20. A personal loan of €15 000 is taken out for 5 years by a family to extend their kitchen. If the total repayments were €16 983 and the repayments were made monthly, what was the APR? (Use the APR table in Question 19.)
21. A motorcycle which cost €4700 depreciates at a rate of 18% p.a. Find its value after 4 years to the nearest euro using the reducing balance method.
22. A 4 × 4 vehicle depreciated to €20 410 in 5 years at a rate of 15% p.a. Find its original value using the reducing balance method, correct to the nearest euro.
23. A photocopier bought at €24 000 depreciated to €12 288 in 3 years. Find the rate of depreciation using the reducing balance method.
24. A car rental company paid €32 000 for a car. The company expects to rent it out for 3 years and then sell it.
(a) If it depreciates at 25% p.a., fi nd its value after 3 years by the reducing balance method.
(b) If the company sells it at a percentage loss of 10% on its depreciated value, how much does the company get for the car from its sale?
25. The current value of a car is €22 500. It depreciates by 25% p.a. by the reducing balance method. Find the percentage change in value after 2 years.
