enigma_1
~~~~ Miss Cricket ~~~~
QUESTION 1
A personal loan for $30 000
is approved with the following conditions. The reducible interest rate is 13·3% per annum,
with payments to be made at six-monthly intervals over five years.
(a) Find the size of each instalment, correct to the nearest dollar.
Answer is $4202
QUESTION 2
A company borrows $500 000 from the bank at an interest rate of 5% per annum, to be paid
in monthly instalments. If the company repays the loan at the rate of $10,000 per month,
how long will it take? Give your answer in whole months with an appropriate qualification.
Answer os $216 511
A personal loan for $30 000
is approved with the following conditions. The reducible interest rate is 13·3% per annum,
with payments to be made at six-monthly intervals over five years.
(a) Find the size of each instalment, correct to the nearest dollar.
Answer is $4202
QUESTION 2
A company borrows $500 000 from the bank at an interest rate of 5% per annum, to be paid
in monthly instalments. If the company repays the loan at the rate of $10,000 per month,
how long will it take? Give your answer in whole months with an appropriate qualification.
Answer os $216 511
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