In October 2024
Answer to Question #201243 in Financial Math for Samkelisiwe Ndwala
sam is going to university this year. he wants to pay for his registration and buy himself a laptop so he can do his assignments and write his online exams. sam borrowed R15 000,00 from his grandfather at an interest rate of 9,5% per year, compounded monthly. Determine how much Sam will owe his grandfather after 5 years
P= R15000
I = (9.5/12)%
= 19/24%
T =5*12
=60
A = p(1+r/100)t
=15000(1+(19/2400)60.
= 15000(1+0.0079)60
=15000(1.0079)60
=15000(1.605)
=R 24075.14
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