Grade 10 Maths · Financial Maths · Calculate total paid and interest

Hire Purchase Grade 10

Work out what you really pay when you buy on credit, for example 24 payments of R500 is R12 000, minus the price gives the interest.

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Financial Maths Grade 10 | Hire Purchase | IntroductionKevinmathscience

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Question 7.2 · May/June 2024 · Paper 1 · National (DBE) · 4 marks

Eric and Thandi need to save R80 000 each to go on a holiday at the end of December 2027.
- Thandi decides that she will start saving at the end of January 2025. She will make 36 monthly deposits into a savings account that pays interest at 8,6% p.a., compounded monthly. The deposit will be made at the end of each month.
- Eric calculates that if he makes 48 deposits of R1 402,31, starting at the end of January 2024, he will have enough money to go on holiday. He will make his deposits into a savings account at the end of each month. The savings account pays interest at 8,6% p.a., compounded monthly.

7.2 Calculate the difference between the total amount that Eric and Thandi will deposit into their respective savings accounts over the given period.(4)

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3. Question 7.3.1 · November 2024 · Paper 1 · National (DBE) · 2 marks
7.3 Tshepo was granted a loan of R100 000 on 1 March 2022 at an interest rate of 13,5% p.a., compounded monthly. Tshepo agreed to repay the loan over 5 years in monthly instalments of R2 300,98, starting on 1 April 2022.
7.3.1 Calculate the total interest that he will pay over the 5 years.(2)
Show the memo (2 ticks)Memo
1. ✓
  Calculate total amount paidTotal Paid $= 2300, 98 \times 60 = R 138058, 80$
  1 mark · Calculate total paid and interest
2. ✓
  Calculate interestInterest $= 138058, 80 - 100000 = R 38058, 80$
  1 mark · Calculate total paid and interest
4. Question 4.2.1 · November 2024 · Paper 1 · Provincial · 6 marks
4.2 A television set costs R 20 000. Belinda buys it on hire purchase. She traded in an old television for R 3 000 and also paid a deposit of R 2 000. She made monthly installments of R 900 for a period of 2 years.
4.2.1 Calculate the total interest paid.(6)
Show the memo (3 ticks)Memo
1. ✓
  Calculate balance owedBalance $= R 20000 - R 3000 - R 2000$
  $= R 15000$
  2 marks · Calculate total paid and interest
2. ✓
  Calculate total installments $24 \times R 900 = R 21600$
  2 marks · Calculate total paid and interest
3. ✓
  Calculate interestInterest $= Total Paid - Balance Owed$
  $= R 21600 - R 15000$
  $= R 6600$
  2 marks · Calculate total paid and interest
5. Question c · Siyavula Grade 12 Mathematics, 3.3 Future value annuities, Worked example 4 · 1 mark
Ciza decides to start saving money for the future. At the end of each month she deposits R900 into an account at Harringstone Mutual Bank, which earns $8, 25%$ interest p.a. compounded monthly.
c Calculate how much interest she earned over the $29$ year period.(1)
Show the memo (1 tick)Memo
1. ✓
  Total interestTotal interest $=$ final account balance $-$ total value of all deposits
  $= R 1289665, 06 - R 313200 = R 976465, 06$
  1 mark · Calculate total paid and interest

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