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Question 16 Reggie got a business loan worth R29 000. He promised to pay the loan in 16 years and the interest rate is 15%
Question 16 Reggie got a business loan worth R29 000. He promised to pay the loan in 16 years and the interest rate is 15% per annum compounded monthly. If he wants to pay off the loan today, how much of the total interest will he have to pay in the second year (instalments 13-24)? 1. R 350,34 2. R 362,04 3. R4 242,36 4. R8 560,74 Question 16 Reggie got a business loan worth R29 000. He promised to pay the loan in 16 years and the interest rate is 15% per annum compounded monthly. If he wants to pay off the loan today, how much of the total interest will he have to pay in the second year (instalments 13-24)? 1. R 350,34 2. R 362,04 3. R4 242,36 4. R8 560,74
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