Annuity as a Recurrence Relation (HSC SSCE Mathematics Standard): Quizzes
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Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is an annuity?
What is an annuity?
Regular, repeated money contributions
What two components make up the future value of an annuity?
What two components make up the future value of an annuity?
Total contributed + compound interest
What is the recurrence relation formula for an investment annuity?
What is the recurrence relation formula for an investment annuity?
What is the recurrence relation formula for a loan annuity?
What is the recurrence relation formula for a loan annuity?
What is p.a. as a monthly interest rate in decimal form?
What is p.a. as a monthly interest rate in decimal form?
In the 4-year example, what is the investment value at the end of year 3?
In the 4-year example, what is the investment value at the end of year 3?
AUD 3310
In the 4-year example, how much compound interest was earned in total?
In the 4-year example, how much compound interest was earned in total?
AUD 641
What is p.a. as a quarterly interest rate in decimal form?
What is p.a. as a quarterly interest rate in decimal form?
Which sign does the payment have in a loan recurrence relation?
Which sign does the payment have in a loan recurrence relation?
Negative (subtracted)
In Alyssa's example, what is the loan balance after 2 monthly payments?
In Alyssa's example, what is the loan balance after 2 monthly payments?
AUD 506.23