A sapphire ring with a marked price of $1800 is offered to the purchaser on the

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Question
A sapphire ring with a marked price of $1800 is offered to the purchaser on the following terms: $200 deposit and the balance to be paid over 24 equal monthly instalments with interest charged at 11.5% p.a. flat rate. Find the monthly repayments
Options
A. $53
B. $42
C. $62
D. $82

Correct Answer

$82

Explanation

Total repayment amount = $1600 + $368
= $1968
= $82

regular payment= total amount/number of repayments

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Simple Interest problems

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1. An investment bond is offered to the public at 9% p.a. Louise buys a bond worth $2000 that will mature in 2 years. How much in total will Louise receive at the end of the 2 years?
Options
A. 3360
B. 2360
C. 4360
D. 5360

2. Townbank offers a term deposit account paying investors 12.5% p.a. simple interest on investments over $100 000 for 2 years or more. Peta decides to invest $150 000 in this account for 2 years. How much interest will Peta earn at the end of the investment?
Options
A. 57500
B. 47500
C. 37500
D. 67500

3. Jaclyn buys $50 000 worth of debentures in a company. She earns 9.5% p.a. simple interest, paid to her quarterly (that is, every 3 months). If the agreed period of the debenture was 18 months: calculate the amount of interest Jaclyn will earn for each quarter
Options
A. 1187.50
B. 1234
C. 1289
D. 1345

4. An amount of $255 was invested at 8.5% p.a. How long will it take, to the nearest year, to earn $86.70 in interest?
Options
A. 2years
B. 3years
C. 4years
D. 5years

5. A bank offers 9% p.a. simple interest on an investment. At the end of 4 years the interest earned was $215. How much was invested?
Options
A. 597.22
B. 345
C. 456
D. 378

6. If there is a total of 104 weekly instalments and a thirddeposit, find the interest charged
Options
A. 237.55
B. 337
C. 443
D. 334

7. If there is a total of 104 weekly instalments and a third deposit, find the interest rate
Options
A. 2.82
B. 3.82
C. 4.82
D. 5.82

8. If there is a total of 104 weekly instalments and a third deposit, find: the total cost of the computer
Options
A. 3932.55
B. 4932
C. 5932
D. 6932

9. Determine the exact and ordinary simple interest on a 90-day loan of $8000 at 812 %
Options
A. 150$
B. $160
C. $170
D. $180

10. You deposit $600 into a 6 month certificate of deposit. After 6 months the balance is $618. Find the simple annual interest rate.
Options
A. 5%
B. 4%
C. 6%
D. 7%

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