Interactive practice questions
Derek borrows $\$50000$$50000 at a rate of $9%$9% (per annum) reducible interest compounded quarterly. At the end of each quarter he makes a repayment of $\$1800$$1800.
We will use the financial solver on your CAS calculator to determine the length of the loan.
Which variable on the CAS calculator do we want to solve for?
Pmt
I%
N
PV
FV
Fill in the value for each of the following:
I%: $\editable{}$
PV: $\editable{}$
Pmt: $\editable{}$
FV: $\editable{}$
PpY: $\editable{}$
CpY: $\editable{}$
Hence, state after how many quarters the loan will be repaid.
Xanthe borrows $\$32000$$32000 at a rate of $6.5%$6.5% (per annum) reducible interest compounded monthly. At the end of each month she makes a repayment of $\$380$$380
We will use the financial solver on your CAS calculator to determine the length of the loan.
Aaron borrows $\$15000$$15000 to buy a car. He is charged $6.8%$6.8% reducible interest compounded monthly.
We will use the financial solver on your CAS calculator to determine what his monthly repayments will be if he wishes to pay off the loan in $3$3 years.
Mr and Mrs Gwen held a mortgage for $25$25 years. Over that time they made monthly repayments of $\$4500$$4500 and were charge a fixed interest rate of $4.4%$4.4% per annum, compounded monthly.
We will use the financial solver on your CAS calculator to determine how much they initially borrowed.