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DSC1630 Assignment 1 Semester 1 2022 Solutions
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  • February 22, 2022
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DSC1630

Introductory Financial Mathematics

Department of Decision Sciences

Assignment 01 for Semester 01 2022

Unique assignment number: 189377
Due Date: 1 March 2022




Question 1

Patric borrows money from Zanele at a simple discount rate of 9,75% per annum. He must
pay him R35 000 in 27 months’ time. The amount of money that he receives from Zanele
now is

[1] R27 321,88.
[2] R44 835,87.
[3] R28 389,51.
[4] R42 678,13.

Answer:

𝑃 is the principal or total amount borrowed (in rand) which is subject to interest (𝑃 is also
known as the present value [𝑃𝑉] of the loan)

𝑟 is the rate of interest, that is, the fraction of the principal that must be paid each period
(say, a year) for the use of the principal (also called the period interest rate)

𝑡 is the time in years, for which the principal is borrowed.

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