A loan of R5000 is to be amortised by regular equal monthly repayments of R250 and...

 

Transcribed Image Text:

A loan of R5000 is to be amortised by regular equal monthly repayments of R250 and a final payment (F < R250) to be made one month after the last equal payment of R250. The first repayment is due one month after the granting of the loan and interest is calculated at 13,5% p.a. compounded quarterly. If the 11th, 12th, 13th, 14th and 15th payments are missed, then the equal amounts, rounded to the nearest cent, that must be added to the remaining payments, from the fifteenth month onwards, for the loan to be repaid in the same time period, are equal to R type your answer... A loan of R5000 is to be amortised by regular equal monthly repayments of R250 and a final payment (F < R250) to be made one month after the last equal payment of R250. The first repayment is due one month after the granting of the loan and interest is calculated at 13,5% p.a. compounded quarterly. If the 11th, 12th, 13th, 14th and 15th payments are missed, then the equal amounts, rounded to the nearest cent, that must be added to the remaining payments, from the fifteenth month onwards, for the loan to be repaid in the same time period, are equal to R type your answer...

Answer rating: 100% (QA)

we need to calculate the remaining balance of the loan after the 15th payment assuming the missed pa... View the full answer