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Question 1 Patrick borrows money from Zanele at a simple discount rate of 9,75% per annum. He must pay money that he receives from Zanele now is Question 2 On 29 March 2022, Justin deposited R3 500 into a savings account. The simple interest rate agreed upon was 7,5% per year. The accumulated amount in the savings account on 10 October 2022 is Note: ignore the leap year unless it is specified that it is a leap year

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DSC1630 Assignment 1 Possible Solutions
Semester 1, 2022

Question 1

Patrick borrows money from Zanele at a simple discount rate of 9,75% per annum. He must pay
money that he receives from Zanele now is

Question 2

On 29 March 2022, Justin deposited R3 500 into a savings account. The simple interest rate agreed
upon was 7,5% per year. The accumulated amount in the savings account on 10 October 2022 is

Note: ignore the leap year unless it is specified that it is a leap year

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DSC1630: Introductory Financial Mathematics: Assignment 1, 2022 Page 1

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Question 3

An investment of R20 000 accumulated to R45 000. If the applicable simple interest rate is 12%
per year, then the time under consideration is

Question 4

The simple interest rate which equals to a discount rate of 12% per year for a period of 18 months
is

Convert the decimal to a percentage by multiplying by 100

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Email: for Online and Exam Preparation Classes

DSC1630: Introductory Financial Mathematics: Assignment 1, 2022 Page 2

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Number of pages: 9
Written in: 2023/2024
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