Question 3 1.1 Mr. Vundia wants to purchase a new lounge suite. He goes to a local furniture shop and the sales person shows him the lounge suite on the picture below. ROMA SPOE SACTION LEATHER LOOK LOUNGE SUITE WAS R15 999 NOW R14 999 Hire-Purchase Options: Deposit: 15% of the new purchase price. R 759, 64 x 24 months Total Cost-R 3.1.1 Explain the meaning of interest rate according to the given context (2) 3.1.2 Calculate the discount amount. (2) 3.1.3 Calculate the percentage discount (rounded to one decimal place), using the following formula: Percentage discount=discount x 100% old price (3) 3.1.4 Calculate the deposit on the lounge suite if the hire-purchase option is 3.2. used. Mr Vundla does not have the cash and decided to go to Bank X to make a personal loan of R15 000. The Bank offers him 15% interest compounded annually. (3) Mr Vundla claim that he will pay R 19 837,50 after 24 years. Verify if his claim is correct. (5) [15]
Question 3 1.1 Mr. Vundia wants to purchase a new lounge suite. He goes to a local furniture shop and the sales person shows him the lounge suite on the picture below. ROMA SPOE SACTION LEATHER LOOK LOUNGE SUITE WAS R15 999 NOW R14 999 Hire-Purchase Options: Deposit: 15% of the new purchase price. R 759, 64 x 24 months Total Cost-R 3.1.1 Explain the meaning of interest rate according to the given context (2) 3.1.2 Calculate the discount amount. (2) 3.1.3 Calculate the percentage discount (rounded to one decimal place), using the following formula: Percentage discount=discount x 100% old price (3) 3.1.4 Calculate the deposit on the lounge suite if the hire-purchase option is 3.2. used. Mr Vundla does not have the cash and decided to go to Bank X to make a personal loan of R15 000. The Bank offers him 15% interest compounded annually. (3) Mr Vundla claim that he will pay R 19 837,50 after 24 years. Verify if his claim is correct. (5) [15]
Chapter8: Budgets And Bank Reconciliations
Section: Chapter Questions
Problem 2.1C
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![Question 3
1.1
Mr. Vundia wants to purchase a new lounge suite. He goes to a local
furniture shop and the sales person shows him the lounge suite on the picture
below.
ROMA SPOE SACTION LEATHER
LOOK LOUNGE SUITE
WAS R15 999
NOW R14 999
Hire-Purchase
Options:
Deposit: 15% of the
new purchase price.
R 759, 64 x 24
months
Total Cost-R
3.1.1 Explain the meaning of interest rate according to the given context
(2)
3.1.2 Calculate the discount amount.
(2)
3.1.3 Calculate the percentage discount (rounded to one decimal place), using the
following formula:
Percentage discount=discount
x 100%
old price
(3)
3.1.4 Calculate the deposit on the lounge suite if the hire-purchase option is
3.2.
used.
Mr Vundla does not have the cash and decided to go to Bank X to make a
personal loan of R15 000. The Bank offers him 15% interest compounded
annually.
(3)
Mr Vundla claim that he will pay R 19 837,50 after 24 years. Verify if his claim is
correct.
(5)
[15]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd9aee777-3695-485e-b5c4-dbe51341a59f%2Fac6bee67-d86d-4bfe-90b1-7e5e978507ad%2F4x1jlph_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question 3
1.1
Mr. Vundia wants to purchase a new lounge suite. He goes to a local
furniture shop and the sales person shows him the lounge suite on the picture
below.
ROMA SPOE SACTION LEATHER
LOOK LOUNGE SUITE
WAS R15 999
NOW R14 999
Hire-Purchase
Options:
Deposit: 15% of the
new purchase price.
R 759, 64 x 24
months
Total Cost-R
3.1.1 Explain the meaning of interest rate according to the given context
(2)
3.1.2 Calculate the discount amount.
(2)
3.1.3 Calculate the percentage discount (rounded to one decimal place), using the
following formula:
Percentage discount=discount
x 100%
old price
(3)
3.1.4 Calculate the deposit on the lounge suite if the hire-purchase option is
3.2.
used.
Mr Vundla does not have the cash and decided to go to Bank X to make a
personal loan of R15 000. The Bank offers him 15% interest compounded
annually.
(3)
Mr Vundla claim that he will pay R 19 837,50 after 24 years. Verify if his claim is
correct.
(5)
[15]
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