freakinout said:
speaking of formulas i just realised i dont know wut a reducing balance method is or how to work it out?? is there a formula .. coz its not on the bible (the formula sheet lol)
reducible interest goes like this:
eg. Mr Chan takes out a $100,000 loan at 8%p.a. reducible interest over 25yrs. Interest is calculated and added on the first of each month. They make a payment of $775 each month.
Calculate
(a) the interest added after one month
(b) the balance owing after one month
answer
(a) I = ?
P = 100,000
r = 8% p.a (0.6666...% per month)
n = 1 month
I = 100,000 x 0.6666... x 1
I = $666.67
(b) $100,000 + $666.67 - $775
= $99891.67
as for a formula, you just use the I = Prn to work it out. Reducible interest basically means you are only charged interest on the amount still owing
and for the person who asked about whether hsc is worked out on ur raw marks or ur ranking, its the ranking. If you do average in ur exam because it was a tough exam, as long as your ranking is good it doesnt matter, your band will most probably be moved up because scores will be 'adjusted'.
hope that answered your questions