Danny Bought a Camera from Future Shop for $385 at 3

question 38

Multiple Choice

Danny bought a camera from Future Shop for $385 at 3% p.a. rate and 4 equal quarterly payments. Determine the size of the quarterly payments if the agreed focal date is the date of the loan.

• A) $98.05
• B) $96.25
• C) $99.14
• D) $93.45
• E) $128.33

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Definitions:

Square Root

The value that, when multiplied by itself, yields the original number; it is denoted as \(\sqrt{x}\) for a number \(x\).

Logarithm

The power to which a base, often 10 or e, must be raised to produce a given number.

Logarithm

The exponent or power to which a base must be raised to yield a given number.

Inverse Function

A function that undoes the action of the another function, such that if the original function applied to an input gives an output, the inverse function applied to that output returns the original input.