Subjects algebra

House Rates Interest

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1. **Problem (a):** Find the rates for a quarter for a house with an assessed annual value of 65000 and an annual rates percentage of 8%. Step 1: Calculate the annual rates. $$\text{Annual rates} = 65000 \times \frac{8}{100} = 65000 \times 0.08 = 5200$$ Step 2: Calculate the rates for a quarter (3 months). $$\text{Quarterly rates} = \frac{5200}{4} = 1300$$ 2. **Problem (b)(i):** Find the amount the owner deposited in the bank if the monthly rent is 12000 and the advance is for a year. Step 1: Calculate the total advance for 12 months. $$\text{Amount deposited} = 12000 \times 12 = 144000$$ 3. **Problem (b)(ii):** From the interest received at the end of the year, the owner paid the annual rates (5200) and remained with 12080. Find the annual simple interest rate. Step 1: Let the interest rate be $r$% per annum. Step 2: The total interest received is the amount deposited multiplied by the interest rate. Step 3: The interest after paying the rates is 12080, so: $$\text{Interest} - 5200 = 12080 \implies \text{Interest} = 12080 + 5200 = 17280$$ Step 4: Use the simple interest formula: $$\text{Interest} = \text{Principal} \times \frac{r}{100} \times 1$$ $$17280 = 144000 \times \frac{r}{100}$$ Step 5: Solve for $r$: $$r = \frac{17280 \times 100}{144000} = 12$$ **Final answers:** (a) Quarterly rates = 1300 (b)(i) Amount deposited = 144000 (b)(ii) Annual simple interest rate = 12%