QUESTION THREE [25] 3.1 Several months ago, your client provided you with an extract from the statement of her bank account, relating to the financing of her Toyota Etios she uses in e-hailing taxi business.

This is shown below

Period 41

opening balance R119 733.83

interest charged R1247.23

payment received R4632.08

closing balance R116 348.98

You are required to determine the amount of finance that was originally raised to finance the vehicle, assuming that all payments are equal and have been timeously. (10)

3.2 You have just been accepted to study the Advance Diploma in Business Management (ADFM) at Regent Business School and you are given the following circular at the start of the year: Plan A 10% discount will be allowed if the annual school fees are paid in total by 31 January. Otherwise, the monthly school fees payable at the end of each month will be R2 000 per month, starting 28 February and ending 31 December. If father is currently able to earn 12% per year, compounded monthly, on surplus fund he has on his account, what should he do to optimize his funds. Use a relevant calculation to justify your answers (10)

3.3 Determine the future value of R150 invested for four years at 16% per year. The first deposit is made immediately. Interest is compounded annually.