If your repayment income is $75,000 in the financial year 2022-2023 and your HELP debt was $65,000 at the start of the financial year, your repayment % this year is _______________________ and your minimum repayment this year is ________________.A.3%; $2,250B.3%; $1,950C.4.5%; $2,925D.4.5%; $3,375
Question
If your repayment income is 65,000 at the start of the financial year, your repayment % this year is _______________________ and your minimum repayment this year is ________________.A.3%; 1,950C.4.5%; 3,375
Solution
The repayment income threshold for the financial year 2022-2023 is set by the Australian Taxation Office (ATO). According to the ATO, for an income of $75,000, the repayment rate is 4.5%.
So, the correct repayment percentage is 4.5%.
To calculate the minimum repayment for the year, you multiply the repayment income by the repayment rate:
3,375
So, the correct answer is D. 4.5%; $3,375.
Similar Questions
If your gross monthly income is $4,000 and your total monthly debt payments are $1,200, what is your debt-to-income ratio?*30%25%35%40%
A company borrows money as needed on the first day of the month and repays principal and interest on the last day of the budget period, if cash is available. For the second quarter of the year, they borrowed $10,000 in April, $8,000 in May and $5,000 in June. The interest rate is 1% per month. Assuming enough money is available on June 30th to repay the debt, the total amount of interest due is Blank______.Multiple choice question.$560$230$690
You are borrowing N$80,000 for 25 years at 10% nominal annual interest. How much must your annual payments be if you will completely retire the loan over the 25-year period by factor formula
If you borrow $1100 with a simple discount rate of 10% for 4 months, how much will you need to repay?
You borrow $400,000. The loan requires 24 quarterly repayments at an interest rate of 8% p.a. compounded quarterly. What amount of principal is repaid in the first three months? Group of answer choices $21,148.44 $8,000.00 $13,148.44 $386,851.56
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.