Simple interest finance on car purchases
Interactive practice questions
For a car loan of $15000 at a fixed simple interest rate of 10.7% p.a. and a loan period of 3 years, calculate:
The total interest paid.
The total loan amount paid.
The size of repayments if they are fortnightly, correct to the nearest cent.
Calculate the monthly repayments (to the nearest cent) for a $10000 car loan, given that the fixed simple interest rate is quoted at 13.6% p.a. and the loan period is 5 years.
Calculate the monthly repayments (to the nearest cent) for a $10000 car loan, given that the fixed simple interest rate is quoted at 8.6% p.a. and the loan period is 2 years.
For a loan of $11000, with a fixed simple interest rate of 9.3% p.a and a loan period of 10 years, find the cost of one repayment instalment (to the nearest cent) if it is paid: