A student loan of R100 000 is granted at an interest rate of 6%
p.a. compounded monthly. The loan is to be amortised by means of
regular equal monthly payments over a five year period. If the
first payment is made one month after the loan is granted, then
which one of the following statements is true? (All monetary values
are rounded to the nearest cent)
- A Student Loan Of R100 000 Is Granted At An Interest Rate Of 6 P A Compounded Monthly The Loan Is To Be Amortised By 1 (41.88 KiB) Viewed 11 times
The interest portion of the 23rd payment is equal to R333,78 = [1933, 2803810,5%] (0,005) The interest portion of the 23rd payment is equal to R1599, 50 = [100000 (1,005)22 - 1933, 28.52210,5%] (0,005) The principal portion of the 23rd payment is equal to R333,78 = 1933,28 - [100000 (1,005) 22 – 1933, 28S2270,5%] (0,005) The principal portion of the 23rd payment is equal to R1599, 50 = 1933, 28 – [100000 (1,005) 23 – 1933, 28.52370,5%] (0,005) The interest portion of the 23rd payment is equal to R333,78 = [100000 (1,005) 23 – 1933, 28S2310,5%] (0,005)