c) By what factor is the interest she pays greater than the value of the loan?

Give the answer correct to one decimal place.

9. Thabo invests R 8500 in a special banking product which will pay 1% per annum
for 1 month, then 2% per annum for the next 2 months, then 3% per annum for
the next 3 months, 4% per annum for the next 4 months, and 0% for the rest of
the year. If the bank charges him R 75 to open the account, how much can he
expect to get back at the end of the year?
10. Thabani and Lungelo are both using Harper Bank for their savings. Lungelo
makes a deposit of x at an interest rate of i for six years. Three years after
Lungelo made his rst deposit, Thabani makes a deposit of 3x at an interest rate
of 8% per annum. If after 6 years their investments are equal, calculate the value
of i (correct to three decimal places). If the sum of their investment is R 20 000,
determine how much Thabani earned in 6 years.
11. More questions. Sign in at Everything Maths online and click Practise Maths.
Check answers online with the exercise code below or click on show me the answer.
1. 28KQ 2. 28KR 3. 28KS 4. 28KT 5. 28KV 6. 28KW
7. 28KX 8. 28KY 9. 28KZ 10. 28M2
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135 Chapter 3. Finance