Interest and Borrowing

Hong Kong

Stage 1 - Stage 3

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.

Easy

Approx 2 minutes

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.

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