Year 12 Maths Standard 1 (2027)
Depreciation and loans
Modelling a Loan with a Spreadsheet
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Questions
Question 1
199380
The spreadsheet models a \(\$3000\) reducing-balance loan charged \(1\%\) interest per month and repaid with \(\$800\) each month. Find the missing closing balance at the end of period \(1\).
| Period | Opening (\(\$\)) | Interest (\(\$\)) | Repayment (\(\$\)) | Closing (\(\$\)) |
|---|---|---|---|---|
| 1 | 3000 | 30 | 800 | ? |
| 2 | ? | ? | 800 | ? |
| 3 | ? | ? | 800 | ? |
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