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Exam-Style Questions.Problems adapted from questions set for previous Mathematics exams. |
1. | GCSE Higher [831] |
Sue Perlative invests £1750 at a rate of \( r \% \) per year compound interest.
At the end of 8 years the total value of her investment is £1986.95.
Calculate the value of \( r \).
2. | IB Applications and Interpretation [444] |
Mr and Mrs Moule are considering purchasing a new car with a price of £12000
The dealership offers two options to finance a loan.
A five year loan at a nominal annual interest rate of 12 % compounded quarterly. No deposit is required and repayments are made each quarter.
(a) Find the repayment made each quarter.
(b) Find the total amount that will have been paid for the car by the end of the five years.
(c) Find the total amount interest that will have been paid on the loan by the end of the five years.
A five year loan at a nominal annual interest rate of \(r\)% compounded monthly. An Initial 12% deposit is required and monthly repayments of £255.
(d) Find the annual interest rate, \(r\).
(e) State which option Mr and Mrs Moule should choose and justify your answer.
This new car will depreciates at an annual rate of 20% per year.
(f) Find the value of Mr and Mrs Moule’s car when it is ten years old.
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