Prelim Standard 2 Interest and Depreciation

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Jim invests $3200 for a term of 15 months. Simple interest is paid at a flat rate of 4.25% p.a. How much will Jim’s investment be worth at the end of the term?

1 point

$3370

$3376.80

$3404

$4170

Clear selection

A car that was purchased for $39 900 is worth $20 400 after 5 years. The annual amount of depreciation using the straight line method is

1 point

$3900

$4080

$7980

$12060

Clear selection

Jim took out a loan of $9000 at the flat interest rate of 8% p.a. over a term of 36 months. How much will he have to repay?

1 point

$6840

$11337

$11160

$2160

Clear selection

What is the interest earned, in dollars, if $800 is invested for x months at a simple interest rate of 3% per annum?

1 point

24x

200x

2400x

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Jim borrowed $2 500 for 8 months. His total repayments were $2730. What was the simple interest rate per annum?

1 point

0.0115 %

0.138 %

11.5 %

13.8 %

Clear selection

Betty purchased a used car for $7 500 and depreciated it by $700 each year. What is its depreciated value after three years?

1 point

$4700

$5400

$6100

$6 800

Clear selection

Jim borrows $800 over 3 years at an interest rate of 9.5% p.a. Calculate the simple interest?

1 point

$29

$86

$228

$343

Clear selection

Three years ago an appliance was valued at $2467. Its value has depreciated by 15% each year, based on the declining-balance method. What is its salvage value today, to the nearest dollar?

1 point

$952

$1110

$1357

$1515

Clear selection

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