Question: A loan of R1 000000 is expected to be secured on 01 November 2022 for a project. Monthly repayments (excluding interest), payable on the last

A loan of R1 000000 is expected to be secured on 01 November 2022 for a project. Monthly repayments (excluding interest), payable on the last day of each month (commencing 30 November 2022), amount to R10 000. If interest is charged at a rate of12%per annum and is also payable at the end of each month, how much interest is payable for December 2022?

A. R118 800

B. R9 900

C. R120000

D. R10000

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