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Calculate the simple interest on each of the following loans. $t Z 000 at 9"/o p.a. for 4 years $8000 at 6.5o/,p.a. for 7 years izs 500 at 7'30/op.a. for 5 years $t+ 600 for rg months at g% p.a. $qOO for 30 months at 5.8% p.a. Peter borrows $sooo

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per

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p.a. How much interest does he pay: b per month?

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Nicole borrows $2400 from a finance company for years 2 at r3"/o p.a. simple interest. : How much interest will she pay? 'r How much, incruding interest, wiI Nicole have to repay the finance company?

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.'.:,, David borrows $l I 000 from a finance company for years 3 atgo/op.a. , How much interest must he pay? David must also pay the finance company a service fee of $50, as well as the interest. Calculate the total amount David wi[ have to repay the finance company.
$ r 0 000. The finance company charges simpre interest and it wiil rend Maya the money for 3 years at z *t p.a. or for 4 years at 5'9o/o p.a. under which option wiil she pay the reast amount of interest?

Maya wants to borrow

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Nabil wishes to borrow $t: ooo to buy a motorbir<e. He has the choice of two different finance packages.

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It wasn't until the religious community decided'usury' (lending money for interest) was no longer a sin that the banking industri

which package do you recommend that Nabir take? Give reasons, including a calculation, for your answer. Chapter
6

became a respeca5 and importan: par: society.

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