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October 13, 2025, 03:10:21 pm
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Author Topic: checkpoints & vcaa - different answers  (Read 1313 times)  Share 

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vce01

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checkpoints & vcaa - different answers
« on: October 15, 2008, 10:38:14 pm »
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alright so i came across this question in checkpoints:

A loan of $18 000 is to be repaid by making 48 payments of $480 per month.
For this loan, the effective rate of interest is closest to
A. 7.0% per annum
B. 13.7% per annum
C. 26.7% per annum
D. 28.0% per annum
E. 54.9% per annum

its in checkpoints 08 on page 61. & question #5 (bus math) in vcaa exam 2002.

the problem is, in checkpoints, the answer according to the author is E. but in vcaa it says its B?? whats up with that?
i thought it was B as well but then checked the answers to find that i was apparently wrong
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RD

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Re: checkpoints & vcaa - different answers
« Reply #1 on: October 15, 2008, 10:41:03 pm »
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Checkpoints make mistakes. I've had friends complain about how many mistakes they found in the Accounting ones.
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vce01

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Re: checkpoints & vcaa - different answers
« Reply #2 on: October 15, 2008, 10:48:05 pm »
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ugh, neil duncan ftl
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Amnesiac

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Re: checkpoints & vcaa - different answers
« Reply #3 on: October 16, 2008, 07:42:34 am »
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Neil Duncan is usually good. I've been working out of his checkpoints as well, and he has a really good way of explaining solutions. However, i would bet money on the fact that he makes a few mistakes. Nevertheless, checkpoints is awesome, and i've learnt a lot from Mr Duncan haha. I'm actually doing a trial exam today that was written by him. Lets hope there are no huge errors.
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Noblesse

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Re: checkpoints & vcaa - different answers
« Reply #4 on: October 16, 2008, 02:02:47 pm »
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Just a confirmation, I got B as well :)
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plato

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Re: checkpoints & vcaa - different answers
« Reply #5 on: October 16, 2008, 11:09:37 pm »
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As Jamison has also found, answer is B. Not sure what Checkpoints has done.

48 payments of $480 = $23040
That means $5040 was the amount of interest

Put this in the SI formula and you get 7% simple interest per year

Then, effective rate of interest = %  = answer B
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