Monthly deposits of R100 each are made into a bank account earning interest at an interest rate of 18% per annum, compounded monthly. The time (in months) that it will take the account to accumulate to R20 000 is given by

An amount of R600 is invested every month for eight years. The applicable interest rate is 14,65% per year, compounded quarterly. Calculate the accumulated amount of these monthly payments to the nearest hundred rand.

[Answer format: Rddd ddd (R: rand; d: digit)]

[Example of an answer in the correct format: R123 400]

Ensure that your answer is typed in the correct format otherwise you will forfeit the mark!

Jamin intends to open a small material shop and borrows the money for it from his Uncle Jefferson. Jamin feels that he will only be able to start repaying his debt after three years. Jamin will then pay Uncle Jefferson R105 000 per year for five years. Money is worth 19,5% per year. The amount of money that Uncle Jefferson originally lent Jamin is

Jamin intends to open a small material shop and borrows the money for it from his Uncle Jefferson. Jamin feels that he will only be able to start repaying his debt after three years. Jamin will then pay Uncle Jefferson R105 000 per year for five years. Money is worth 19,5% per year. The present value of Jamin’s debt at the time he will start paying Uncle Jefferson back is

Sarah will discharge a debt of R500 000 six years from now, using the sinking fund method. The debt’s interest is 15,6% per year, paid quarterly. The sinking fund earns interest at a rate of 8,4% per year, compounded monthly. The total yearly cost to discharge the debt (to the nearest rand) is

The following is an extract from the amortisation schedule of a home loan:

The value of B is

Amber is going to need R145 000 in three years’ time, to pay for a holiday overseas. She immediately starts to make monthly deposits into an account earning 11,05% interest per year, compounded monthly. Amber’s monthly deposit is

T

o pay off a loan of R7 000 due now and a loan of R2 000 due in

14 months’ time, Perry agrees to make three payments in two, five- and

ten-months’ time, respectively. The second payment is to be double the first and the third payment is to be triple the first. What is the size of the payment at month five if interest is calculated at 16% per year, compounded monthly?

After an accident Clayton was awarded an amount from the Accident Fund as compensation for his injuries. He chose to receive R18 900 per month indefinitely. If money is worth 9,95% per year, compounded monthly, determine the amount awarded to the nearest rand.

[Answer format: Rd ddd ddd (R: rand; d: digit)]

[Example of an answer in the correct format: R1 234 567]

Ensure that your answer is typed in the correct format otherwise you will forfeit the mark!