Gonzalez Vaughn

05/11/2024 · Senior High School

8. Arnold buys a car and pays an initial deposit of R6 000 , R8 000 after two years and a further R9 000 two years later. Interest is \( 18 \% \) per annum compounded monthly for the first two years. For the next two years, the interest rate is \( 19 \% \) per annum compounded monthly. Calculate the original price of the car. Sipho pays a deposit of R30 000 for a new car. He repays the remaining loan by paying a further R20 000 in two years' time and R100 000 six years thereafter. Interest is \( 18 \% \) per annum compounded monthly during the first three years and \( 32 \% \) per annum effective for the remaining five years. What did Sipho originally pay for the car? A mother decided to start saving money for her son's future education. She immediately deposited R4 000 into a savings account. Three years later, she deposited a further R5 000 into the account. One year later, she withdrew R2 000 in order to do repairs around the house. Her son needed the money four years after her withdrawal of R2 000. The interest rate for the first three years was \( 15 \% \) per annum compound monthly. The interest rate for the remaining five years was \( 16 \% \) per annum compounded quarterly. Calculate the future value of his money at the end of the savings period which lasted eight years. Jacob borrowed money in order to finance the purchase of a new home. He paid a deposit of R100 000 . He then repaid the balance that he owed by means of a payment of R160 000 after three years. His last payment of R170 000 was paid four years after the previous payment. The interest rate for the first three years was \( 12 \% \) per annum compounded monthly. The interest rate was then \( 14 \% \) per annum compounded half-yearly for the remaining four years. What was the original price of the home?