The following financial table displays the monthly repayments on a \$1000 loan:
| \text{Annual interest rate} | 10 \\ \text{years} | 15 \\ \text{years} | 20 \\ \text{years} | 25 \\ \text{years} | 30 \\ \text{years} |
|---|---|---|---|---|---|
| 3\% | 9.66 | 6.91 | 5.55 | 4.74 | 4.22 |
| 4\% | 10.12 | 7.40 | 6.06 | 5.28 | 4.77 |
| 5\% | 10.61 | 7.91 | 6.60 | 5.85 | 5.37 |
| 6\% | 11.10 | 8.44 | 7.16 | 6.44 | 6.00 |
| 7\% | 11.61 | 8.99 | 7.75 | 7.07 | 6.65 |
| 8\% | 12.17 | 9.56 | 8.36 | 7.72 | 7.38 |
Calculate the monthly instalments required to pay off a 25-year loan of \$1000 at 4\% p.a. monthly reducible interest.
The following financial table displays the monthly repayments on a \$1000 loan:
| \text{Annual interest rate} | 10 \\ \text{years} | 15 \\ \text{years} | 20 \\ \text{years} | 25 \\ \text{years} | 30 \\ \text{years} |
|---|---|---|---|---|---|
| 4\% | 10.12 | 7.40 | 6.06 | 5.28 | 4.77 |
| 5\% | 10.61 | 7.91 | 6.60 | 5.85 | 5.37 |
| 6\% | 11.10 | 8.44 | 7.16 | 6.44 | 6.00 |
| 7\% | 11.61 | 8.99 | 7.75 | 7.07 | 6.65 |
| 8\% | 12.13 | 9.56 | 8.36 | 7.72 | 7.34 |
| 9\% | 12.67 | 10.14 | 9.00 | 8.39 | 8.05 |
Calculate the monthly instalments required to repay each of the following loans:
A 25-year loan of \$1000 at 5\% p.a. monthly reducible interest.
A loan of \$50\,000 repaid in 15 years with 8\% p.a. monthly reducible interest.
A 25-year loan of \$170\,000 at 6\% p.a. monthly reducible interest.
The following financial table displays the monthly repayments on a \$1000 loan:
| \text{Annual interest rate} | 10 \\ \text{years} | 15 \\ \text{years} | 20 \\ \text{years} | 25 \\ \text{years} | 30 \\ \text{years} |
|---|---|---|---|---|---|
| 5\% | 10.61 | 7.91 | 6.60 | 5.85 | 5.37 |
| 6\% | 11.10 | 8.44 | 7.16 | 6.44 | 6.00 |
| 7\% | 11.61 | 8.99 | 7.75 | 7.07 | 6.65 |
| 8\% | 12.13 | 9.56 | 8.36 | 7.72 | 7.34 |
| 9\% | 12.67 | 10.14 | 9.00 | 8.39 | 8.05 |
| 10\% | 13.22 | 10.75 | 9.65 | 9.09 | 8.78 |
Calculate the monthly instalments required to pay off a 15-year loan of \$200\,000 at 7\% p.a. monthly reducible interest.
The following financial table displays the annual repayments on a \$1000 loan:
| \text{Annual interest rate} | 10 \\ \text{years} | 15 \\ \text{years} | 20 \\ \text{years} | 25 \\ \text{years} | 30 \\ \text{years} |
|---|---|---|---|---|---|
| 5\% | 129.50 | 96.34 | 80.24 | 70.95 | 65.05 |
| 6\% | 135.87 | 102.96 | 87.18 | 78.23 | 72.65 |
| 7\% | 142.38 | 109.79 | 94.39 | 85.81 | 80.59 |
| 8\% | 149.03 | 116.83 | 101.85 | 93.68 | 88.83 |
| 9\% | 155.82 | 124.06 | 109.55 | 101.81 | 97.34 |
| 10\% | 162.75 | 131.47 | 117.46 | 110.17 | 106.08 |
Calculate the annual installments needed to pay off a \$110\,000 home loan at 7\% p.a. reducible interest if the installments are to be paid in equal amounts over 15 years.
The following financial table displays the annual repayments on a \$1000 loan:
| \text{Annual interest rate} | 20 \\ \text{years} | 25 \\ \text{years} | 30 \\ \text{years} | 35 \\ \text{years} | 40 \\ \text{years} |
|---|---|---|---|---|---|
| 4\% | 73.58 | 64.01 | 57.83 | 53.58 | 50.52 |
| 5\% | 80.24 | 70.95 | 65.05 | 61.07 | 58.28 |
| 6\% | 87.18 | 78.23 | 72.65 | 68.97 | 66.46 |
| 7\% | 94.39 | 85.81 | 80.59 | 77.23 | 75.01 |
| 8\% | 101.85 | 93.68 | 88.83 | 85.80 | 83.86 |
| 9\% | 109.55 | 101.81 | 97.34 | 94.64 | 92.96 |
Calculate the annual instalments needed to pay off a \$160\,000 home loan at 6\% p.a. reducible interest if the instalments are to be paid in equal amounts over 25 years.
The following financial table displays the monthly repayments on a \$1000 loan:
| \text{Annual interest rate} | 5 \\ \text{years} | 10 \\ \text{years} | 15 \\ \text{years} | 20 \\ \text{years} | 25 \\ \text{years} |
|---|---|---|---|---|---|
| 3\% | 17.97 | 9.66 | 6.91 | 5.55 | 4.74 |
| 4\% | 18.42 | 10.12 | 7.40 | 6.06 | 5.28 |
| 5\% | 18.87 | 10.61 | 7.91 | 6.60 | 5.85 |
| 6\% | 19.33 | 11.10 | 8.44 | 7.16 | 6.44 |
| 7\% | 19.80 | 11.61 | 8.99 | 7.75 | 7.07 |
| 8\% | 20.28 | 12.13 | 9.56 | 8.36 | 7.72 |
Amelia received a 5-year \$120\,000 loan at 3\% p.a. monthly reducible interest.
Using the financial table, calculate:
The amount of each monthly instalment.
The total repayments.
The interest on the loan.
The total interest as a percentage of the principal loan, correct to two decimal places.
The following financial table displays the monthly repayments on a \$1000 loan:
| \text{Annual interest rate} | 5 \\ \text{years} | 10 \\ \text{years} | 15 \\ \text{years} | 20 \\ \text{years} | 25 \\ \text{years} |
|---|---|---|---|---|---|
| 4\% | 18.42 | 10.12 | 7.40 | 6.06 | 5.28 |
| 5\% | 18.87 | 10.61 | 7.91 | 6.60 | 5.85 |
| 6\% | 19.33 | 11.10 | 8.44 | 7.16 | 6.44 |
| 7\% | 19.80 | 11.61 | 8.99 | 7.75 | 7.07 |
| 8\% | 20.28 | 12.13 | 9.56 | 8.36 | 7.72 |
| 9\% | 20.76 | 12.67 | 10.14 | 9.00 | 8.39 |
Sally received a 5-year \$170\,000 loan at 4\% p.a. monthly reducible interest.
Using the financial table, calculate:
The amount of each monthly instalment.
The total repayments.
The interest on the loan.
The total interest as a percentage of the principal loan, correct to two decimal places.
The following financial table displays the monthly repayments on a \$1000 loan:
| \text{Annual interest rate} | 5 \\ \text{years} | 10 \\ \text{years} | 15 \\ \text{years} | 20 \\ \text{years} | 25 \\ \text{years} |
|---|---|---|---|---|---|
| 4\% | 18.42 | 10.12 | 7.40 | 6.06 | 5.28 |
| 5\% | 18.87 | 10.61 | 7.91 | 6.60 | 5.85 |
| 6\% | 19.33 | 11.10 | 8.44 | 7.16 | 6.44 |
| 7\% | 19.80 | 11.61 | 8.99 | 7.75 | 7.07 |
| 8\% | 20.28 | 12.13 | 9.56 | 8.36 | 7.72 |
| 9\% | 20.76 | 12.67 | 10.14 | 9.00 | 8.39 |
Luke received a 5-year loan at 4\% p.a. monthly reducible interest. His total repayments were \$221\,040.
Calculate the amount of each monthly instalment.
Find the amount of the loan.
The following financial table displays the monthly repayments on a \$1000 loan:
| \text{Annual interest rate} | 10 \\ \text{years} | 15 \\ \text{years} | 20 \\ \text{years} | 25 \\ \text{years} | 30 \\ \text{years} |
|---|---|---|---|---|---|
| 4\% | 10.12 | 7.40 | 6.06 | 5.28 | 4.77 |
| 5\% | 10.61 | 7.91 | 6.60 | 5.85 | 5.37 |
| 6\% | 11.10 | 8.44 | 7.16 | 6.44 | 6.00 |
| 7\% | 11.61 | 8.99 | 7.75 | 7.07 | 6.65 |
| 8\% | 12.13 | 9.56 | 8.36 | 7.72 | 7.34 |
| 9\% | 12.67 | 10.14 | 9.00 | 8.39 | 8.05 |
Dave received a 10-year loan at 4\% p.a. monthly reducible interest. His total repayments were \$170\,016.
Calculate the amount of each monthly instalment.
Find the amount of the loan.
The following financial table displays the monthly repayments on a \$1000 loan:
| \text{Annual interest rate} | 20 \\ \text{years} | 25 \\ \text{years} | 30 \\ \text{years} | 35 \\ \text{years} | 40 \\ \text{years} |
|---|---|---|---|---|---|
| 3\% | 5.55 | 4.74 | 4.22 | 3.85 | 3.58 |
| 4\% | 6.06 | 5.28 | 4.77 | 4.43 | 4.18 |
| 5\% | 6.60 | 5.85 | 5.37 | 5.05 | 4.82 |
| 6\% | 7.16 | 6.44 | 6.00 | 5.70 | 5.50 |
| 7\% | 7.75 | 7.07 | 6.65 | 6.39 | 6.21 |
| 8\% | 8.36 | 7.72 | 7.34 | 7.10 | 6.95 |
Han received a 25-year \$71\,000 loan at 5\% p.a. monthly reducible interest. If the term of the loan was reduced to 20 years, calculate:
The size of the monthly instalment when the term of the loan is 25 years.
The total amount repaid over 25 years.
The interest paid over 25 years.
The total amount repaid over a reduced term of 20 years.
The interest paid over the 20-year term.
The interest saved from a 5-year reduction in the term of the loan.
The following financial table displays the monthly repayments on a \$1000 loan:
| \text{Annual interest rate} | 20 \\ \text{years} | 25 \\ \text{years} | 30 \\ \text{years} | 35 \\ \text{years} | 40 \\ \text{years} |
|---|---|---|---|---|---|
| 2\% | 5.06 | 4.24 | 3.70 | 3.31 | 3.03 |
| 3\% | 5.55 | 4.74 | 4.22 | 3.85 | 3.58 |
| 4\% | 6.06 | 5.28 | 4.77 | 4.43 | 4.18 |
| 5\% | 6.60 | 5.85 | 5.37 | 5.05 | 4.82 |
| 6\% | 7.16 | 6.44 | 6.00 | 5.70 | 5.50 |
| 7\% | 7.75 | 7.07 | 6.65 | 6.39 | 6.21 |
Vaughn recieved a 25-year \$164\,000 loan at 4\% p.a. monthly reducible interest. If the term of the loan was reduced to 20 years, calculate:
The size of the monthly instalment when the term of the loan is 25 years.
The total amount repaid over 25 years.
The interest paid over 25 years.
The total amount repaid over a reduced term of 20 years.
The interest paid over the 20 year term.
The interest saved from a 5 year reduction in the term of the loan.
The following financial table displays the monthly repayments on a \$1000 loan:
| \text{Annual interest rate} | 15 \\ \text{years} | 20 \\ \text{years} | 25 \\ \text{years} | 30 \\ \text{years} | 35 \\ \text{years} |
|---|---|---|---|---|---|
| 2\% | 6.44 | 5.06 | 4.24 | 3.70 | 3.31 |
| 3\% | 6.91 | 5.55 | 4.74 | 4.22 | 3.85 |
| 4\% | 7.40 | 6.06 | 5.28 | 4.77 | 4.43 |
| 5\% | 7.91 | 6.60 | 5.85 | 5.37 | 5.05 |
| 6\% | 8.44 | 7.16 | 6.44 | 6.00 | 5.70 |
| 7\% | 8.99 | 7.75 | 7.07 | 6.65 | 6.39 |
Mae received a 30-year \$89\,000 loan at 2\% p.a. monthly reducible interest. If the term of the loan was reduced to 25 years, calculate:
The amount of each monthly instalment over a 30-year term.
The monthly instalment needed for a 25-year term.
The amount saved, from this 5-year reduction in the term of the loan.
The following financial table displays the monthly instalments required to repay \$1000:
| \text{Annual interest rate} | 15 \\ \text{years} | 20 \\ \text{years} | 25 \\ \text{years} | 30 \\ \text{years} | 35 \\ \text{years} |
|---|---|---|---|---|---|
| 5\% | 7.91 | 6.60 | 5.85 | 5.37 | 5.05 |
| 6\% | 8.44 | 7.16 | 6.44 | 6.00 | 5.70 |
| 7\% | 8.99 | 7.75 | 7.07 | 6.65 | 6.39 |
| 8\% | 9.56 | 8.36 | 7.72 | 7.34 | 7.10 |
| 9\% | 10.14 | 9.00 | 8.39 | 8.05 | 7.84 |
| 10\% | 10.75 | 9.65 | 9.09 | 8.78 | 8.60 |
Graziano received a 30-year \$80\,000 loan at 5\% p.a. monthly reducible interest. If the term of the other loan was reduced to 25 years, calculate:
The amount of each monthly instalment over a 30 year term.
The monthly instalment needed for a 25 year term.
The amount saved, from this 5 year reduction in the term of the loan.
The following financial table displays the monthly repayments on a \$1000 loan:
| \text{Annual interest rate} | 10 \\ \text{years} | 15 \\ \text{years} | 20 \\ \text{years} | 25 \\ \text{years} | 30 \\ \text{years} |
|---|---|---|---|---|---|
| 4\% | 10.12 | 7.40 | 6.06 | 5.28 | 4.77 |
| 5\% | 10.61 | 7.91 | 6.60 | 5.85 | 5.37 |
| 6\% | 11.10 | 8.44 | 7.16 | 6.44 | 6.00 |
| 7\% | 11.61 | 8.99 | 7.75 | 7.07 | 6.65 |
| 8\% | 12.13 | 9.56 | 8.36 | 7.72 | 7.34 |
| 9\% | 12.67 | 10.14 | 9.00 | 8.39 | 8.05 |
Neil received a 10-year \$130\,000 loan at 6\% p.a. monthly reducible interest. If the interest rate was increased to 7\% p.a., find the increase in the total repayments needed to clear the debt.
The following financial table displays the monthly repayments on a \$1000 loan:
| \text{Annual interest rate} | 15 \\ \text{years} | 20 \\ \text{years} | 25 \\ \text{years} | 30 \\ \text{years} | 35 \\ \text{years} |
|---|---|---|---|---|---|
| 3\% | 6.91 | 5.55 | 4.74 | 4.22 | 3.85 |
| 4\% | 7.40 | 6.06 | 5.28 | 4.77 | 4.43 |
| 5\% | 7.91 | 6.60 | 5.85 | 5.37 | 5.05 |
| 6\% | 8.44 | 7.16 | 6.44 | 6.00 | 5.70 |
| 7\% | 8.99 | 7.75 | 7.07 | 6.65 | 6.39 |
| 8\% | 9.56 | 8.36 | 7.72 | 7.34 | 7.10 |
James received a 15-year \$110\,000 loan at 5\% p.a. monthly reducible interest. If the interest rate was increased to 6\% p.a., find the increase in the total repayments needed to clear the debt.
The following financial table displays the monthly repayments on a \$1000 loan:
| \text{Annual interest rate} | 15 \\ \text{years} | 20 \\ \text{years} | 25 \\ \text{years} | 30 \\ \text{years} | 35 \\ \text{years} |
|---|---|---|---|---|---|
| 3\% | 6.91 | 5.55 | 4.74 | 4.22 | 3.85 |
| 4\% | 7.40 | 6.06 | 5.28 | 4.77 | 4.43 |
| 5\% | 7.91 | 6.60 | 5.85 | 5.37 | 5.05 |
| 6\% | 8.44 | 7.16 | 6.44 | 6.00 | 5.70 |
| 7\% | 8.99 | 7.75 | 7.07 | 6.65 | 6.39 |
| 8\% | 9.56 | 8.36 | 7.72 | 7.34 | 7.10 |
Liza received a 15-year \$60\,000 loan at 6\% p.a. monthly reducible interest. If the interest rate fell to 5\% p.a., find the decrease in the total repayments needed to clear the debt.
The following financial table displays the monthly repayments on a \$1000 loan:
| \text{Annual interest rate} | 15 \\ \text{years} | 20 \\ \text{years} | 25 \\ \text{years} | 30 \\ \text{years} | 35 \\ \text{years} |
|---|---|---|---|---|---|
| 4\% | 7.40 | 6.06 | 5.28 | 4.77 | 4.43 |
| 5\% | 7.91 | 6.60 | 5.85 | 5.37 | 5.05 |
| 6\% | 8.44 | 7.16 | 6.44 | 6.00 | 5.70 |
| 7\% | 8.99 | 7.75 | 7.07 | 6.65 | 6.39 |
| 8\% | 9.56 | 8.36 | 7.72 | 7.34 | 7.10 |
| 9\% | 10.14 | 9.00 | 8.39 | 8.05 | 7.84 |
Delila received a 15-year \$60\,000 loan at 7\% p.a. monthly reducible interest. If the interest rate was fell to 6\% p.a., find the decrease in the total repayments needed to clear the debt.
Valentina is deciding between two \$109\,000 home loans. She has the capacity to pay \$3400 per month.
Option 1: 3.2\% p.a. over 3 years with fixed monthly repayments of \$3179.
Option 2: 2.6\% p.a. over 3 years with minimum monthly repayments of \$3151 that enables paying more than the minimum monthly repayment
What is the total repayment she will have to make with Option 1?
What is the maximum total repayment she will have to make with Option 2?
Which loan will cost less?
Elvira is deciding between two \$177\,000 home loans. She has the capacity to pay \$4600 per month.
Option 1: 4.8\% p.a. over 4 years with fixed monthly repayments of \$4060.
Option 2: 4.4\% p.a. over 4 years with minimum monthly repayments of \$4028 that enables paying more than the minimum monthly repayment.
What is the total repayment she will have to make with Option 1?
What is the maximum total repayment she will have to make with Option 2?
Which loan will cost less?
The following financial table displays the monthly instalments required to save \$1000:
| \text{Annual interest rate} | 5 \\ \text{years} | 10 \\ \text{years} | 15 \\ \text{years} | 20 \\ \text{years} | 25 \\ \text{years} |
|---|---|---|---|---|---|
| 1\% | 16.26 | 7.93 | 5.15 | 3.77 | 2.94 |
| 2\% | 15.86 | 7.53 | 4.77 | 3.39 | 2.57 |
| 3\% | 15.47 | 7.16 | 4.41 | 3.05 | 2.24 |
| 4\% | 15.08 | 6.79 | 4.06 | 2.73 | 1.95 |
| 5\% | 14.70 | 6.44 | 3.74 | 2.43 | 1.68 |
| 6\% | 14.33 | 6.10 | 3.44 | 2.16 | 1.44 |
Calculate the monthly instalments required to save \$50\,000 in 15 years if the savings account earns 3\% interest per annum, compounded monthly.
Alana is going to start making regular monthly deposits into a savings account that earns 2\% interest p.a. If she plans to save \$20\,000 in 15 years, calculate:
The monthly instalments required to achieve her savings goal.
The total amount she deposits to reach her savings goal.
The interest she will earn over the 15-year period.
The following financial table displays the monthly instalments required to save \$1000:
| \text{Annual interest rate} | 10 \\ \text{years} | 15 \\ \text{years} | 20 \\ \text{years} | 25 \\ \text{years} | 30 \\ \text{years} |
|---|---|---|---|---|---|
| 3\% | 7.16 | 4.41 | 3.05 | 2.24 | 1.72 |
| 4\% | 6.79 | 4.06 | 2.73 | 1.95 | 1.44 |
| 5\% | 6.44 | 3.74 | 2.43 | 1.68 | 1.20 |
| 6\% | 6.10 | 3.44 | 2.16 | 1.44 | 1.00 |
| 7\% | 5.78 | 3.15 | 1.92 | 1.23 | 0.82 |
| 8\% | 5.47 | 2.89 | 1.70 | 1.05 | 0.67 |
The interest rate on a savings account is 4\% per annum, compounded monthly. Vincent can afford to save \$300 per month. How long will it take him to save \$143\,000?
The following financial table displays the monthly instalments required to save \$1000:
| \text{Annual interest rate} | 15 \\ \text{years} | 20 \\ \text{years} | 25 \\ \text{years} | 30 \\ \text{years} | 35 \\ \text{years} |
|---|---|---|---|---|---|
| 1\% | 5.15 | 3.77 | 2.94 | 2.38 | 1.99 |
| 2\% | 4.77 | 3.39 | 2.57 | 2.03 | 1.65 |
| 3\% | 4.41 | 3.05 | 2.24 | 1.72 | 1.35 |
| 4\% | 4.06 | 2.73 | 1.95 | 1.44 | 1.09 |
| 5\% | 3.74 | 2.43 | 1.68 | 1.20 | 0.88 |
| 6\% | 3.44 | 2.16 | 1.44 | 1.00 | 0.70 |
Calculate the monthly instalments required to save \$110\,000 in 30 years if the savings account earns 5\% interest per annum, compounded monthly.
If instead of making consistent payments to an annuity, a single deposit was made into the same account at the start of the investment, how much must be invested in order to end up with \$110\,000 after 30 years?
Mario made consistent monthly contributions to an annuity, and it was worth \$400\,000 after 25 years. His annuity earned 2\% interest per year, compounded monthly.
Georgia made a single large payment when Mario made his first monthly contribution, and her investment earned the same amount of interest with the same compounding periods. Her investment was also worth \$400\,000 after 25 years.
Find the value of the single payment that Georgia made.