Year 12 Standard Maths Annuities

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A loan is modelled by the recurrence relation Vn+1 = Vn × 1.007 − 400 where Vn is the balance of the loan after n payments and V₀ = 25 000. What is the balance of the loan after four payments? Answer correct to the nearest whole number.

1 point

$24775

$24091

$25575

$27324

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The table gives the present value interest factors for an annuity of $1 per period, for various interest rates (r) and numbers of periods (N). A man plans to invest $200 each month for 6 years. His investment will earn interest per month at the rate of 9.6% per annum.Based on the information in the table, what is the present value of this annuity?

1 point

$10 395.24

$10 914.19

$14 400.00

$15 782.40

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Use the table below to calculate the present value of an annuity where $12,000 is contributed each year for six years into an account earning 3% per annum compound interest.

1 point

$15,183.83

$54,956.40

$65,006.40

$72,000.00

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