=) Chapter 6 BCGuCY Ga 1 Find the simple interest earned on an investment of $4000 at 3% p.a. for 12 years. 2. Find the amount of interest earned for each of these investments: 2 $3000 invested at 6% p.a, for 3 months _$12500 invested at 4% p.a. for $ months € $25750 invested at $% p.a for 20 weeks $3655 invested at 4.5% pa. for 150 days 3 Find the annual interest rate if an investment of $4000 earns $75 in interest over 3 years. 4 For how long (in years) will $60 000 need tobe invested to earn $5000 in interest i the interest rate is 4.5% p.a.? 5 Use repeated multiplication to find the final value of each investment below (interest is compounded annually). $2000 invested for 3 years at 4% pa 1b $8000 invested for 5 years at 3% pa. 6 Use the compound interest formula to find the interest earned on each of the following investments (interest is compounded annually): a $1720 at 3% p.a for 4 years ¢ $9000 at 3.5% p.a. for 6 years 7. Use the compound interest table on page 245 to find the interest earned on each of these investments: $5200 invested at 4% p.a. for 10 years © $2976 at 2.5% paa. for 5 years 8 A car depreciates in value at arate of 15% p.a. Find the value of a car, priced at $37 500 when new, after 5 years. 9A stereo system valued at $3200 depreciates at arate of 10% p.a, What percentage of the original value of the system remains after 4 years? 10 Luggage valued at $1800 is purchased with a $200 deposit and monthly payments of $85 for two years, How much interest is charged? 11 A store is offering terms of 10% deposit and a 12% pa. flat interest rate over 4 years on clectrcal items. For the items described below, find: ithe deposit fi the amount of each monthly repayment 8 anair conditioner worth $3200 a security system worth $1760 12. A bike valued at $1600 is purchased on the terms of $300 deposit and monthly instalments ‘of $80 for 2 years. Find the annual interest rate charged (% p.a.) correct to one decimal place. 13 Katie bought a bedroom suite priced at $2800. She paid a $200 deposit, no payments for 66 months and then monthly payments of $125 for 2 years. Find the balance owing after the deposit was paid Calculate the total cost of the bedroom suite (deposit + instalments). € How much extra than the marked price of $2800 did Katie pay under the deferred payment plan? 4. What is the flat rate of interest charged? SAVING AND BorRowine = -26714 Harry borrows $10000 and repays the loan with monthly payments of $252 over 5 years. Find: the total amount Harry repays the interest charged on the loan ‘© the flat rate of interest (p.a.) correct to one decimal place 15 Calculate the interest charged on each of these outstanding credit card balances: a $837.50 for 20 days at 0.048% per day b $2340 for 30 days at 0.052% per day 268 ew cenTuRy maTHs 10: STAGES 5.2/5.3