Question

section two: calculating your first loan

you would like to purchase the following drone.

matrice 350 rtk
aud $12,399.00

however, you only have $8000 in savings and will need to borrow the remaining amount.

1. how much will you need to borrow?

1. the finance company charges 32.95% p.a. on loans for drones.

a. how much is the simple interest will be charged on a:
i. 1-year loan?
ii. 2-year loan?
iii. 3-year loan?

Explanation:

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<reasoning>

Calculate the borrowing amount

Using the Loan Concepts knowledge point
\[

$$\begin{aligned} \text{Price} &= \$12,399.00 \\ \text{Savings} &= \$8,000.00 \\ \text{Borrowing Amount } (P) &= \$12,399.00 - \$8,000.00 = \$4,399.00 \end{aligned}$$

\]

Calculate 1-year simple interest

Using the Interest Types knowledge point
\[

$$\begin{aligned} P &= \$4,399.00 \\ r &= 32.95\% = 0.3295 \text{ per annum} \\ t &= 1 \text{ year} \\ I_1 &= P \cdot r \cdot t \\ I_1 &= 4399 \cdot 0.3295 \cdot 1 = \$1,449.4705 \approx \$1,449.47 \end{aligned}$$

\]

Calculate 2-year simple interest

Using the Interest Types knowledge point
\[

$$\begin{aligned} t &= 2 \text{ years} \\ I_2 &= P \cdot r \cdot t \\ I_2 &= 4399 \cdot 0.3295 \cdot 2 = \$2,898.941 \approx \$2,898.94 \end{aligned}$$

\]

Calculate 3-year simple interest

Using the Interest Types knowledge point
\[

$$\begin{aligned} t &= 3 \text{ years} \\ I_3 &= P \cdot r \cdot t \\ I_3 &= 4399 \cdot 0.3295 \cdot 3 = \$4,348.4115 \approx \$4,348.41 \end{aligned}$$

\]
</reasoning>

<answer>

Question 4

You will need to borrow:
\[\$4,399.00\]

Question 5

The simple interest charged is:
a.
i. For a 1-year loan:
\[\$1,449.47\]

ii. For a 2-year loan:
\[\$2,898.94\]

iii. For a 3-year loan:
\[\$4,348.41\]
</answer>

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Answer:

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<reasoning>

Calculate the borrowing amount

Using the Loan Concepts knowledge point
\[

$$\begin{aligned} \text{Price} &= \$12,399.00 \\ \text{Savings} &= \$8,000.00 \\ \text{Borrowing Amount } (P) &= \$12,399.00 - \$8,000.00 = \$4,399.00 \end{aligned}$$

\]

Calculate 1-year simple interest

Using the Interest Types knowledge point
\[

$$\begin{aligned} P &= \$4,399.00 \\ r &= 32.95\% = 0.3295 \text{ per annum} \\ t &= 1 \text{ year} \\ I_1 &= P \cdot r \cdot t \\ I_1 &= 4399 \cdot 0.3295 \cdot 1 = \$1,449.4705 \approx \$1,449.47 \end{aligned}$$

\]

Calculate 2-year simple interest

Using the Interest Types knowledge point
\[

$$\begin{aligned} t &= 2 \text{ years} \\ I_2 &= P \cdot r \cdot t \\ I_2 &= 4399 \cdot 0.3295 \cdot 2 = \$2,898.941 \approx \$2,898.94 \end{aligned}$$

\]

Calculate 3-year simple interest

Using the Interest Types knowledge point
\[

$$\begin{aligned} t &= 3 \text{ years} \\ I_3 &= P \cdot r \cdot t \\ I_3 &= 4399 \cdot 0.3295 \cdot 3 = \$4,348.4115 \approx \$4,348.41 \end{aligned}$$

\]
</reasoning>

<answer>

Question 4

You will need to borrow:
\[\$4,399.00\]

Question 5

The simple interest charged is:
a.
i. For a 1-year loan:
\[\$1,449.47\]

ii. For a 2-year loan:
\[\$2,898.94\]

iii. For a 3-year loan:
\[\$4,348.41\]
</answer>

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