This mathematics problem involves applying core mathematical principles and formulas. Below you will find a complete step-by-step solution with detailed explanations for each step, helping you understand not just the answer but the method behind it.
ScanSolve AI Answer
Here are the solutions to the questions: 2.2.1) Step 1: Identify the monthly instalment from the table. The table for "OPTION 1: RENT-TO-OWN" states "Pay for 7 years at R1 549 p/m". The monthly instalment is R1 549. 2.2.2) Step 1: Identify the cash price including VAT. From "OPTION 2: CASH PRICE", the price is R78 200 (incl. VAT). Step 2: Calculate the cash price excluding VAT. Assuming a standard VAT rate of 15%. Cash Price (excl. VAT) = Cash Price (incl. VAT)1 + VAT rate Cash Price (excl. VAT) = R78 2001 + 0,15 Cash Price (excl. VAT) = R78 2001,15 Cash Price (excl. VAT) = R67 000 The cash price of the home solar system unit, excluding VAT, is R67 000. 2.2.3) Step 1: Calculate the total cost of the rent-to-own option including the buy-out. Number of months = 7 years × 12 months/year = 84 months. Total monthly payments = R1 549/month × 84 months = R129 916. Total rent-to-own cost = Total monthly payments + Initiation fee + Buy-out after rental period Total rent-to-own cost = R129 916 + R782 + R7 820 Total rent-to-own cost = R138 518. Step 2: Calculate the extra amount Mieecke has to pay compared to buying for cash. The cash price (incl. VAT) is R78 200. Extra amount = Total rent-to-own cost - Cash price (incl. VAT) Extra amount = R138 518 - R78 200 Extra amount = R60 318. The extra amount Mieecke has to pay is R60 318. 2.3.1) Step 1: Calculate Mieecke's annual taxable income. Mieecke's monthly taxable income is R39 275,85. Annual taxable income = R39 275,85 × 12 = R471 310,20. Step 2: Identify the tax bracket. (Assuming ANNEXURE A refers to the South African tax tables for individuals 2023/2024, which are: 1 - 237 100: 18% 237 101 - 370 500: R42 678 + 26% of amount over R237 100 370 501 - 512 800: R77 362 + 31% of amount over R370 500 512 801 - 673 000: R121 475 + 36% of amount over R512 800 ...) Mieecke's annual taxable income of R471 310,20 falls into the bracket of R370 501 - R512 800. 2.3.2) Step 1: Calculate the tax based on the identified bracket. For the R370 501 - R512 800 bracket, the tax is R77 362 + 31% of the amount over R370 500. Tax = R77 362 + 0,31 × (R471 310,20 - R370 500) Tax = R77 362 + 0,31 × R100 810,20 Tax = R77 362 + R31 251,162 Tax = R108 613,162. Step 2: Subtract the primary rebate. Mieecke is 45 years old, so she qualifies for the primary rebate. The primary rebate for 2023/2024 is R17 235. Annual tax payable = Tax - Primary rebate Annual tax payable = R108 613,162 - R17 235 Annual tax payable = R91 378,162. Rounding to two decimal places, the annual tax payable is R91 378,16. That's 2 down. 3 left today — send the next one.