Luke borrowed $\$6000$$6000 from a finance company.
Repayments were in the form of fortnightly instalments (every $2$2 weeks) of $\$132$$132 over $2$2 years.
Calculate the interest on the loan.
Monthly repayments of $3990 are made on a loan of $158800 borrowed at a rate of $12%$12% p.a. compounded monthly.
Examine this table of home loan repayments and complete the final row.
The following table shows the principal and interest over the first 4 months of a loan.
Using the financial table, calculate the monthly instalments required to pay off a $25$25-year loan of $\$1000$$1000 at $4%$4% p.a. monthly reducible interest.
Apply everyday compounding rates
Apply numeric reasoning in solving problems