MBF3C WS 8.1 Simple Interest NAME
Transcript of MBF3C WS 8.1 Simple Interest NAME
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MBF3C WS 8.1 Simple Interest NAME:
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MBF3C WS 8.2 Simple vs Compound Interest
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MBF3C WS 8.3 Compound Interest
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MBF3C WS 8.4 Present Value
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MBF3C WS 8.5 Changing Conditions on Compound Interest
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MBF3C WS 8.6 Introduction to Credit Cards
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MBF3C WS 8.7 Obtaining a Vehicle
A new SUV is listed at $46 095 plus taxes. You arrange to buy it after putting down a $5 000 down
payments and financing the rest at 3.9%/a compounded monthly for 4 years. How much do you have
to finance in order to purchase the SUV?
If your monthly payment ends up being $1061.08 per month, determine the total amount you paid for
the SUV.
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MBF3C WS 8.8 Operating a Vehicle
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MBF3C WS 8.9 The Cost of Irresponsible Driving
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MBF3C WS 8.10 Unit 8 Review
1. Calculate the interest earned on each of the following investments.
a) $5600 at 4% simple interest for 6 months b) $300 at 7.5% simple interest for 30 weeks
c) What simple interest rate is needed to earn $500 on a $2000 investment for 4 years?
2. Calculate the Future Value for each investment.
a) $3,000 at 6% compounded daily for the month of January.
b) $15,000 at 5.25% compounded quarterly for 3 years.
3. How much interest was earned on the investments from # 2?
a) b)
4. Determine the future value of the $5000 investment at 7.5%/a compounded monthly for 10 years.
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5. How much must Greta invest today at 5.4%/a compounded monthly to have $500 000 in 30 years?
6. Jemma wants to invest $10 000 and has 4 possible investments she can choose from. Which of the following
should she choose if she pans to invest for 5 years?
A) 6.4%/a compounded annually B) 6.3%/a compounded monthly
C) 6.2%/a compounded quarterly D) 6.0%/a compounded bi-weekly
SHE SHOULD CHOOSE INVESTMENT________.
7. Who benefits from a credit card with no annual fee but a high interest rate?
8. David’s credit card has a balance of $895. Interest is charged at 19.5% compounded daily and it has a grace
period of 21 days. The minimum payment is the greater of $10 or 3%.
a) If the statement date is June 15th what day should David make a payment to avoid paying interest?
b) What is the minimum payment due on the credit card?
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9. Calculate the sales tax on the following vehicle purchases. NOTE: HST = 13%
a) A new SUV selling for $35,795 b) A used Jeep selling for $8,500
10. Patrick leased a car for 4 years. He made a $4500 down payment and paid $459 per month. What was the total
cost of the leasing the car?
11. Calculate the cost to fill a 90L gas tank if the price of gasoline is $1.275/L.
12. How far can a car with a 40L tank travel if its fuel efficiency is 2.5L/100km?
13. Fred purchased a new car for $36,789 and one year later it was valued at $26,856. Calculate the first year
depreciation as a percent of the original selling price.
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Unit 8 Worksheet Selected Answers
WS 8.1
2. a) 1.5 b) 4
13 c)
88
365 d) 4 e) 1 f)
1
4 g)
80
73 h) 1 3. $45 4. a) $11.67 b) $411.67 5. $4974.36 6. 33.3%
7. 8.14 years 8. a) $198.80 b) $4698.80 9. a) $48
WS 8.2
2. b) $10, B
WS 8.3
4. 8% 5. Markton 6. $1 288.00 7. $836.54 8. $1 322 873.23
WS 8.4
1. $3 494.62 2. $3 157.64 3. $9 005.01 4. $26 673.51 2. a) $3886.62 b) $3871.23 c) $3857.96 d) $3855.88 e) $3855.34
WS 8.5
2. a) $1843.88, I = $343.88 b) $1975.21, I = $475.21 c) $2115.90, I = $615.90 3. a) $80 b) $188.10 4. a) Increase by $153.05 b) Increase by $155.79 5. a) $2771.54 b) $2717.85 6. a) $18872.00 b) $19386.97 c) $18886.25 7. a) $21589.25 b) $21911.23 c) $22080.40 d) $22196.40
WS 8.6
1. $185.37 2.a) $678.00 b) $20.34 c) (i) June 24 (ii) $19.32 3. $5750 4. Air Miles
WS 8.9 1. $101.70 2. $293.80 3. $203.40 4. 10 5. 1 demerit point
WS 8.7 1. a) $39096.87 b) $14111.44 c) $8863.72 d) $46376.33 2. $47087.35 3. $55931.84 7. A: $25880 B: $26400 8. $5888.00
WS 8.8 1. a) F b) V c) F d) V e) V f) F g) F h) F i) V j) F 2. a) yearly b) yearly 3. a) 434.8 km b) 10.2 L c) $11.52 d) about 160 km
4. minivan by about 25 km 5. a) $2 5025; $19 269.25 b) 40.71% 6. Natalie’s 7. a) $8 040 b) 12% c) 34.9%
WS 8.10 1. a) $112 b) $12.98 c) 6.25% 2. a) $3015.33 b) $17540.73 3. a) $ 15.33 b) $2540.73 4. $6415.13 5. $99 309.60 6. Investment B 8. a) July 6 b) $26.85 9. a) $4653.35 b) $1105.00 10. $28 260 11. $114.75 12. 1600 km 13. 27%