Worksheet 1 1.1.
Jane, a single parent of two kids took a loan of R160 000 to be
paid back with simple interest of 15.5% per annum, over a
period of 3 years. The loan was meant to complete the
renovations of her house.
a) How much interest will Jane pay in total?
b) How much will she pay over a period of three years?
2.
Tshepo invested R5 500 into a savings account with
compound interest of 14.7% per annum to his further studies
at ABC Business Institution. His course takes six months for a
tuition fee of RS 600.
a) How many months must he save to enable him to comple
the course.
b) His father claims that he will have a surplus of more than
R1 000 after reaching the target for paying his course ve
his claim.​