HSC Standard 2 Investments and Loans 1

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Jim wins $500 and invests it 4 years at 8% p.a. interest compounded quarterly. To calculate the amount of interest earned on the investment, Jim would use:

1 point

Clear selection

Jim borrows $420 000 to buy a house. Interest is charged at 7.2% p.a. compounded monthly. At the end of the first month, he makes a $4000 payment. How much does he now owe?

1 point

$410 240

$418 496

$418 520

$445 952

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A new laptop was purchased for $1800 on 15 June using a credit card. Simple interest is charged at a rate of 23.42% p.a. for purchases using the credit card. No other purchases were made and there is no interest–free period. Interest is charged on both the date of purchase and date of payment. What was the total amount owing on 7 July the same year?

1 point

$1826.56

$1827.72

$2656.41

$2771.90

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Jim has $10000 to invest with each of two different financial institutions for a period of 5 years. One institution offers 4.8% p.a., while another 5.4% p.a., both compounded monthly. What is the difference between the two future values of the investments?

1 point

$300

$348.20

$385.31

$1867.92

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The price of a new car is $41 250. Jim buys this car on terms of 20% deposit and monthly repayments of $910 over 4 years. How much more does Jim pay by buying the car on terms?

1 point

$2430

$8250

$9208

$10680

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A bank charges 0.05753% simple interest per day on the amount owing on a credit card. What is the interest charged in four weeks on a balance of $1200?

1 point

$19.33

$27.61

$69.04

$276.14

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Which of these shares has the best dividend yield?

1 point

share price = $2.60, dividend per share = $0.16

share price = $5.20, dividend per share = $0.29

share price = $22.70, dividend per share = $1.55

share price = $48.10, dividend per share = $2.85

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Which of these is closest to the future value of an investment of $12 000 at 8% p.a., compounded quarterly for 3 years?

1 point

$14 880

$15117

$15219

$19301

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What is the amount of interest paid on a $150 000 loan over 25 years if the interest rate is 7.2% p.a. compounding annually? No payments are made before the end of 25 years. Answer to the nearest dollar.

1 point

$10 800

$27 000

$703 023

$853 023

Clear selection

Over a 5-year period the annual inflation rate for a basket of groceries was an average of 2.6%. If the price of the groceries was initially $230, how much has the price increased at the end of the 5 years?

1 point

$30.45

$31.20

$31.50

$32.70

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