Martin took out a commercial loan of R 360 000 to fund his new caf. The...
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Martin took out a commercial loan of R 360 000 to fund his new café. The bank is charging 10.25 per cent simple interest each year, and Martin has five years to pay off the loan. He wants to calculate his medium-term budget, but he is not familiar with interest calculations so he has asked you to help him. Source: Ward, B., Anderson, W., Le Roux, C., Alberts, E., De Beer, M., Ellis, N. K. & Maritz, J. (2020). A guide to entrepreneurship. 3rd ed. Cape Town: EDGE Education. 5.1 Calculate Martin's monthly interest. (Show all calculations.) 5.2 Calculate Martin's total monthly repayments. (Show all calculations.) Martin took out a commercial loan of R 360 000 to fund his new café. The bank is charging 10.25 per cent simple interest each year, and Martin has five years to pay off the loan. He wants to calculate his medium-term budget, but he is not familiar with interest calculations so he has asked you to help him. Source: Ward, B., Anderson, W., Le Roux, C., Alberts, E., De Beer, M., Ellis, N. K. & Maritz, J. (2020). A guide to entrepreneurship. 3rd ed. Cape Town: EDGE Education. 5.1 Calculate Martin's monthly interest. (Show all calculations.) 5.2 Calculate Martin's total monthly repayments. (Show all calculations.)
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51 Because the interest rate on the loan is simple interest the interest paid on the loan can be det... View the full answer
Related Book For
Financial Institutions Management A Risk Management Approach
ISBN: 978-0071051590
8th edition
Authors: Marcia Cornett, Patricia McGraw, Anthony Saunders
Posted Date:
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