General Mathematics Paper 2, WASSCE 2ND series 2019

Question 10

A man bought a house at $350,000.00. He paid 20% of the cost from his own resources and then rest with a loan he took from the bank at 7% simple interest per annum for 8 years. Calculate the:


  1. total cost of the house to the man.

  2. percentage increase in the cost of the house as a result of the loan.

  3. percentage loss, correct to two decimal places, if after paying the loan, he renovates the house at a cost of $10,000.00 and then sells it for $460,000.00.

Observation

The Chief Examiner reported that majority of the Candidates avoided this question and just quite a handful of those who attempted it did well.