Practice the questions given in the worksheet on compound interest with periodic deductions.
1. Jane borrows $ 8,000 at a compound interest rate of 5% per annum. If she repays $ 1,600 at the end of each year, find the sum outstanding at the end of the third year.
2. Jack lent $ 8,000 at a compound interest rate of 10% per annum. If he repays $ 1,500 at the end of the first year and $ 2,000 at the end of the second year, find his outstanding loan at the beginning of the third year.
3. A person invests $ 5,000 at the beginning of every year in a bank and earns 10 % annual interest, compounded at the end of the year. What will be his balance in the bank at the end of 3 years?
4. Mrs. Daniel takes a loan of $ 5,000 at the beginning of a year at a compound interest rate of 12 ½ % per annum. She takes another loan of $ 5,000 at the beginning of the next year at the same rate of compound interest. What is her total debt at the end of two years?
5. Shelly lent a sum of $ 5,000 at 12 % compound interest per annum, interest payable every 6 months. She pays back $ 1,800 at the end of every 6 months. Find the third payment she has to make at the end of 18 months in order to clear the entire loan.
Answers for the worksheet on compound interest with periodic deductions are given below.
Answers:
1.
$ 5,817
2.
$ 6,030
3.
$ 18,205
4. $ 11,953.13
5. $ 2,024.60
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