Use of Annuities (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 type of financial product is a loan with regular repayments?
What type of financial product is a loan with regular repayments?
A type of annuity
In a reducing-balance loan, what happens to the interest charged over time?
In a reducing-balance loan, what happens to the interest charged over time?
It decreases
How many key pieces of information does an annuity table show?
How many key pieces of information does an annuity table show?
Five
In Jessica's loan, what was the interest paid when payment 1 was received?
In Jessica's loan, what was the interest paid when payment 1 was received?
2,400 dollars
What was the principal reduction when Jessica made payment 3?
What was the principal reduction when Jessica made payment 3?
3,751 dollars
What was Jessica's loan balance after payment 4?
What was Jessica's loan balance after payment 4?
9,612.90 dollars
How much total interest did Jessica pay over the 6 payments?
How much total interest did Jessica pay over the 6 payments?
9,081.61 dollars
What happens to principal reduction as loan payments continue?
What happens to principal reduction as loan payments continue?
It increases
What two sources cause superannuation balance to grow?
What two sources cause superannuation balance to grow?
Contributions & compound interest
What was Michael's super balance after payment 3?
What was Michael's super balance after payment 3?
676,819.50 dollars