Prepared by: Outstanding tutors
Question 1
On 16 April Dumi deposited an amount of money in a savings account that earns 8,5% per annum,
simple interest. She intends to withdraw the balance of R2599 on 8 December of the same year to
buy her little sister clothes for Christmas. The amount of money that Dumi deposited is
[1] R2465,46.
[2] R2460,03.
[3] R2461,82.
[4] 2463.60.
Question 2
You borrow money from the bank at an simple discount rate of 12% per annum. You need to pay
the bank R5 000 in six months’ time. The amount of money that you will receive now from the bank
is
[1] R5300,00.
[2] R5319,15.
[3] R4700,00.
[4] R4716,98.
,Question 3
Tshepo needs R5000 urgently. He goes to the bank and borrows the money at an interest rate of
28% per annum, compounded monthly. The amount of money that Tshepo will have to pay the bank
back in fifteen months’ time is
[1] R6750,00.
[2] R6807,42.
[3] R5 145,83.
[4] R7066,87.
Question 4
If a simple interest rate of 21% per annum, is equivalent to a discount rate of 19% per annum, then
the length of time under consideration is
[1] 0,904 years.
[2] 0,453 years.
[3] 1,105 years.
[4] 0,501 years.
Question 5
Marwala invests an amount of money in an account earning 13,88% interest per year, compounded
weekly. After five years, this amount has accumulated to R50000. The amount that was invested
initially is
[1] R29515,94.
[2] R15300,00.
[3] R26 105,54.
[4] R25001,79.
Question 6
Zaca received an amount of R2 340 from Luhle at a discount rate of 12% per annum on 7 September.
The future value of the loan on 7 July the following year is
[1] R2127,27.
, [2] R2574,00.
[3] R2600,00.
[4] R2106,00.
Question 7
Paballa invested R1500 in an account earning 6,57% per annum, simple interest. The balance that
he will get 16 months later is
[1] R1632,82.
[2] R1636,94.
[3] R1631,40.
[4] R1644,02.
Question 8
MamZodwa wants to buy a R30 835,42 mobile kitchen for her food catering business. How long will
it take her to save towards this amount if she deposits R25000 now into a savings account earning
10,5% interest per year, compounded weekly?
[1] 104 weeks
|2| 2 weeks
[3] 24 weeks
[4] 52 weeks
Question 9
Malume Gift won R120000 in a competition and immediately deposited the money into a savings
account earning 8,5% interest per annum, compounded monthly. Five months after winning, he
withdrew a certain amount for his son’s education. The balance in his account one year after
winning
the money was R99 087,42. The amount he withdrew for his son’s education was
[1] R25 223,22.
