This document contains 13 math problems involving calculating payments, balances, and interest for loans and investments with interest compounded monthly or quarterly. The problems ask students to calculate monthly payments, total interest, balances after a certain number of periods, and amounts needed to settle arrears or pay off loans. Formulas for annuities, loans, and interest are required to solve these compound interest and finance problems.
This document contains 13 math problems involving calculating payments, balances, and interest for loans and investments with interest compounded monthly or quarterly. The problems ask students to calculate monthly payments, total interest, balances after a certain number of periods, and amounts needed to settle arrears or pay off loans. Formulas for annuities, loans, and interest are required to solve these compound interest and finance problems.
This document contains 13 math problems involving calculating payments, balances, and interest for loans and investments with interest compounded monthly or quarterly. The problems ask students to calculate monthly payments, total interest, balances after a certain number of periods, and amounts needed to settle arrears or pay off loans. Formulas for annuities, loans, and interest are required to solve these compound interest and finance problems.
This document contains 13 math problems involving calculating payments, balances, and interest for loans and investments with interest compounded monthly or quarterly. The problems ask students to calculate monthly payments, total interest, balances after a certain number of periods, and amounts needed to settle arrears or pay off loans. Formulas for annuities, loans, and interest are required to solve these compound interest and finance problems.
1. OCT 2010 Citari took a personal loan of RM10,000 and paid equal monthly payments for five years at an interest rate of 6% compounded monthly. i) Find the monthly payment. ii) If Citari fails to pay the first five monthly payments, find the amount she has to pay on the sixth payment in order to settle the outstanding arrears. iii) Find the outstanding principal balance if she decided to settle the loan immediately after the 50th payment. 2. APR 2010 a) RM100 was invested at the end of every month for 70 months in an account that paid 6% compounded monthly. After 70 months, no more deposit was made. Find the amount in the account at the end of 100 months. b) Muthu borrowed RM50,000 from a bank for 7 years at 12% compounded monthly. i) Find the monthly payment. ii) If he has not paid his first 3 monthly payments, how much should he pay on the 4th payment to settle all the outstanding arrears? iii) Immediately after paying the 24th monthly payment, he wants to settle the balance of the debt with a single payment. How much should this payment be? 3. OCT 2009 ZZ bank offers a personal loan of RM30,000 with an interest rate of 4.5% compounded monthly. The customer has to pay back the loan through monthly payments for 5 years. i) Find the monthly payment. ii) Calculate the total interest charged. iii) Immediately after paying the 48th payment, the customer decided to settle the balance of the loan. Find the amount to be paid. 4. APR 2009 In order to start a business, Azmi borrowed RM50,000 from a bank that charges interest at 9% compounded monthly. The loan will be repaid by monthly installment for 5 years. i) Find the monthly payment. ii) Calculate the total interest paid for the loan. iii) If Azmi fails to pay the first 3 monthly payments, how much should he pay on the 4 th payment in order to keep his payments up-to-date? 5. OCT 2006 a) En Basri borrowed a sum of money from AR Bank with interest at 4% compounded monthly. He has agreed to pay back RM 777.50 every end of the month for 6.5 years as the settlement of the loan. i) How much was the loan? ii) Calculate the amount of interest that En. Basri has to pay.
14 FSKM@UiTM Caw Sabah
famya(2011)
Tutorial 5: Annuity
T5/MAT112
b) RM500 was deposited every quarter into an account at 5% compounded quarterly. Find the number of payments if the amount in the account has accumulated to RM19,525.22. 6. APR 2006 Daud intends to buy an annuity scheme that offers an interest rate of 5% compounded monthly. He expects to receive RM800 every month for the next six years starting a month from the date of purchase. How much would Daud have to pay for the scheme? 7. NOV 2005 Dewi took a personal loan of RM 10,000 and paid equal monthly payments for five years at an interest rate of 5.5% compounded monthly. i) Find the monthly payment. ii) If Dewi fails to pay the first five monthly payments, find the amount she has to pay on the 6th payment in order to settle the outstanding arrears. iii) Find the outstanding principal balance immediately after the 50th payment. 8. MAR 2005 a) Omar invests RM250 every month in a savings scheme. Calculate the amount in his account at the end of 3 years if the interest is 8% compounded monthly. b) A finance company offers a personal loan of RM50,000 and a customer has to pay monthly payments for five years at an interest rate of 5% compounded monthly. i) Find the monthly payment. ii) Calculate the total interest charged. iii) If the customer fails to pay the first three monthly payments, find the amount he has to pay on the 4th payment in order to settle the outstanding arrears. 9. MAR 2004 RM100 was deposited every month for 10 years at an interest rate of 5% compounded monthly. i) Find the amount at the end of 10 years and the amount of interest earned. ii) Find the interest rate compounded annually which is equivalent to the above interest rate (up to five decimal places). 10. OCT 2003 a) Farid took a loan worth RM30,000 at 2.5% compounded monthly and had to pay monthly for 3 years. Calculate i) the monthly payment, ii) the total interest. b) RM50 was invested at the end of every month for 30 months in an account that paid 4% interest compounded monthly. After 30 months no more payment was made. Find the amount in the account at the end of 100 months.
15 FSKM@UiTM Caw Sabah
famya(2011)
Tutorial 5: Annuity
T5/MAT112
11. APR 2003
Rahim borrowed RM70,000 from a bank for 5 years at 6% compounded monthly, i) Find the monthly payment. ii) If he has not paid his first 3 monthly payments, how much should he pay on the 4th payment to settle all the outstanding arrears? iii) Immediately after paying the 24th monthly payment, he wants to settle the balance of the debt with a single payment. How much should this payment be? 12. SEPT 2002 Hani deposited RM357 at the end of every 6 months for 10 years in a savings account that paid interest at the rate of 10% compounded semiannually. Find i) the amount in the account just after her last deposit ii) the total interest earned. 13. MAR 2002 a) Mimi saved RMX monthly at EZY Bank that pays 6.75% interest compounded monthly. If the amount in the account at the end of five years is RM35,000 find her monthly saving. b) Zamri took a loan from BIZ Finance that charged interest of 4% compounded monthly. He has to pay RM1,000 each month for 15 years to settle the loan. i) Find the amount of the loan. ii) If Zamri failed to pay the first three monthly payments, find the amount he has to pay on the 4th payment in order to settle the four outstanding payments.
