“Exercise Beran Copy and complete the following table: T. Time Simple [Pini te | Time terest | MOUSE (a) | $1200 a “Figen / {@) | $00 | 1% | | $20 | _t sf 9% years $108 “@ $3000 toyears_ $1200 © L2years | $360 | $3960 18 0 S800 months | se | $4500 L2years 040 woe seo $1290 2. A finance company charges $55 simple interest on 5. assum of money which is borrowed for five months Given that the rate of find the sum of money. lorest is 12% per annum, ‘A bank charges 2.25% per month simple interest on personal loans. If John borrows $6400 for a period ‘of 2 years 1 month, find the total interest he has to pay. Nora invests $800 that pays simple interest at a rate of 6% per annum and $1200 that pays simple interest at a rate of 7% per annum. What is her total annual interest on these two investments? How long would $1250 have to be deposited at 6% per annum to gain a simple interest of $750? ‘Michael lent Farhan $4800 for 7 months. At the end of this period, Farhan had to pay Michael an interest of $119. Whatwas the simple interest rate per annum? 7. Rui Feng borrows $48 000 from a bank that charges simple interest ata rate of 6% per annum. Find the total amount of money he has to pay the bank al the end of 2 years. 8. Aman invests $16 800 in a savings plan that pays simple interest at a rate of 5% per annum. Find the time taken for his investment to grow to $18 900. 9. Kate places $5000 in her hank account, The bank offers an interest of 8% per annum compounded yearly. Find the total interest in her account at the end of 3 years. 10, Find the compound interest on (a) $450 for 2 years at 10% per annum compounded yearly, (b) $700 for 3 years at 11% per annum compounded yearly, (©) $5000 for 2 years at 113:% per annum compounded yearly, * (d) $1200 for 3 years at 4% per annum compounded yearly, (e) $10 000 for 2 years at We per annum compounded yearly Wilson invests $5000 at SE per annum compound interest compounded annually. Find the amount at the end of the third year. INTERMEDIATE LEVEL 12, In a certain year, James put $600 in a bank at the end of March and $400 in the same bank at the end of June. The bank offers 3% per annum simple interest rate. Find the total amount that James receives from the bank at the end of December in that year. Anniston of Matemates in Pract! Situations Capt13. A bank increased the rate of simple interest, which it paid to depositors, from 3.5% to 4% annum. Find how much more interest Susan would receive if she deposited $6400 in the bank for 6 months at the new interest rate. 14, Jasmine invested $4000 in 2 Building Society which paid simple interest ata rate of 4 % perannus to its investors. After 2 years, the rate was increased to 7.6% per annum. Find the amount che had at the end of 7 years. 15, Daniel deposits a certain sum of money in a bank If the simple interest rate of the bank decreases from ate perannum to 314 per annum, Daniel’s interest will increase by $50 in a year. Find the sum cof money he deposits. 16, Raj deposits $20 000 in a bank that pays simple terest at a rate of 2.75% per annum. If the interest rate decreases to x% per annum, he will receive $50 less every year. Find the value of x. 17. Rui Feng deposited $15 000 in an account that pays 5.68% compound interest per year. Find the total amount in the account after 6 years if the interest is compounded (a) monthly, (by half-yearly. 18. Mr Tan invested $5000 in an endowment fund for 5 years. The fund pays an interest compounded yearly. At the end of 5 years, he received a total of $5800. Find the interest rate D> capers avs 19. Mr Chua borrows a sum of money from the bank which charges a compound interest of 4.2% pet annum, compounded quarterly. Given that Mr Chua hhad to pay $96.60 in interest payments at the end of the first year, find the original sum of money borrowed, giving your answer correct to the nearest cent. 20. Joan invests $800 at 12.3% per annum compound interest compounded monthly. What is the amount of interest at the end of the first year? 21, Kate invests $9000 at 2% per annum compound interest compounded daily. What is this amount at the end of the third day? (1 year = 365 days) Exercise SC A. (a) $6720, $18 720 (b) 4 years,$ (©) $300,408 (@) 49, S40 (© $3600.5% — (7%, $198 (6%, 540 $1100 ‘$3600 $132 10 years i ate 4 ‘$53 760 2 yes 9. $1298.56 10, (a) $94.50 (© $1244.03 {e) $1556.25 A. $5829.57 12. $1019.50 13. $16 14 ico 1S. $20 000 v6.28 17. (a) $21 074.13 18, 3.01% 13. 226409 20, s10393 21, $001 48 - 22. () Company B (b) $25734 (@) sia9a i) $103.41