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.

7.1Calculate the amount Thabiso owed the bank on 1 August 2016, a month before he paid his first monthly installment(2)

7.2Having 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)

7.3If Thabiso paid R9 000 as his monthly installment starting on 1 September 2016, how many months sooner will he repay the the loan?(5)

7.4If Thabiso paid R9 000 as a monthly installment starting on 1 September 2016, calculate the final installment to repay the loan.(4)
(15)
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