calculator to find the value of the investment after 13 years.
After how many years will the value of the investment first exceed \$6140?
Hannah has \$7000 to invest and deposits this amount into an account earning 8\% simple interest each year.
Her sister, Ursula, has \$9000 to invest and deposits it into an account earning 4\% simple interest each year.
Write a recursive rule for V_{n+1} in terms of V_{n} that gives the value of Hannah's investment after \left(n+1\right) years and an initial condition V_{0}.
Write a recursive rule for W_{n+1} in terms of W_{n} that gives the value of Ursula's investment after \left(n+1\right) years and an initial condition W_0.
Use the sequence facility of your calculator to find the number of years after which Hannah's investment will be worth more than Ursula's.