On 1 June 2016 a bank granted Thabiso a loan of R250 000 at an interest rate of 15% p.a. compounded monthly, to buy a car. Thabiso agreed to repay the loan in monthly installments commencing on 1 July 2016 and ending 4 years later on 1 June 2020. However Thabiso was unable to make the first two installments and only commenced with the monthly installments on 1 September 2016.
  1. 7.1
    Calculate the amount Thabiso owed the bank on 1 August 2016, a month before he paid his first monthly installment
    (2)
    1. 7.2
      Having paid the first monthly installment on 1 September 2016, Thabiso will still pay his last monthly installment on 1 June 2020. Calculate his monthly installment.
      (4)
      1. 7.3
        If Thabiso paid R9 000 as his monthly installment starting on 1 September 2016, how many months sooner will he repay the the loan?
        (5)
        1. 7.4
          If Thabiso paid R9 000 as a monthly installment starting on 1 September 2016, calculate the final installment to repay the loan.
          (4)
          (15)
          [{"prnt":"7","num":"7.1","answer":""},{"prnt":"7","num":"7.2","answer":""},{"prnt":"7","num":"7.3","answer":""},{"prnt":"7","num":"7.4","answer":""}]

          Answers

            1. 7.1
            2. 7.2
            3. 7.3
            4. 7.4
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