A generator is a useful device that can be used to provide an alternate source of electricity during a power outage - NSC Mathematical Literacy - Question 1 - 2023 - Paper 1
Question 1
A generator is a useful device that can be used to provide an alternate source of electricity during a power outage.
Shown below is a picture of a generator with di... show full transcript
Worked Solution & Example Answer:A generator is a useful device that can be used to provide an alternate source of electricity during a power outage - NSC Mathematical Literacy - Question 1 - 2023 - Paper 1
Step 1
1.1.1 Give TWO payment options for this generator.
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Answer
Hire-purchase
Online credit (via Mobicred)
Step 2
1.1.2 Define hire-purchase within the given context.
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Answer
Hire-purchase is a payment option where the buyer pays a deposit and then makes monthly installments to eventually own the item. The item remains with the seller until the full payment is made.
Step 3
1.1.3 Write down the interest rate if the generator was bought on hire-purchase.
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Answer
The interest rate for the hire-purchase option is 14,75%.
Step 4
1.1.4 Calculate the total cost of the generator using Mobicred.
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Answer
To calculate the total cost using Mobicred:
Monthly installment = R1 006
Total installments = 12 months
Total cost = R1 006 × 12 = R12 072.
Step 5
1.1.5 A 12,5% discount is given on the cash price. Calculate the amount of discount given if the generator is purchased for cash.
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Answer
To calculate the discount:
Cash price = R10 999
Discount = 12.5% of R10 999 = (12.5 / 100) × 10 999 = R1 374,88.
Therefore, the amount of discount is approximately R1 374,90.
Step 6
1.1.6 Name the type of interest charged if the generator is bought on hire-purchase.
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Answer
The type of interest charged when bought on hire-purchase is simple interest.
