Find the simple interest that would accrue when a welfare group lends to a member Ksh.15,000 at a rate of 12% p.a. in 2 years.

(a) A business person buys a car at a cost of Ksh.960,000 using installment plan. The plan consists of 30 monthly payments of Ksh.40,000 plus 5% interest on the unpaid balance for that month. If payments commences at the end of the first month, calculate

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(i) The amount of the first and second installments. (4 marks)

(ii) The amount paid on the 30th month. (3 marks)

(iii) The total amount paid for the car. (3 marks)

(b) Find the simple interest that would accrue when a welfare group lends to a member

Ksh.15,000 at a rate of 12% p.a. in 2 years. (3 marks)

(c) An employee’s salary is 300,000 p.a the salary increases by 10% annually. Calculate the total amount the employee will have earned in 15 years. (4 marks)

(d) Calculate the amount of money one needs to deposit in the account today at 9% annual interest compounded monthly to have 12,000 in the account after 6 years. (3 marks)

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