Chapter 3: Savings and Investment, Credit and Debt
1 Melissa deposited RM 3 000 into a savings
account with interest rate 2% per annum. Calculate the total savings received by Melissa after 9 months.
2 The diagram below shows simple interest
rate offered by bank H and bank K.
BANK H BANK K
Monthly interest Interest rate 3%
rate 0.4% per annum
Puan Aminah has RM5 000 to be
deposited into a bank for a year. Determine which bank provides more return for Puan Aminah. Explain your answer.
3 Adam saves RM15 000 in a bank which
offers interest rate 4% per annum. Calculate the matured value after 2 year if the interest is compounded (a) half yearly (b) quarterly
4 Sive utilised RM10 000 to buy unit trust A.
After 1 year, he sold all the unit trust and received RM11 000. Within the period of holding the unit trust, he received dividend of RM200 twice. Calculate the value of investment returns obtained by Siva.
5 Encik Rahman and Encik Amir have
RM600 000 respectively. They invest the money as follows.
Encik Rahman saves RM600 000 in fixed
deposit account with interest rate of 4% per annum and compounded every half year
Encik Lai bought a unit of condominium
at a price of RM600 000 and managed to earn a rent of RM3 000 per month.
Calculate the return of investment for Encik
Rahman and Encik Amir after one year. Who is a wise investor? Give your reason.
6 Nijat received credit card statement for
june from Bank X. The June statement shows Nijat has the current amount of RM1 000 that was used to buy a mobile phone. She did not make payment for June. Bank X imposed finance charge 18% annually on the transaction of the mobile phone purchase for 50 days, which is from the entry date to the July statement date. Late payment charge imposed is at a maximum of RM10 or 1% of the outstanding balance. Assume that Nijat did not use credit card in July. Calculate
(a) The finance charge and the late
payment charge imposed in the July statement.
(b) The current amount in the July
statement.
7 John made a house loan of RM187 000
from a bank with interest rate 4.5% per annum for 20 years. Given that the monthly instalment is RM1 198. Calculate the amount interest payable by John for the first three months.
8 Vijaya wishes to buy a single storey terrace
house. He is lacking of Rm100 000 cash. He is considering to get housing loan, or to get a personal loan from a bank for 9 years. He finds out that personal loan interest rate is 8% per annum.
(a) Calculate the total repayment for
personal loan.
(b) Given that the monthly instalment
payment for housing loan is RM1 251.98 and Vijaya could only afford to pay up to RM1 400, what is the best option for Vijaya? Give your justification. 9 Faizah made a house loan of RM280 000 from a bank with interest rate 4.1% per year for 30 years. Given that the monthly instalment is RM1 365.80. Calculate the amount of interest payable by Faizah for the first two months.
10 Mary wants to buy a new car which cost
RM12 000. She plans to get a car loan for 90% of the price of the car for 9 years from bank A. given that the interest rate of the car loan offered by Bank A is 3.2% per annum. Calculate the monthly instalment of the car loan.