Financial mathematics

1. Alex invested a certain amount of money in a bank; at the maturity date he will receive R5000 Applying the discount rate of 4.8%, what amount would he get, asking to be paid in advance of 3 months? (3) 2. Joseph agrees to pay R3000 in one year at an interest rate of 14%. The bank subtracts the discount of 14% of R3000 and give the rest to joseph. Find the amount of the discount and the proceeds to joseph. (3) 3. The value of a car depreciated from R240 000 to R110 000 in 5 years. What is the rate of depreciation? (3) 4. A piece of a jewellery cost R15 000 and it depreciate at a rate of 13% simple interest per annum. How much will the jewellery cost after 10 years? (3) Question 3 (15) 1. On June 1, 2006, Sheila borrows R2000 at 7%. She pays R800 on August 17, 2006; R400 on November 20, 2006 and R500 on February 2, 2007 What is the balance due on April 18, 2007 using United States rule and Merchants rule. (15)