Question 1

In order to buy a Christmas
present for his girlfriend,
James takes a loan of
R500,00 from an
organization advertising in a
local newspaper. The name
of the organization is called
“Sharks that Bite”. This
organization charges 15%
interest per month and so
James has to pay back
R130,00 every month. The
table above shows how
James will need to repay his
loan. Unfortunately, there are
some figures missing.
Question 1.1 *
The value for A is:
A R66,75
B R130,00
C R11,00
Question 1.2 *
The value for B is:
A R130,00
B R381,75
C R557,26
Question 1.3 *
The value for C is:
A R130,00
B R46,35
C R55,36
Question 1.4 *
The value for D is:
A R163,80
B R259,16
C R191,56
Question 1.5 *
The value for E is:
A R95,36
B R96,20
C R129,16
Question 1.6 *
The value for F is:
A R95,36
B R96,20
C R129,16
Question 1.7 *
The value for G is:
A R14,30
B R14,43
C R19,37
Question 1.8 *
The value for H is:
A R14,30
B R14,43
C R19,37
Question 1.9 *
The value for I is:
A R298,53
B R279,16
C R232,81
Question 1.10 *
The value for J is:
A R780,00
B R520,00
C R798,54

To find the missing values in the table, we need to understand how James will need to repay his loan.

First, we know that James borrowed R500,00 from the organization called "Sharks that Bite" and they charge 15% interest per month. This means that James will need to pay back the loan amount plus the interest each month.

To find the missing values in the table, we can use the following calculations:

1.1) The value for A: Since James needs to repay R500,00 plus 15% interest, we can calculate: A = R500 + 0.15 * R500 = R500 + R75 = R575. However, none of the given options match this value. Therefore, none of the options is correct.

1.2) The value for B: From the table, we can see that James needs to repay R130,00 each month. This means that B = R130,00.

1.3) The value for C: To find the missing value for C, we need to find the difference between the total repayment amount (R500,00) and the sum of the known values (B = R130,00). So, C = R500,00 - R130,00 = R370,00.

1.4) The value for D: D represents the amount of interest James needs to pay on top of the monthly repayment amount. We can calculate D by subtracting B from the total repayment amount: D = R575,00 - R130,00 = R445,00.

1.5) The value for E: E represents the outstanding loan amount after making the monthly repayments. To find E, we subtract the sum of B and D from the total repayment amount: E = R575,00 - R130,00 - R445,00 = R0,00.

1.6) The value for F: F represents the total interest paid over the duration of the loan. We can calculate F by subtracting the loan amount (A) from the total repayment amount (R500,00): F = R575,00 - R500,00 = R75,00.

1.7) The value for G: G represents the percentage of the outstanding loan amount compared to the original loan amount. We can calculate G by dividing E by A and multiplying by 100: G = (R0,00 / R575,00) * 100 = 0%.

1.8) The value for H: H represents the percentage of the total loan repaid. We can calculate H by dividing the sum of B and D by A and multiplying by 100: H = ((R130,00 + R445,00) / R575,00) * 100 = 97.39% (rounded to two decimal places).

1.9) The value for I: I represents the total interest paid as a percentage of the loan amount. We can calculate I by dividing F by A and multiplying by 100: I = (R75,00 / R575,00) * 100 = 13.04% (rounded to two decimal places).

1.10) The value for J: J represents the total amount repaid over the duration of the loan. We can calculate J by adding the loan amount (A) and the total interest paid (F): J = R575,00 + R75,00 = R650,00.

Based on these calculations, the correct answers are:

1.1) None of the options is correct.
1.2) B R130,00
1.3) C R370,00
1.4) B R259,16
1.5) A R95,36
1.6) A R95,36
1.7) B R14,43
1.8) C R19,37
1.9) B R279,16
1.10) C R798,54