Two years ago, Dennis Mpofo bought a boat that costs R100 000. His loan for R100 000 has a 6% p.a. interest rate compounded monthly with monthly repayments over 20 years. If Mr. Mpofo has made each payment for the first two years of the loan on time, how much money does he still owe on his loan?

a. R90,000.00
b. R99,800.00
c. R94,495.73
d. R94,399.98
e. None of the above is within R1.00 of the correct answer.

Answer rating: 100% (QA)

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