Discrete Functions - Finance
Interactive practice questions
$\$6000$$6000 is deposited into an account, and earns simple interest at a rate of $6%$6% p.a. for $10$10 years.
a
Complete the table of values below, calculating the interest $I$I earned after $n$n years.
| $n$n (years) | $1$1 | $2$2 | $3$3 | $4$4 | $5$5 | $10$10 |
| $I$I (dollars) | $\$360$$360 | $\$720$$720 | $\$$$$\editable{}$ | $\$$$$\editable{}$ | $\$$$$\editable{}$ | $\$$$$\editable{}$ |
b
Now draw a graph of the interest earned over time.
Loading Graph...
Easy
3min
Kenneth borrows $\$23000$$23000, which generates simple interest at a rate of $3%$3% p.a. until he pays back the money after $5$5 years.
Easy
2min
An amount of $\$4000$$4000 is to be invested at a simple interest rate of $6%$6% per annum.
Easy
3min
The graph below shows the time taken to repay a loan of $\$3000$$3000 with the same sized repayments, under two different simple interest rates.
Which loan has the higher interest rate?
Easy
< 1min
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