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Grade 10 · Financial Maths
Simple & Compound Interest: Every Exam Type
MEMORANDUM
Name: 
Class: 
Date: 
Mark
  / 20

Answer all questions. Show all your working — marks are awarded for method as well as the final answer. Teacher copy: accept any correct equivalent method.

  1. 1
    R1000 at 10% simple interest for 2 years — total? (simple)
    (2)
    1000(1 + 0,10×2) = R1200✓✓ (2)
  2. 2
    R3000 at 5% simple interest for 4 years — total? (simple)
    (2)
    3000(1 + 0,20) = R3600✓✓ (2)
  3. 3
    R1000 at 10% compound for 2 years — total? (compound)
    (2)
    1000(1,10)2 = R1210✓✓ (2)
  4. 4
    R5000 at 6% compound for 3 years (to cents). (compound)
    (2)
    5000(1,06)3 ≈ R5955,08✓✓ (2)
  5. 5
    Interest on R2000 at 8% compound over 2 years. (interest)
    (2)
    2000(1,08)2 − 2000 = 2332,80 − 2000 = R332,80✓✓ (2)
  6. 6
    What must you invest at 8% compound to get R5000 in 3 years? (present value)
    (2)
    5000 ÷ (1,08)3 ≈ R3969,16✓✓ (2)
  7. 7
    R500 grows to R650 in 3 years (simple). Find the rate. (rate)
    (2)
    150 = 500·i·3 = 1500i → i = 10%✓✓ (2)
  8. 8
    A R20 000 asset depreciates at 10%/yr. Value after 2 years? (depreciation)
    (2)
    20000(0,90)2 = R16 200✓✓ (2)
  9. 9
    Which is more after 5 years on R1000 at 10% — simple or compound? (compare)
    (2)
    Compound (it earns interest on interest)✓✓ (2)
  10. 10
    A R60 item rises with 8% inflation for 1 year. New price? (inflation)
    (2)
    60 × 1,08 = R64,80✓✓ (2)
TOTAL: 20 marks
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