Question 1
- Mr Sarfo borrowed S 25,000.00 from AFIAK Financial Services at 21% simple interest per annum for 3 years. If he was able to pay back the loan in 2 years at equal yearly installments, how much did he pay each year?
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- Two consecutive numbers are such that the sum of thrice the smaller and twice the larger is 17. Find, correct to three significant figures, the smaller number as a percentage of the sum of the two numbers.
Observation
The Chief Examiner reported that in part (a),a good number of candidates were able to tackle part(a) of this question. However, some candidates still had difficulty in understanding the requirement of the question. In part(b), majority of candidates that attempted it got the correct answer but some failed to write the final answer in three significant figures.
In part(a), they were expected to first find simple interest as Interest = =$15,750.00. then add the principal to the simple interest, $(25,000 + 15,750) to get $40,750.00. divide $40,750.00 by 2 to get as $20,375.00.
In part (b), they were expected by letting the consecutive numbers be x and (x + 1). They formed equation with the first sentence to give 3x + 2(x +1) = 17.
Expanding gives 3x + 2x + 2 = 17 5x = 15. Solving gives x =3. The sum of the numbers
= 3 + 4 = 7. The smaller number as percentage of the sum of the two number is given as % = 42.857%= 42.9% .(3s. f.)