On 8 January a carpenter opened a savings account at a local bank where the simple...
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On 8 January a carpenter opened a savings account at a local bank where the simple interest rate is 24% per year. He deposited R500 on opening his account on 8 January. On 15 January, he deposited a further R400 and on 25 January a further R100. What is the approximate total INTEREST paid to the nearest rand by the bank on this account on 1 February? On 8 January a carpenter opened a savings account at a local bank where the simple interest rate is 24% per year. He deposited R500 on opening his account on 8 January. On 15 January, he deposited a further R400 and on 25 January a further R100. What is the approximate total INTEREST paid to the nearest rand by the bank on this account on 1 February?
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To calculate the total interest paid by the bank on this account we need to determine th... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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