Recursion and Financial Arithematics

Quiz
•
Mathematics
•
12th Grade
•
Hard

Chi Wen Yeo
Used 31+ times
FREE Resource
5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
William borrowed $20,000 to buy a car. Interest on this car was 6.5% compounded quarterly. William will fully repay this loan with 20 quarterly payments. Immediately after the 19th payment, William still owes $1,167.50. The value of his final payment rounded to the nearest cents will be:
$1,000.00
$1,167.50
$1,186.47
$1,243.39
$1,300.00
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which one of the following depreciation situations does this graph best represent?
flat rate depreciation with a decrease in depreciation rate after two months
flat rate depreciation with an increase in depreciation rate after two months
unit cost depreciation with a decrease in units used per month after two months
reducing balance depreciation with an increase in the rate of depreciation after two months
reducing balance depreciation with an decrease in the rate of depreciation after two months
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Three lines of an amortization table for a reducing balance loan with monthly repayments are shown below. If the interest in the 23rd month was to increase by 2% per annum calculate the interest in the 23rd month to the nearest cent.
$44.63
$89.25
$133.88
$178.51
$187.43
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A car originally costs $20,000 and is depreciated by k% per annum in the 1st to 5th year. In the 6th year it is depreciated by 10 cents per km. The value of the car after it travels 15000km is $8525. The value of k% is:
13%
14%
15%
16%
17%
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ray deposited $30,000 in an investment account earning interest at the rate of 2.8% per annum, compounding semiannually. A rule for the balance, Rn , in dollars, after n years is given by:
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