Answer to Question #192437 in Financial Math for Beauty Magadlela

Question

Phathu needs R10 500 in ten months' time to buy herself a new lens for her amera. Two months ago she deposited R9 000 in a savings a ount at a simple interest rate of 11,5% per year. How mu h money will Phathu still need to buy the lens ten months from now?

[1] R465,00

[2] R229,50

[3] R637,50

[4] R408,67

[5] None of the above

Answer 1

$A=P×R×T$

Where A=principal

R=rate

T=time

$9000×\frac{11.5}{100}×12\\=12420\\12420-10500\\=1920$

[5] None of the above