Maths Worksheet - Loans (answers)

SAEP Matric Success – Zisukhanyo Maths Worksheet Tuesday 31st March 2009 Financial Mathematics – Loans – ANSWERS 1. Classroom Mathematics, Ex 3.4, Q1 a) R2 306,74 b) 2 603,47 c) Over 30 years: R830 426,40. Over 20 years: R624 832,80 2. Classroom Mathematics, Ex 3.4, Q4 R1 150,11 3. Classroom Mathematics, Ex 3.7, Q2 R785,72 4. Classroom Mathematics, Ex 3.7, Q4 a) R2 481,17 b) R64 819,64 5. Classroom Mathematics, Ex 3.8, Q1 5 years 6. Classroom Mathematics, Ex 3.8, Q5 He would be 49 years old 7. Classroom Mathematics, Ex 3.9, Q1 a) R51 240 b) R 26 240

c) i = 21% p.a.

8. Classroom Mathematics, Ex 3.10, Q1 R6 666,67 9. Classroom Mathematics, Ex 3.10, Q2 a) 16 new members b) R40 000 c) Each investor receives R5 714, 29 d) Level 3 investor: R5 714,29 Level 2 investor: R5 714,29 + R6 666,67 = R12 380,96 Level 1 investor: R5 714,29 + R6 666,67 + R10 000 = R22 380,96 10. Classroom Mathematics, Ex 3.10, Q3 The pyramid will eventully collapse, because the number of people prepared to join such a scheme is limited. As the bottom rows of the pyramid become very large, not all the people in these rows will be able to find two new investors to join the scheme, and they will therefore not get the money back which they paid into the scheme.