financial mathematics
posted by rita .
jeromeborrowed an amount of money on 16th june 1999. he has to pay Ri7500 back on 25th feb 2000. what was the amount borrowed if simple interest of 26% is chargedd?
qn 2. For 20yrs sidney deposited R200 every month into an account. this account earned 15% intrest compounded monthly. After this period of time sidney withdrew his money, paid his tax of 45% on the amount and reinvested the money for 5yrs at an intrest rate of 16% per annum compounded quarterly. the amount that sidney will receive at the end of the five years equals:
What does the Ri (or R) stand for? Chinese Renmibi? British Pounds?
From June 16 to Feb 25 of the next year is 195 days. The interest due will be
195/365 x 0.26 x (Principle)= 7500
If that is an interestonly payment, the loan principle (the original amount borrowed) is 53,994. You decide what the currency units are.
R stands for South African Rands
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