Math Word Problems Worksheet Page 5
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11(b)
how much in GBP does Joe actually receive for his USD 1500?
(1)
(c)
Joe decides to invest GBP 700 of his money in a savings account which pays interest at
5%, compounded annually.
(i)
How much interest will the GBP 700 earn after 4 years?
(2)
(ii)
For how many years must Joe invest his GBP 700 in order to earn at least GBP 200
in interest?
(2)
(d)
After 4 years Joe has a total of GBP 900 in his savings account on an investment at 5%
interest compounded annually. How much did he invest? Give your answer to the nearest
one GBP.
(2)
(Total 14 marks)
10.
Angela needs $4000 to pay for a car. She was given two options by the car seller.
Option A: Outright Loan
A loan of $4000 at a rate of 12% per annum compounded monthly.
(a)
Find
(i)
the cost of this loan for one year;
(2)
(ii)
the equivalent annual simple interest rate.
(2)
Option B: Friendly Credit Terms
A 25% deposit, followed by 12 equal monthly payments of $287.50.
(b)
(i)
How much is to be paid as a deposit under this option?
(1)
(ii)
Find the cost of the loan under Friendly Credit Terms.
(2)
IB Questionbank Mathematical Studies 3rd edition
5
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Education