Loan Repayment Investigation Name SAMPLE 3

Loan Repayment Investigation

Name

Task 1:

SAMPLE 3

Personal Loan Calculator



calculator/

Complete the following table using the above calculator link. Set the interest rate to 'variable'.

Record the personal loan variable interest rate:

Size of Loan

$5 000 $10 000

Monthly repayments over l ear

Fortnightly repayments over 3 ears

./

What is the total interest that you pay the bank? Compare this to your amount borrowed.

How much more does it cost you to take out the $10000 loan over 5 years with fortnightly

repayments?

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How much more does it cost you to take out a $20000 loan over 5 years instead of 3?

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